<SEC-DOCUMENT>0001104659-25-114083.txt : 20251119
<SEC-HEADER>0001104659-25-114083.hdr.sgml : 20251119
<ACCEPTANCE-DATETIME>20251119160514
ACCESSION NUMBER:		0001104659-25-114083
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		20
CONFORMED PERIOD OF REPORT:	20251117
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20251119
DATE AS OF CHANGE:		20251119

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:		251499371

	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_904_edei--DocumentType_c20251117__20251117_zxg0N1zm7Jx1"><ix:nonNumeric contextRef="AsOf2025-11-17" 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
its charter)</p>

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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"><span style="font-size: 8pt">&#160;</span></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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registered</b></span></td></tr>
<tr>
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<tr>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding: 2pt 5.4pt; vertical-align: middle; text-align: center; text-indent: 0in; font-size: 10pt">
                                                                                <span><span id="xdx_902_edei--Security12bTitle_c20251117__20251117__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesAPreferredStockMember_zHaRAajgjAT3"><ix:nonNumeric contextRef="From2025-11-172025-11-17_us-gaap_SeriesAPreferredStockMember" id="Fact000030" name="dei:Security12bTitle">10% Series A Fixed-Rate Reset Cumulative Redeemable Preferred Stock, par value $0.01 per share</ix:nonNumeric></span></span></td>
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<tr>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding: 2pt 5.4pt; vertical-align: middle; text-align: center; text-indent: 0in; font-size: 10pt"><span id="xdx_902_edei--Security12bTitle_c20251117__20251117__us-gaap--StatementClassOfStockAxis__custom--Percent9125SeniorNotesDue2029Member_z5joY9zLGNCi"><ix:nonNumeric contextRef="From2025-11-172025-11-17_custom_Percent9125SeniorNotesDue2029Member" id="Fact000033" name="dei:Security12bTitle">9.125% Senior Notes Due 2029</ix:nonNumeric></span></td>
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<tr>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding: 2pt 5.4pt; vertical-align: middle; text-align: center; text-indent: 0in; font-size: 10pt"><span id="xdx_909_edei--Security12bTitle_c20251117__20251117__us-gaap--StatementClassOfStockAxis__custom--Percent9SeniorNotesDue2029Member_z1J4vHUQuUek"><ix:nonNumeric contextRef="From2025-11-172025-11-17_custom_Percent9SeniorNotesDue2029Member" id="Fact000036" name="dei:Security12bTitle">9.00% Senior Notes Due 2029</ix:nonNumeric></span></td>
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<tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-size: 8pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">Indicate by check mark whether the registrant is an emerging
growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934.</p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-size: 10pt">If an emerging growth company,
indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised
financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. <span style="font-family: Wingdings">&#168;</span></span></p>


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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-size: 9pt"></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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<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0%"/><td style="width: 10%"><b>Item 1.01</b></td><td style="width: 90%"><b>Entry Into a Material Definitive Agreement.</b></td></tr></table>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Completion of Public Offering of Senior Notes</i></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">On November&#160;19, 2025, Redwood Trust,&#160;Inc.
(the &#8220;Company&#8221;) completed its registered underwritten public offering of $100,000,000 aggregate principal amount of the Company&#8217;s
9.500% Senior Notes due 2030 (the &#8220;Notes&#8221;) pursuant to an underwriting agreement (the &#8220;Underwriting Agreement&#8221;)
with Morgan Stanley&#160;&amp; Co. LLC (&#8220;Morgan Stanley&#8221;), Goldman Sachs&#160;&amp; Co. LLC (&#8220;Goldman&#8221;), RBC Capital
Markets, LLC (&#8220;RBC&#8221;), UBS Securities LLC (&#8220;UBS&#8221;), Wells Fargo Securities, LLC (&#8220;Wells Fargo&#8221;), Keefe,
Bruyette&#160;&amp; Woods,&#160;Inc. (&#8220;KBW&#8221;) and Piper Sandler&#160;&amp; Co. (&#8220;Piper Sandler&#8221;), as representatives
of the several underwriters named therein (the &#8220;Offering&#8221;). In connection with the Offering, the Company granted the Underwriters
(as defined below) a 30-day option to purchase up to an additional $15,000,000 aggregate principal amount of Notes, to cover solely over-allotments,
if any.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Notes have been registered pursuant to the
Registration Statement on Form&#160;S-3 (Registration Statement No.&#160;333-285506), as amended by Post-Effective Amendment No.&#160;1
(the &#8220;Registration Statement&#8221;) filed with the Securities and Exchange Commission (the &#8220;Commission&#8221;) under the
Securities Act of 1933, as amended (the &#8220;Act&#8221;), including the prospectus supplement filed by the Company with the Commission
pursuant to Rule&#160;424(b)&#160;under the Act dated November&#160;17, 2025 (the &#8220;Prospectus Supplement&#8221;) to the prospectus
contained in the Registration Statement dated March&#160;3, 2025.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The resulting aggregate net proceeds to the Company
from the Offering were approximately $96.4 million (or approximately $110.9 million if the Underwriters exercise their over-allotment
option in full), after deducting underwriting discounts and estimated expenses. The Company intends to use the net proceeds from the Offering
for general corporate purposes, including funding its operating businesses and investment activities, such as its Sequoia, Aspire, and
CoreVest mortgage banking platforms, acquiring related assets for its Redwood Investments portfolio, and pursuing strategic acquisitions
and investments.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Base Indenture and Supplemental Indenture</i></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Company issued the Notes under an indenture
dated as of March&#160;6, 2013 (the &#8220;Base Indenture&#8221;) between the Company and Wilmington Trust, National Association, a national
banking association, as trustee (the &#8220;Trustee&#8221;), as supplemented by the seventh supplemental indenture dated as of November&#160;19,
2025, between the Company and the Trustee (the &#8220;Supplemental Indenture&#8221; and, together with the Base Indenture, the &#8220;Indenture&#8221;).</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Notes bear interest at a rate of 9.500% per
year, payable quarterly in arrears on March&#160;1, June&#160;1, September&#160;1 and December&#160;1 of each year, beginning on March&#160;1,
2026. The Notes are senior unsecured obligations of the Company and rank equal in right of payment with the other existing and future
senior unsecured indebtedness of the Company and senior in right of payment to any indebtedness that is contractually subordinated to
the Notes. The Notes, however, are effectively subordinated in right of payment to the existing and future secured indebtedness of the
Company to the extent of the value of the collateral securing such indebtedness, and structurally subordinated to the claims of the Company&#8217;s
subsidiaries&#8217; creditors, including trade creditors.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Notes will mature on December&#160;1, 2030
(the &#8220;Maturity Date&#8221;), unless earlier redeemed or repurchased by the Company.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Upon the occurrence of a change of control repurchase
event (as defined in the Indenture) the Company must offer to repurchase the Notes at a purchase price equal to 101% of the principal
amount plus accrued and unpaid interest to, but excluding, the repurchase date.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Company may redeem the Notes, in whole or
in part, at its option at any time and from time to time, on or after December&#160;1, 2027 at a redemption price equal to 100% of the
principal amount of the Notes to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date. No &#8220;sinking
fund&#8221; is provided for the Notes, which means that the Company is not required to redeem or retire the Notes periodically.</p>

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

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

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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; text-indent: 0.25in">If an event of default (as defined in the Indenture)
occurs and is continuing, the Trustee by notice to the Company, or the holders of at least 25% in aggregate principal amount of the Notes
then outstanding by notice to the Company and the Trustee, may, and the Trustee at the request of such holders shall, declare 100% of
the principal of and accrued and unpaid interest on all the Notes to be due and payable. In the case of an event of default arising out
of certain bankruptcy or insolvency events (as set forth in the Indenture), 100% of the principal of and accrued and unpaid interest on
the Notes will automatically become due and payable.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">A copy of the Base Indenture is filed as Exhibit&#160;4.1
to this Current Report. A copy of the Supplemental Indenture, including the form of Note, is filed as Exhibit&#160;4.2 to this Current
Report.</p>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="font-size: 10pt; width: 10%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Item 2.03</b></span></td>
    <td style="font-size: 10pt; width: 90%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Creation of a Direct Financial Obligation or an Obligation Under an Off-Balance Sheet Arrangement of a Registrant.</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The information required by this Item 2.03 relating
to the Notes and the Indenture is contained in Item 1.01 above and is incorporated herein by reference.</p>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="font-size: 10pt; width: 10%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Item 8.01</b></span></td>
    <td style="font-size: 10pt; width: 90%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Other Events. </b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">On November&#160;17, 2025, the Company entered
into the Underwriting Agreement with Morgan Stanley, Goldman, RBC, UBS, Wells Fargo, KBW and Piper Sandler, as representatives of the
several underwriters named therein (collectively, the &#8220;Underwriters&#8221;). Subject to the terms and conditions of the Underwriting
Agreement, the Company agreed to sell to the Underwriters, and the Underwriters agreed to purchase from the Company, $100,000,000 aggregate
principal amount of the Notes. In connection with the Offering, the Company granted the Underwriters a 30-day option to purchase up to
an additional $15,000,000 aggregate principal amount of Notes, to cover solely over-allotments. Pursuant to the terms of the Underwriting
Agreement, the parties have agreed to indemnify each other against certain liabilities, including liabilities under the Act.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">A copy of the Underwriting Agreement is filed
as Exhibit&#160;1.1 to this Current Report.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Attached as Exhibit&#160;5.1 to this Current Report
is a copy of the opinion of Latham&#160;&amp; Watkins LLP relating to the validity of the Notes sold in the Offering. Attached as Exhibit&#160;5.2
to this Current Report is a copy of the opinion of Venable LLP regarding certain Maryland law issues.</p>

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

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

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    <!-- Field: /Page -->

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"><tr style="vertical-align: top">
<td style="width: 10%"><b>Item 9.01</b></td><td style="width: 90%"><b>Financial Statements and Exhibits.</b></td></tr></table>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr>
    <td style="font-size: 10pt; width: 4%">&#160;</td>
    <td style="vertical-align: top; font-size: 10pt; width: 10%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</span></td>
    <td style="vertical-align: top; font-size: 10pt; width: 86%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exhibits. </span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: black 1pt solid; text-align: center; width: 8%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exhibit<br/>
No.</span></td>
    <td style="width: 1%">&#160;</td>
    <td style="border-bottom: black 1pt solid; width: 91%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Description</span></td></tr>
  <tr>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td></tr>
  <tr>
    <td><a href="tm2531406d5_ex1-1.htm" style="-sec-extract: exhibit"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.1</span></a></td>
    <td>&#160;</td>
    <td style="vertical-align: bottom"><a href="tm2531406d5_ex1-1.htm" style="-sec-extract: exhibit"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Underwriting Agreement by and among Redwood Trust,&#160;Inc., Morgan Stanley&#160;&amp; Co. LLC, Goldman Sachs&#160;&amp; Co. LLC, RBC Capital Markets, LLC, UBS Securities LLC, Wells Fargo Securities, LLC, Keefe, Bruyette&#160;&amp; Woods,&#160;Inc. and Piper Sandler&#160;&amp; Co., dated November&#160;17, 2025.</span></a></td></tr>
  <tr>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td></tr>
  <tr>
    <td><a href="https://www.sec.gov/Archives/edgar/data/930236/000114420413013311/v337082_ex4-1.htm" style="-sec-extract: exhibit"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.1</span></a></td>
    <td>&#160;</td>
    <td style="vertical-align: bottom"><a href="https://www.sec.gov/Archives/edgar/data/930236/000114420413013311/v337082_ex4-1.htm" style="-sec-extract: exhibit"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indenture, dated March&#160;6, 2013, between Redwood Trust,&#160;Inc. and Wilmington Trust, National Association, as Trustee (incorporated by reference to Exhibit&#160;4.1 to the Company&#8217;s Current Report on Form&#160;8-K/A, filed March&#160;6, 2013).</span></a></td></tr>
  <tr>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td></tr>
  <tr>
    <td><a href="https://www.sec.gov/Archives/edgar/data/930236/000110465925113832/tm2531406d4_ex4-8.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.2</span></a></td>
    <td>&#160;</td>
    <td style="vertical-align: bottom"><a href="https://www.sec.gov/Archives/edgar/data/930236/000110465925113832/tm2531406d4_ex4-8.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Seventh Supplemental Indenture, dated November&#160;19, 2025, between Redwood Trust,&#160;Inc. and Wilmington Trust, National Association, as Trustee (incorporated by reference to Exhibit&#160;4.8 to the Company&#8217;s Registration Statement on Form&#160;8-A, filed November&#160;19, 2025).</span></a></td></tr>
  <tr>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td></tr>
  <tr>
    <td><a href="https://www.sec.gov/Archives/edgar/data/930236/000110465925113832/tm2531406d4_ex4-8.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.3</span></a></td>
    <td>&#160;</td>
    <td><a href="https://www.sec.gov/Archives/edgar/data/930236/000110465925113832/tm2531406d4_ex4-8.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form&#160;of certificate representing the 9.500% Senior Note due 2030 (included as Exhibit&#160;A to the Seventh Supplemental Indenture, incorporated by reference to Exhibit&#160;4.8 to the Company&#8217;s Registration Statement on Form&#160;8-A, dated November&#160;19, 2025).</span></a></td></tr>
  <tr>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td></tr>
  <tr>
    <td><a href="tm2531406d5_ex5-1.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.1</span></a></td>
    <td>&#160;</td>
    <td style="vertical-align: bottom"><a href="tm2531406d5_ex5-1.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Opinion of Latham&#160;&amp; Watkins LLP.</span></a></td></tr>
  <tr>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="vertical-align: bottom">&#160;</td></tr>
  <tr>
    <td><a href="tm2531406d5_ex5-2.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.2</span></a></td>
    <td>&#160;</td>
    <td style="vertical-align: bottom"><a href="tm2531406d5_ex5-2.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Opinion of Venable LLP.</span></a></td>
    </tr>
  <tr>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td></tr>
  <tr>
    <td><a href="tm2531406d5_ex5-1.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.1</span></a></td>
    <td>&#160;</td>
    <td style="vertical-align: bottom"><a href="tm2531406d5_ex5-1.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consent of Latham&#160;&amp; Watkins LLP (included in Exhibit&#160;5.1).</span></a></td></tr>
  <tr>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="vertical-align: bottom">&#160;</td></tr>
  <tr>
    <td><a href="tm2531406d5_ex5-2.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.2</span></a></td>
    <td>&#160;</td>
    <td style="vertical-align: bottom"><a href="tm2531406d5_ex5-2.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consent of Venable LLP (included in Exhibit&#160;5.2).</span></a></td></tr>
  <tr>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="vertical-align: bottom">&#160;</td></tr>
  <tr>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">104</span></td>
    <td>&#160;</td>
    <td style="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cover Page&#160;Interactive Data File (embedded within the inline XBRL document)</span></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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

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

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

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date: November&#160;19, 2025</span></td>
    <td colspan="2"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">REDWOOD TRUST,&#160;INC.</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="width: 50%">&#160;</td>
    <td style="width: 5%">&#160;</td>
    <td style="width: 45%">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</span></td>
    <td style="border-bottom: black 1pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Brooke E. Carillo </span></td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td>
    <td>&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name: Brooke E. Carillo </span></td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td>
    <td>&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title: Chief Financial Officer</span></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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

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<TYPE>EX-1.1
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<DESCRIPTION>EXHIBIT 1.1
<TEXT>
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<P STYLE="margin: 0">&#8239;</P>

<P STYLE="text-align: right; margin: 0"><B>Exhibit 1.1</B></P>

<P STYLE="margin: 0">&#8239;</P>

<P STYLE="text-align: right; margin: 0"><I>Execution Version</I></P>

<P STYLE="margin: 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">REDWOOD TRUST,&#8239;INC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">9.500% Senior Notes due 2030</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">November&#8239;17, 2025</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Morgan Stanley&#8239;&amp; Co. LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Goldman Sachs&#8239;&amp; Co. LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">RBC Capital Markets, LLC</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Keefe, Bruyette&#8239;&amp; Woods,&#8239;Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Piper Sandler&#8239;&amp; Co.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As Representatives of the</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">c/o Morgan Stanley&#8239;&amp; Co. LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1585 Broadway</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">New York, New York 10036</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">c/o Goldman Sachs&#8239;&amp; Co. LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">200 West Street</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">New York, New York 10282</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">c/o RBC Capital Markets, LLC</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">200 Vesey Street, 8th Floor</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">New York, New York 10281</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">c/o UBS Securities LLC</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">c/o Wells Fargo Securities, LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">550 South Tryon Street, 5th Floor</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Charlotte, North Carolina 28202</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">c/o Keefe, Bruyette&#8239;&amp; Woods,&#8239;Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">787 7th Avenue, 4th Floor</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">c/o Piper Sandler&#8239;&amp; Co.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1251 Avenue of the Americas, 6th Floor</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">New York, New York 10020</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&#8239;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Redwood Trust,&#8239;Inc.,
a Maryland corporation (the &ldquo;Company&rdquo;), proposes to issue and sell to the several Underwriters listed in Schedule 1 hereto
(the &ldquo;Underwriters&rdquo;), for whom Morgan Stanley&#8239;&amp; Co. LLC, Goldman Sachs&#8239;&amp; Co. LLC, RBC Capital Markets, LLC,
UBS Securities LLC, Wells Fargo Securities, LLC, Keefe, Bruyette&#8239;&amp; Woods,&#8239;Inc. and Piper Sandler&#8239;&amp; Co., are acting
as representatives (the &ldquo;Representatives&rdquo;), $100,000,000 principal amount of its 9.500% Senior Notes due 2030 (the &ldquo;Notes&rdquo;)
and, at the option of the Underwriters, up to an additional $15,000,000 principal amount of its 9.500% Senior Notes due 2030 (the &ldquo;Option
Notes&rdquo;). The Notes and the Option Notes are herein referred to as the &ldquo;Securities.&rdquo; The Securities will be issued pursuant
to the provisions of a base indenture, dated March&#8239;6, 2013 (the &ldquo;Base Indenture&rdquo;), as supplemented by a seventh supplemental
indenture to be dated as of November&#8239;19, 2025 (the &ldquo;Seventh Supplemental Indenture&rdquo; and, together with the Base Indenture,
the &ldquo;Indenture&rdquo;), each between the Company and Wilmington Trust, National Association, as trustee (the &ldquo;Trustee&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company hereby confirms
its agreement with the several Underwriters concerning the purchase and sale of the Securities, as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">1.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Registration
Statement</U>. The Company has prepared and filed with the Securities and Exchange Commission (the &ldquo;Commission&rdquo;) under the
Securities Act of 1933, as amended, and the rules&#8239;and regulations promulgated thereunder (collectively, the &ldquo;Securities Act&rdquo;),
a registration statement (File No.&#8239;333-285506) including a prospectus dated March&#8239;3, 2025 (the &ldquo;Base Prospectus&rdquo;)
relating to the Securities. Such registration statement, as amended at the time it became effective, including the information, if any,
deemed pursuant to Rule&#8239;430A, 430B or 430C under the Securities Act to be part of the registration statement at the time of its effectiveness,
is referred to herein as the &ldquo;Registration Statement&rdquo;; and as used herein, the term &ldquo;Preliminary Prospectus Supplement&rdquo;
means the preliminary prospectus supplement dated November&#8239;17, 2025 describing the Securities and the offering thereof and any other
prospectus supplement to the Base Prospectus in preliminary form that describes the Securities and the offering thereof and is used prior
to the filing of the Prospectus (as defined below). The Preliminary Prospectus Supplement, together with the Base Prospectus, is referred
to herein as the &ldquo;Preliminary Prospectus&rdquo;. As used herein, the term &ldquo;Prospectus&rdquo; shall mean the final prospectus
supplement to the Base Prospectus that describes the Securities and the offering thereof, together with the Base Prospectus, in the form
first used or made available upon the request of the purchasers pursuant to Rule&#8239;173 under the Securities Act in connection with
confirmation of sales of the Securities. If the Company has filed an abbreviated registration statement pursuant to Rule&#8239;462(b)&#8239;under
the Securities Act (the &ldquo;Rule&#8239;462 Registration Statement&rdquo;), then any reference herein to the term &ldquo;Registration
Statement&rdquo; shall be deemed to include such Rule&#8239;462 Registration Statement. Any reference in this Agreement to the Registration
Statement, any Preliminary Prospectus or the Prospectus shall be deemed to refer to and include the documents incorporated by reference
therein pursuant to Item 12 of Form&#8239;S-3 under the Securities Act, as of the effective date of the Registration Statement or the date
of such Preliminary Prospectus or the Prospectus, as the case may be, and any reference to &ldquo;amend&rdquo;, &ldquo;amendment&rdquo;
or &ldquo;supplement&rdquo; with respect to the Registration Statement, any Preliminary Prospectus or the Prospectus shall be deemed to
refer to and include any documents filed after such date under the Securities Exchange Act of 1934, as amended, and the rules&#8239;and
regulations promulgated thereunder (collectively, the &ldquo;Exchange Act&rdquo;) that are deemed to be incorporated by reference therein.
Capitalized terms used but not defined herein shall have the meanings given to such terms in the Registration Statement or the Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">At or prior to the time when
sales of the Securities were first made (the &ldquo;Time of Sale&rdquo;), the Company had prepared the following information (collectively,
the &ldquo;Time of Sale Information&rdquo;): the Preliminary Prospectus, as amended or supplemented immediately prior to the Time of Sale,
and each &ldquo;free-writing prospectus&rdquo; (as defined pursuant to Rule&#8239;405 under the Securities Act), if any, listed on Annex
B hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">2.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Purchase
of the Securities by the Underwriters</U>. (a)&#8239;The Company agrees to issue and sell the Notes to the several Underwriters as provided
in this Agreement, and each Underwriter, on the basis of the representations, warranties and agreements set forth herein and subject to
the conditions set forth herein, agrees, severally and not jointly, to purchase from the Company the respective principal amount of Notes
set forth opposite such Underwriter&rsquo;s name in Schedule 1 hereto at a price equal to 96.85% of the principal amount thereof (the
 &ldquo;Purchase Price&rdquo;) plus accrued interest, if any, from November&#8239;17, 2025 to, but excluding, the Closing Date (as defined
below).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, the Company agrees
to issue and sell the Option Notes to the several Underwriters as provided in this Agreement, and the Underwriters, on the basis of the
representations, warranties and agreements set forth herein and subject to the conditions set forth herein, shall have the option to purchase,
severally and not jointly, from the Company the Option Notes at the Purchase Price, if any, of such Option Notes from the Closing Date
to the applicable Additional Closing Date (as defined below). Such option may be exercised solely to cover over-allotments in connection
with the sale, by the Underwriters, of Securities in excess of the Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If any Option Notes are to
be purchased, the principal amount of Option Notes to be purchased by each Underwriter shall be the principal amount of Option Notes which
bears the same ratio to the aggregate principal amount of Option Notes being purchased as the principal amount of Notes set forth opposite
the name of such Underwriter in Schedule 1 hereto (or such amount increased as set forth in Section&#8239;10 hereof) bears to the aggregate
principal amount of Notes being purchased from the Company by the several Underwriters, subject, however, to such adjustments to eliminate
any Securities in denominations other than $25 as the Representatives in their sole discretion shall make.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Underwriters may exercise
the option to purchase the Option Notes at any time in whole, or from time to time in part, on or before the thirtieth day following the
date of this Agreement, by written notice from the Representatives to the Company. Such notice shall set forth the aggregate principal
amount of Option Notes as to which the option is being exercised and the date and time when the Option Notes are to be delivered and paid
for, which may be the same date and time as the Closing Date but shall not be earlier than the Closing Date nor later than the tenth full
business day (as hereinafter defined) after the date of such notice (unless such time and date are postponed in accordance with the provisions
of Section&#8239;10 hereof). Any such notice shall be given at least two business days prior to the date and time of delivery specified
therein. Option Notes may be purchased by the Underwriters for the purposes set forth under the caption &ldquo;Underwriting&rdquo; in
the Preliminary Prospectus and the Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Each
Underwriter acknowledges and agrees that the Company and, for purposes of the opinions to be delivered to the Underwriters pursuant to
Sections 6(g)&#8239;and 6(h), counsel for the Company and counsel for the Underwriters, respectively, may rely upon the accuracy of the
representations and warranties of the Underwriters, and each Underwriter hereby consents to such reliance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
Company understands that the Underwriters intend to make a public offering of the Securities as soon after the effectiveness of this Agreement
as in the judgment of the Representatives is advisable, and initially to offer the Securities on the terms set forth in the Prospectus.
The Company acknowledges and agrees that the Underwriters may offer and sell Securities to or through any affiliate of an Underwriter
and that any such affiliate may offer and sell Securities purchased by it to or through any Underwriter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Payment
for the Securities shall be made by wire transfer in immediately available funds to the account specified by the Company to the Representatives
in the case of the Notes, at the offices of Clifford Chance US LLP, Two Manhattan West, 375 9th Avenue, New York, NY 10001, USA at 10:00
A.M.&#8239;New York City time on November&#8239;19, 2025, or at such other time or place on the same or such other date, not later than
the fifth business day thereafter, as the Representatives and the Company may agree upon in writing or, in the case of the Option Notes,
on the date and at the time and place specified by the Representatives in the written notice of the Underwriters&rsquo; election to purchase
such Option Notes. The time and date of such payment for the Notes is referred to herein as the &ldquo;Closing Date&rdquo; and the time
and date for such payment for the Option Notes, if other than the Closing Date, is herein referred to as the &ldquo;Additional Closing
Date.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(e)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Payment
for the Securities to be purchased on the Closing Date or any Additional Closing Date, as the case may be, shall be made against delivery
to the nominee of The Depository Trust Company (the &ldquo;DTC&rdquo;), for the respective accounts of the several Underwriters of the
Securities to be purchased on such date or such Additional Closing Date, as the case may be, of one or more global notes representing
the Securities (collectively, the &ldquo;Global Note&rdquo;), with any transfer taxes payable in connection with the sale of such Securities
duly paid by the Company. The Global Note will be made available for inspection by the Representatives at the office of Morgan Stanley&#8239;&amp;
Co. LLC set forth above not later than 1:00 P.M., New York City time, on the business day prior to the Closing Date or any Additional
Closing Date, as the case may be.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(f)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
Company acknowledges and agrees that the Underwriters are acting solely in the capacity of an arm&rsquo;s length contractual counterparty
to the Company with respect to the offering of Securities contemplated hereby (including in connection with determining the terms of the
offering) and not as a financial advisor or a fiduciary to, or an agent of, the Company or any other person. Additionally, neither the
Representatives nor any other Underwriter is advising the Company or any other person as to any legal, tax, investment, accounting or
regulatory matters in any jurisdiction. The Company shall consult with its own advisors concerning such matters and shall be responsible
for making its own independent investigation and appraisal of the transactions contemplated hereby, and the Underwriters shall have no
responsibility or liability to the Company with respect thereto. Any review by the Underwriters of the Company, the transactions contemplated
hereby or other matters relating to such transactions will be performed solely for the benefit of the Underwriters and shall not be on
behalf of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">3.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Representations
and Warranties of the Company</U>. The Company represents and warrants to each Underwriter that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><I>Preliminary
Prospectus. </I>No order preventing or suspending the use of any preliminary prospectus has been issued by the Commission, and each preliminary
prospectus included in the Time of Sale Information, at the time of filing thereof, complied in all material respects with the Securities
Act, and no preliminary prospectus, at the time of filing thereof, contained any untrue statement of a material fact or omitted to state
a material fact required to be stated therein or necessary in order to make the statements therein, in the light of the circumstances
under which they were made, not misleading; provided that the Company makes no representation or warranty with respect to any statements
or omissions made in reliance upon and in conformity with information relating to any Underwriter furnished to the Company in writing
by such Underwriter through the Representatives expressly for use in any preliminary prospectus, it being understood and agreed that the
only such information furnished by any Underwriter consists of the information described as such in Section&#8239;7(b)&#8239;hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><I>Time
of Sale Information</I>. The Time of Sale Information, at the Time of Sale, did not, and at the Closing Date and as of any Additional
Closing Date, as the case may be, will not, contain any untrue statement of a material fact or omit to state a material fact required
to be stated therein or necessary in order to make the statements therein, in the light of the circumstances under which they were made,
not misleading; provided that the Company makes no representation or warranty with respect to any statements or omissions made in reliance
upon and in conformity with information relating to any Underwriter furnished to the Company in writing by such Underwriter through the
Representatives expressly for use in such Time of Sale Information, it being understood and agreed that the only such information furnished
by any Underwriter consists of the information described as such in Section&#8239;7(b)&#8239;hereof. No statement of material fact included
in the Prospectus has been omitted from the Time of Sale Information and no statement of material fact included in the Time of Sale Information
that is required to be included in the Prospectus has been omitted therefrom.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><I>Issuer
Free Writing Prospectus. </I>Other than the Registration Statement, the Preliminary Prospectus and the Prospectus, the Company (including
its agents and representatives, other than the Underwriters in their capacity as such) has not made, used, prepared, authorized, approved
or referred to and will not prepare, make, use, authorize, approve or refer to any &ldquo;written communication&rdquo; (as defined in
Rule&#8239;405 under the Securities Act) that constitutes an offer to sell or solicitation of an offer to buy the Securities (each such
communication by the Company or its agents and representatives (other than a communication referred to in clause (i)&#8239; below), an
 &ldquo;Issuer Free Writing Prospectus&rdquo;) other than (i)&#8239;any document not constituting a prospectus pursuant to Section&#8239;2(a)(10)(a)&#8239;of
the Securities Act or Rule&#8239;134 under the Securities Act , (ii)&#8239;the documents listed on Annex B hereto (including a term sheet
substantially in the form of Annex C hereto, which constitute part of the Time of Sale Information), and (iii)&#8239;each electronic road
show and any other written communications approved in writing in advance by the Representatives, in each case in accordance with Section&#8239;4(c).
Each such Issuer Free Writing Prospectus complied in all material respects with the Securities Act, has been or will be (within the time
period specified in Rule&#8239;433) filed in accordance with the Securities Act (to the extent required thereby) and, when taken together
with the Preliminary Prospectus filed prior to the first use of such Issuer Free Writing Prospectus, did not, and at the Closing Date
and as of any Additional Closing Date, as the case may be, will not, contain any untrue statement of a material fact or omit to state
a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not
misleading; provided that the Company makes no representation or warranty with respect to any statements or omissions made in each such
Issuer Free Writing Prospectus in reliance upon and in conformity with information relating to any Underwriter furnished to the Company
in writing by such Underwriter through the Representatives expressly for use in such Issuer Free Writing Prospectus, it being understood
and agreed that the only such information furnished by any Underwriter consists of the information described as such in Section&#8239;7(b)&#8239;hereof.
Each such Issuer Free Writing Prospectus, as of its issue date and at all subsequent times through the completion of the public offer
and sale of the Securities or until any earlier date that the Company notified or notifies the Representatives as described in Section&#8239;4(d),
did not, does not and will not include any information that conflicted, conflicts or will conflict with the information contained in
the Registration Statement or the Prospectus, including any document incorporated by reference therein and any Preliminary Prospectus
deemed to be a part thereof that has not been superseded or modified.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#8239;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><I>Registration
Statement and Prospectus</I>. The Registration Statement is an &ldquo;automatic shelf registration statement&rdquo; as defined under Rule&#8239;405
of the Securities Act that has been filed with the Commission not earlier than three years prior to the date hereof; and no notice of
objection of the Commission to the use of such registration statement or any post-effective amendment thereto pursuant to Rule&#8239;401(g)(2)&#8239;under
the Securities Act has been received by the Company. No order suspending the effectiveness of the Registration Statement has been issued
by the Commission and no proceeding for that purpose or pursuant to Section&#8239;8A of the Securities Act against the Company or related
to the offering has been initiated or threatened by the Commission; as of the applicable effective date of the Registration Statement
and any post- effective amendment thereto, the Registration Statement and any such post-effective amendment complied and will comply in
all material respects with the Securities Act, and did not and will not contain any untrue statement of a material fact or omit to state
a material fact required to be stated therein or necessary in order to make the statements therein not misleading; and as of the date
of the Prospectus and any amendment or supplement thereto and as of the Closing Date and as of any Additional Closing Date, as the case
may be, the Prospectus complied and will comply in all material respects with the Securities Act and does not and will not contain any
untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary in order to make the statements
therein, in the light of the circumstances under which they were made, not misleading; provided that the Company makes no representation
or warranty with respect to any statements or omissions made in reliance upon and in conformity with information relating to any Underwriter
furnished to the Company in writing by such Underwriter through the Representatives expressly for use in the Registration Statement and
the Prospectus and any amendment or supplement thereto, it being understood and agreed that the only such information furnished by any
Underwriter consists of the information described as such in Section&#8239;7(b)&#8239;hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(e)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><I>Incorporated
Documents</I>. The documents incorporated by reference in the Registration Statement, the Prospectus or the Time of Sale Information,
when they became effective or were filed with the Commission, as the case may be, conformed in all material respects to the requirements
of the Securities Act or the Exchange Act, as applicable, and none of such documents contained any untrue statement of a material fact
or omitted to state a material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances
under which they were made, not misleading; and any further documents so filed and incorporated by reference in the Registration Statement,
the Prospectus or the Time of Sale Information, when such documents become effective or are filed with the Commission, as the case may
be, will conform in all material respects to the requirements of the Securities Act or the Exchange Act, as applicable, and will not contain
any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements
therein, in the light of the circumstances under which they were made, not misleading.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(f)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><I>Financial
Statements.</I> The financial statements and the related notes thereto of the Company and its consolidated subsidiaries included or incorporated
by reference in the Registration Statement, Time of Sale Information and the Prospectus comply in all material respects with the applicable
requirements of the Securities Act and the Exchange Act, as applicable, and present fairly the financial position of the Company and its
consolidated subsidiaries as of the dates indicated and the results of their operations and the changes in their cash flows for the periods
specified; such financial statements have been prepared in conformity with U.S. generally accepted accounting principles (&ldquo;GAAP&rdquo;)
applied on a consistent basis throughout the periods covered thereby, and the supporting schedules included or incorporated by reference
in the Registration Statement, Time of Sale Information and the Prospectus present fairly the information required to be stated therein
(subject to normal year-end adjustments, which adjustments, either individually or in the aggregate, will not be material); and the other
financial information included or incorporated by reference in the Registration Statement, Time of Sale Information and the Prospectus
has been derived from the accounting records of the Company and its consolidated subsidiaries and presents fairly the information shown
thereby; and any <U>pro forma</U> financial information and related notes thereto included or incorporated by reference in the Registration
Statement, Time of Sale Information and the Prospectus have been prepared in accordance with the Commission&rsquo;s rules&#8239;and guidance
with respect to <U>pro forma</U> financial information, comply with the applicable requirements of the Securities Act and the Exchange
Act, as applicable, present fairly in all respects the information shown therein, and the assumptions underlying such <U>pro forma</U>
financial information are reasonable and are set forth in the Registration Statement, Time of Sale Information and the Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(g)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><I>No
Material Adverse Change.</I> Except as otherwise described in the Registration Statement, Time of Sale Information or the Prospectus,
since the date of the most recent financial statements of the Company included or incorporated by reference in the Registration Statement,
Time of Sale Information and Prospectus, (i)&#8239;there has been no material change in the capital stock, long-term debt, notes payable
or current portion of long-term debt of the Company or any of the Significant Subsidiaries (defined below), or any dividend or distribution
of any kind declared, set aside for payment, paid or made by the Company on any class of capital stock, or any material adverse change,
or any development involving a prospective material adverse change, in or affecting the business, management, financial position, stockholders&rsquo;
equity, results of operations or prospects of the Company and entities of which the Company (a)&#8239;owns greater than 50% of the outstanding
equity, (b)&#8239;has greater than 50% of the voting rights or (c)&#8239;otherwise controls directly or indirectly through one or more intermediaries
(each, a &ldquo;subsidiary&rdquo; and together, the &ldquo;subsidiaries&rdquo;) taken as a whole; (ii)&#8239;neither the Company nor any
of its subsidiaries has entered into any transaction or agreement that is material to the Company and its subsidiaries taken as a whole
or incurred any liability or obligation, direct or contingent, that is material to the Company and its subsidiaries taken as a whole;
and (iii)&#8239;neither the Company nor any of its subsidiaries has sustained any material loss or interference with its business from
fire, explosion, flood or other calamity, whether or not covered by insurance, or from any labor disturbance or dispute or any action,
order or decree of any court or arbitrator or governmental or regulatory authority.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(h)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><I>Organization
and Good Standing.</I> The Company and each of the subsidiaries that is set forth in Schedule 2 hereto (the &ldquo;Significant Subsidiaries&rdquo;)
have been duly organized and are validly existing and in good standing under the laws of their respective jurisdictions of organization,
are duly qualified to do business and are in good standing in each jurisdiction in which their respective ownership or lease of property
or the conduct of their respective businesses requires such qualification, and have all power and authority necessary to own or hold their
respective properties and to conduct the businesses in which they are engaged, except where the failure to be so qualified or in good
standing or have such power or authority would not, individually or in the aggregate, have a material adverse effect on the business,
management, financial position, stockholders&rsquo; equity, results of operations or prospects of the Company and its subsidiaries taken
as a whole or on the performance by the Company of its obligations under the Transaction Documents (as defined below) (a &ldquo;Material
Adverse Effect&rdquo;). The Significant Subsidiaries are the only subsidiaries material to the business of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(i)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><I>Capitalization.</I>
The Company has an authorized capitalization as set forth in the Registration Statement, Time of Sale Information and the Prospectus under
the heading &ldquo;Capitalization&rdquo;; all the outstanding shares of capital stock of the Company have been duly and validly authorized
and issued and are fully paid and non-assessable and are not subject to any pre-emptive or similar rights; except as described in or expressly
contemplated by the Time of Sale Information and the Prospectus, there are no outstanding rights (including, without limitation, pre-emptive
rights), warrants or options to acquire, or instruments convertible into or exchangeable for, any shares of capital stock or other equity
interest in the Company or any of its subsidiaries, or any contract, commitment, agreement, understanding or arrangement of any kind relating
to the issuance of any capital stock of the Company or any such subsidiary, any such convertible or exchangeable securities or any such
rights, warrants or options; the capital stock of the Company conforms in all material respects to the description thereof contained in
the Registration Statement, Time of Sale Information and the Prospectus; and all the outstanding shares of capital stock or other equity
interests of each subsidiary of the Company have been duly and validly authorized and issued, are fully paid and non-assessable (except,
in the case of any foreign subsidiary, for directors&rsquo; qualifying shares) and are owned directly or indirectly by the Company (excluding,
for purposes of this representation and for the avoidance of doubt, each entity set forth in Schedule 3 hereto), free and clear of any
lien, charge, encumbrance, security interest, restriction on voting or transfer or any other claim of any third party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(j)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><I>Stock
Options. </I>With respect to the stock options (the &ldquo;Stock Options&rdquo;) granted pursuant to the stock-based compensation plans
of the Company (the &ldquo;Company Stock Plans&rdquo;), (i)&#8239;each Stock Option intended to qualify as an &ldquo;incentive stock option&rdquo;
under Section&#8239;422 of the Internal Revenue Code of 1986, as amended (the &ldquo;Code&rdquo;), so qualifies, (ii)&#8239;each grant of
a Stock Option was duly authorized no later than the date on which the grant of such Stock Option was by its terms to be effective (the
 &ldquo;Grant Date&rdquo;) by all necessary corporate action, including, as applicable, approval by the board of directors of the Company
(or a duly constituted and authorized committee or delegatee thereof) and any required stockholder approval by the necessary number of
votes or written consents, and the award agreement governing such grant (if any) was duly executed and delivered by each party thereto,
(iii)&#8239;each such grant of Stock Options was made in accordance with the terms of the applicable Company Stock Plans, the Exchange
Act and all other applicable laws and regulatory rules&#8239;or requirements, including the rules&#8239;of the New York Stock Exchange (the
 &ldquo;NYSE&rdquo;) and any other exchange on which Company securities are traded, (iv)&#8239;the per share exercise price of each Stock
Option was equal to the fair market value of a share of common stock of the Company on the applicable Grant Date and (v)&#8239;each such
grant was properly accounted for in accordance with GAAP in the financial statements (including the related notes) of the Company and
disclosed in the Company&rsquo;s filings with the Commission in accordance with the Exchange Act and all other applicable laws. The Company
has not knowingly granted, and there is no and has been no policy or practice of the Company of granting, Stock Options prior to, or otherwise
coordinating the grant of Stock Options with, the release or other public announcement of material information regarding the Company or
its subsidiaries or their results of operations or prospects.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(k)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><I>Due
Authorization.</I> The Company has the corporate power and authority to execute and deliver this Agreement, the Indenture and the Securities
(collectively, the &ldquo;Transaction Documents&rdquo;) and to perform its respective obligations hereunder and thereunder; and all action
required to be taken for the due and proper authorization, execution and delivery by the Company of each of the Transaction Documents,
and the consummation by the Company of the transactions contemplated hereby and thereby or by the Time of Sale Information and the Prospectus
has been duly and validly taken.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(l)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><I>The
Indenture. </I>The Indenture has been duly qualified under the Trust Indenture Act of 1939, as amended (the &ldquo;Trust Indenture Act&rdquo;).
Additionally, the Indenture has been duly authorized by the Company and, when duly executed and delivered in accordance with its terms
by each of the parties, will constitute a valid and legally binding agreement of the Company enforceable against the Company in accordance
with its terms, except as enforceability may be limited by applicable bankruptcy, insolvency or similar laws affecting creditors&rsquo;
rights generally or by equitable principles relating to enforceability (collectively, the &ldquo;Enforceability Exceptions&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(m)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><I>Underwriting
Agreement. </I> This Agreement has been duly authorized, executed and delivered by the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(n)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><I>The
Securities. </I>The Securities have been duly authorized by the Company and, when duly executed, authenticated, issued and delivered as
provided in the Indenture and paid for as provided herein, will be duly and validly issued, will conform to the descriptions thereof in
the Registration Statement, the Time of Sale Information and the Prospectus and will constitute valid and legally binding obligations
of the Company enforceable against the Company in accordance with their terms, subject to the Enforceability Exceptions, and will be entitled
to the benefits of the Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(o)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><I>Descriptions
of the Transaction Documents.</I> Each Transaction Document conforms in all material respects to the description thereof contained in
the Registration Statement, Time of Sale Information and the Prospectus, as applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(p)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><I>No
Violation or Default.</I> (i)&#8239;Neither the Company nor any of the Significant Subsidiaries is in violation of its charter or by-laws
or similar organizational documents; (ii)&#8239;neither the Company nor any of its subsidiaries&#8239;is in default, and no event has occurred
that, with notice or lapse of time or both, would constitute such a default, in the due performance or observance of any term, covenant
or condition contained in any indenture, mortgage, deed of trust, loan agreement or other agreement or instrument to which the Company
or any of its subsidiaries is a party or by which the Company or any of its subsidiaries is bound or to which any of the property or assets
of the Company or any of its subsidiaries is subject; and (iii)&#8239;neither the Company nor any of its subsidiaries&#8239;is in violation
of any law or statute or any judgment, order, rule&#8239;or regulation of any court or arbitrator or governmental or regulatory authority,
except, in the case of clauses (ii)&#8239;and (iii)&#8239;above, for any such default or violation that would not, individually or in the
aggregate, have a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(q)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><I>No
Conflicts. </I>The execution, delivery and performance by the Company of each of the Transaction Documents, the issuance and sale of the
Securities and the consummation of the transactions contemplated by the Transaction Documents or the Time of Sale Information and the
Prospectus will not (i)&#8239;conflict with or result in a breach or violation of any of the terms or provisions of, or constitute a default
under, or result in the creation or imposition of any lien, charge or encumbrance upon any property or assets of the Company or any of
its subsidiaries pursuant to, any indenture, mortgage, deed of trust, loan agreement or other agreement or instrument to which the Company
or any of its subsidiaries is a party or by which the Company or any of its subsidiaries is bound or to which any of the property or assets
of the Company or any of its subsidiaries is subject, (ii)&#8239;result in any violation of the provisions of the charter or by-laws or
similar organizational documents of the Company or any of the Significant Subsidiaries or (iii)&#8239;result in the violation of any law
or statute or any judgment, order, rule&#8239;or regulation of any court or arbitrator or governmental or regulatory authority except,
in the case of clauses (i)&#8239;and (iii)&#8239;above, for any such breach or violation that would not, individually or in the aggregate,
have a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(r)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><I>No
Consents Required.</I> No consent, approval, authorization, order, registration or qualification of or with any court or arbitrator or
governmental or regulatory authority is required for the execution, delivery and performance by the Company of each of the Transaction
Documents, the issuance and sale of the Securities and the consummation of the transactions contemplated by the Transaction Documents
or the Time of Sale Information and the Prospectus, except (i)&#8239;for the registration of the Securities under the Securities Act and
(ii)&#8239;for such consents, approvals, authorizations, orders and registrations or qualifications as may be required under applicable
state securities laws in connection with the purchase and resale of the Securities by the Underwriters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(s)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><I>Legal
Proceedings.</I> Except as described in the Registration Statement, Time of Sale Information and the Prospectus, there are no legal, governmental
or regulatory investigations, actions, suits or proceedings pending to which the Company or any of its subsidiaries is or may be a party
or to which any property of the Company or any of its subsidiaries is or may be the subject that, individually or in the aggregate, could
reasonably be expected to have a Material Adverse Effect; to the knowledge of the Company, no such investigations, actions, suits or proceedings
are threatened or contemplated by any governmental or regulatory authority or threatened by others; and (i)&#8239;there are no current
or pending legal, governmental or regulatory investigations, actions, suits or proceedings that are required under the Securities Act
or the Exchange Act to be described in the Registration Statement, the Time of Sale Information or the Prospectus that are not so described
in the Registration Statement, Time of Sale Information and the Prospectus and (ii)&#8239;there are no statutes, regulations or contracts
or other documents that are required under the Securities Act or the Exchange Act to be filed as exhibits to the Registration Statement
or described in the Registration Statement, the Time of Sale Information or the Prospectus that are not so filed as exhibits to the Registration
Statement or described in the Registration Statement, the Time of Sale Information and the Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(t)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><I>Independent
Accountants.</I> Grant Thornton LLP, who has certified certain financial statements of the Company and its subsidiaries, is an independent
registered public accounting firm with respect to the Company and its subsidiaries within the applicable rules&#8239;and regulations adopted
by the Commission and the Public Company Accounting Oversight Board (United States) and as required by the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(u)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><I>Investment
Portfolio; Investment Policies; Title to Real and Personal Property.</I> The investment portfolio (other than cash and cash equivalents)
of the Company consists primarily of residential, business purpose and multifamily real estate loans; residential, business purpose and
multifamily real estate securities (including debt securities issued by Fannie Mae or Freddie Mac); mortgage servicing rights; home equity
investment contracts (HEI) and securities backed by HEI; derivative financial instruments; and other investments that are related to,
or substantially economically equivalent to, any of the foregoing. The derivative financial instruments held by the Company consist of
interest rate cap agreements, interest rate swap agreements, interest rate futures and options, credit default index swaps, loan purchase
and forward sale commitments and mortgage &ldquo;to be announced&rdquo; (TBA) contracts. Except as otherwise described in the Registration
Statement, Time of Sale Information or the Prospectus, the Company has no plan or intention to materially alter its stated investment
policies and operating policies and strategies as such are described in the Company&rsquo;s Annual Report on Form&#8239;10-K for the year
ended December&#8239;31, 2024 filed with the Commission. The Company is, and at all times has been, in compliance with its investment policy,
except as the Board of Directors of the Company shall have expressly approved otherwise in each instance of non-compliance. The Company
and its subsidiaries have good and marketable title in fee simple to, or have valid rights to lease or otherwise use, all items of real
and personal property that are material to the respective businesses of the Company and its subsidiaries, in each case free and clear
of all liens, encumbrances, claims and defects and imperfections of title except those that (i)&#8239;do not materially interfere with
the use made and proposed to be made of such property by the Company and its subsidiaries or (ii)&#8239;could not reasonably be expected,
individually or in the aggregate, to have a Material Adverse Effect. Except as otherwise disclosed in the Registration Statement, Time
of Sale Information or the Prospectus, and except for &ldquo;real estate owned&rdquo; properties owned by the Company as a result of foreclosures
on delinquent loans, if any, the Company and its subsidiaries do not own any material real property. Any real property and buildings held
under lease by the Company and its subsidiaries are held under valid, existing and enforceable leases, with such exceptions as are disclosed
in the Registration Statement, Time of Sale Information and the Prospectus, or except as would not have a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(v)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><I>Title
to Intellectual Property.</I> To the Company&rsquo;s best knowledge, (i)&#8239;the Company and its subsidiaries own or possess adequate
rights to use all material patents, patent applications, trademarks, service marks, trade names, trademark registrations, service mark
registrations, copyrights, licenses and know-how (including trade secrets and other unpatented and/or unpatentable proprietary or confidential
information, systems or procedures) necessary for the conduct of their respective businesses; and (ii)&#8239;the conduct of their respective
businesses will not conflict in any material respect with any such rights of others, and the Company and its subsidiaries have not received
any notice of any claim of infringement or conflict with any such rights of others.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(w)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><I>No
Undisclosed Relationships.</I> No relationship, direct or indirect, exists between or among the Company or any of its subsidiaries, on
the one hand, and the directors, officers, stockholders, customers or suppliers of the Company or any of its subsidiaries, on the other,
that is required by the Securities Act to be described in the Registration Statement and the Prospectus and that is not so described in
such documents and in the Time of Sale Information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(x)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><I>Investment
Company Act.</I> Neither the Company nor any of its subsidiaries is and, after giving effect to the offering and sale of the Securities
and the application of the proceeds thereof as described in the Registration Statement, Time of Sale Information and the Prospectus, will
be required to be registered as an &ldquo;investment company&rdquo; within the meaning of the Investment Company Act of 1940, as amended,
and the rules&#8239;and regulations of the Commission thereunder (collectively, the &ldquo;Investment Company Act&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(y)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><I>Taxes.</I>
The Company and its subsidiaries have paid all material federal, state, local and foreign taxes and filed all material tax returns required
to be paid or filed through the date hereof (taking into account all permitted extensions); and except as otherwise disclosed in the Registration
Statement, Time of Sale Information and the Prospectus, there is no material tax deficiency that has been, or could reasonably be expected
to be, asserted against the Company or any of its subsidiaries or any of their respective properties or assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(z)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><I>REIT
Qualification</I>. The Company, commencing with its taxable year ended December&#8239;31, 1994,&#8239;has been organized and operated in
conformity with the requirements for qualification and taxation as a &ldquo;real estate investment trust&rdquo; (&ldquo;REIT&rdquo;) under
Sections 856 through 860 of the Code; its proposed method of operation as described in the Registration Statement, Time of Sale Information
and the Prospectus will enable it to continue to meet the requirements for qualification and taxation as a REIT under the Code; and the
Company intends to continue to operate in a manner which would permit it to qualify as a REIT under the Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(aa)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><I>Certain
Subsidiaries</I>. Each of the subsidiaries listed on Schedule 5 is or, prior to its sale or dissolution was, (i)&#8239;a REIT (a &ldquo;Subsidiary
REIT&rdquo;), (ii)&#8239;a &ldquo;qualified REIT subsidiary&rdquo; within the meaning of Section&#8239;856(i)&#8239;of the Code (a &ldquo;Qualified
REIT Subsidiary&rdquo;) or (iii)&#8239;a partnership or an entity that is (or was) disregarded as an entity separate from its owner for
U.S. federal income tax purposes. Any securitization trusts formed by the Company&rsquo;s Qualified REIT Subsidiaries are either (i)&#8239;treated
as a real estate mortgage investment conduit within the meaning of Section&#8239;860D of the Code, or (ii)&#8239;disregarded as an entity
separate from its owner for U.S. federal income tax purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(bb)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><I>Taxable
REIT Subsidiaries. </I>Each of the subsidiaries listed on Schedule 6 is, or prior to its sale or dissolution was, a &ldquo;taxable REIT
subsidiary&rdquo; within the meaning of Section&#8239;856(l)&#8239;of the Code (a &ldquo;Taxable REIT Subsidiary&rdquo;). The Company has
had and has no other Taxable REIT Subsidiaries other than wholly-owned subsidiaries of the foregoing that are treated as corporations
for U.S. federal income tax purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(cc)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><I>Taxable
Mortgage Pool</I>. Neither the Company nor any of its subsidiaries or asset pools is treated as a taxable mortgage pool within the meaning
of Section&#8239;7701(i)&#8239;of the Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(dd)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><I>Licenses
and Permits.</I> The Company and its subsidiaries possess all licenses, certificates, permits and other authorizations issued by, and
have made all declarations and filings with, the appropriate federal, state, local or foreign governmental or regulatory authorities that
are necessary for the ownership or lease of their respective properties or the conduct of their respective businesses as described in
the Registration Statement, Time of Sale Information and the Prospectus, except where the failure to possess or make the same would not,
individually or in the aggregate, have a Material Adverse Effect; except as described in the Registration Statement, Time of Sale Information
and the Prospectus, neither the Company nor any of its subsidiaries has received notice of any revocation or modification of any such
license, certificate, permit or authorization or has any reason to believe that any such license, certificate, permit or authorization
will not be renewed in the ordinary course; and, to the knowledge of the Company, all third-party service providers used, employed, hired
or otherwise contracted with by the Company or any of its subsidiaries have obtained all necessary licenses or other relevant authorizations
to do business in all jurisdictions in which such third-party service providers do business on behalf of the Company or its subsidiaries,
except where the failure of that service provider to obtain such license or authorization would not, individually or in the aggregate,
have a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(ee)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><I>No
Labor Disputes.</I> No labor disturbance by or dispute with employees of the Company or any of its subsidiaries exists or, to the best
knowledge of the Company, is contemplated or threatened and the Company is not aware of any existing or imminent labor disturbance by,
or dispute with, the employees of any of its or its subsidiaries&rsquo; principal suppliers, contractors or customers, except, in each
case, as would not have a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(ff)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><I>Compliance
With Environmental Laws.</I> (i)&#8239;The Company and its subsidiaries (x)&#8239;are, and at all prior times were, in compliance with any
and all applicable federal, state, local and foreign laws, rules, regulations, requirements, decisions and orders relating to the protection
of human health or safety, the environment, natural resources, hazardous or toxic substances or wastes, pollutants or contaminants (collectively,
 &ldquo;Environmental Laws&rdquo;), (y)&#8239;have received and are in compliance with all permits, licenses, certificates or other authorizations
or approvals required of them under applicable Environmental Laws to conduct their respective businesses, and (z)&#8239;have not received
notice of any actual or potential liability under or relating to any Environmental Laws, including for the investigation or remediation
of any disposal or release of hazardous or toxic substances or wastes, pollutants or contaminants, and have no knowledge of any event
or condition that would reasonably be expected to result in any such notice, and (ii)&#8239;there are no costs or liabilities associated
with Environmental Laws of or relating to the Company or its subsidiaries, except in the case of each of (i)&#8239;and (ii)&#8239;above,
for any such failure to comply, or failure to receive required permits, licenses or approvals, or cost or liability, as would not, individually
or in the aggregate, have a Material Adverse Effect; and (iii)&#8239;except as described in each of the Registration Statement, Time of
Sale Information and the Prospectus, (x)&#8239;there are no proceedings that are pending, or that are known to be contemplated, against
the Company or any of its subsidiaries under any Environmental Laws in which a governmental entity is also a party, other than such proceedings
that would not reasonably be expected to have a Material Adverse Effect, (y)&#8239;the Company and its subsidiaries are not aware of any
issues regarding compliance with Environmental Laws, or liabilities or other obligations under Environmental Laws or concerning hazardous
or toxic substances or wastes, pollutants or contaminants, that could reasonably be expected to have a Material Adverse Effect, and (z)&#8239;none
of the Company and its subsidiaries anticipates capital expenditures relating to any Environmental Laws that would be material to the
Company and its subsidiaries taken as a whole.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(gg)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><I>Hazardous
Substances</I>. There has been no storage, generation, transportation, handling, treatment, disposal, discharge, emission, or other release
of any kind of toxic wastes or hazardous substances, including, but not limited to, any naturally occurring radioactive materials, brine,
drilling mud, crude oil, natural gas liquids and other petroleum materials, by, due to or caused by the Company or any of its subsidiaries
(or, to the best of the Company&rsquo;s knowledge, any other entity (including any predecessor) for whose acts or omissions the Company
or any of its subsidiaries is or could reasonably be expected to be liable) upon any of the property now or previously owned or leased
by the Company or any of its subsidiaries, or upon any other property, in violation of any Environmental Laws or in a manner or to a location
that could reasonably be expected to give rise to any liability under the Environmental Laws, except for any violation or liability which
would not, individually or in the aggregate, have a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(hh)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><I>Compliance
With ERISA.</I> (i)&#8239;Each employee benefit plan, within the meaning of Section&#8239;3(3)&#8239;of the Employee Retirement Income Security
Act of 1974, as amended (&ldquo;ERISA&rdquo;), for which the Company or any member of its &ldquo;Controlled Group&rdquo; (defined as any
organization which is a member of a controlled group of corporations within the meaning of Section&#8239;414 of the Code) would have any
liability (each, a &ldquo;Plan&rdquo;) has been maintained in material compliance with its terms and the requirements of any applicable
statutes, orders, rules&#8239;and regulations, including but not limited to ERISA and the Code; (ii)&#8239;no Plan has failed to satisfy
the minimum funding standard (within the meaning of Section&#8239;412 of the Code or Section&#8239;302 of ERISA), whether or not waived,
nor is any such Plan in &ldquo;at risk&rdquo; status (as defined in Section&#8239;303(i)(4)&#8239;of ERISA or Section&#8239;430(i)(4)&#8239;of
the Code); (iii)&#8239;no &ldquo;reportable event&rdquo; (within the meaning of Section&#8239;4043(c)&#8239;of ERISA) has occurred or is
reasonably expected to occur which could reasonably be expected to result in a Material Adverse Effect; and (iv)&#8239;neither the Company
nor any member of the Controlled Group has incurred, nor reasonably expects to incur, any material liability under Title IV of ERISA (other
than contributions to the Plan or premiums to the Pension Benefit Guaranty Corporation, in the ordinary course and without default) in
respect of a Plan (including a &ldquo;multiemployer plan,&rdquo; within the meaning of Section&#8239;4001(a)(3)&#8239;of ERISA).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(ii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><I>Disclosure
Controls</I>. The Company and its subsidiaries maintain an effective system of &ldquo;disclosure controls and procedures&rdquo; (as defined
in Rule&#8239;13a-15(e)&#8239;of the Exchange Act) that is designed to ensure that information required to be disclosed by the Company in
reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported within the time periods specified
in the Commission&rsquo;s rules&#8239;and forms, including controls and procedures designed to ensure that such information is accumulated
and communicated to the Company&rsquo;s management as appropriate to allow timely decisions regarding required disclosure. The Company
and its subsidiaries have carried out evaluations of the effectiveness of their disclosure controls and procedures as required by Rule&#8239;13a-15
of the Exchange Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(jj)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><I>Accounting
Controls.</I> The Company, on a consolidated basis with its subsidiaries, maintains a system of &ldquo;internal control over financial
reporting,&rdquo; as defined in Rule&#8239;13a-15(f)&#8239;of the Exchange Act, that complies with the requirements of the Exchange Act
and has been designed by, or under the supervision of, the Company&rsquo;s principal executive and principal financial officers, to provide
reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes
in accordance with generally accepted accounting principles, and includes those policies and procedures that: (i)&#8239;pertain to the
maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of the assets of the
Company and its subsidiaries on a consolidated basis; (ii)&#8239;provide reasonable assurance that transactions are recorded as necessary
to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures
of the Company and its subsidiaries are being made only in accordance with authorizations of management and directors of the Company and
its subsidiaries; (iii)&#8239;provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or
disposition of the assets of the Company and its subsidiaries that could have a material effect on the consolidated financial statements
of the Company; and (iv)&#8239;provide reasonable assurance that interactive data in eXtensible Business Reporting Language included or
incorporated by reference in the Registration Statement, Time of Sale Information and the Prospectus fairly present the information called
for in all material respects and are prepared in accordance with the Commission&rsquo;s rules&#8239;and guidelines applicable thereto.
Except as disclosed in the Registration Statement, Time of Sale Information and the Prospectus, there are no material weaknesses in the
Company&rsquo;s internal control over financial reporting. The Company&rsquo;s auditors and the Audit Committee of the Board of Directors
of the Company have been advised of: (i)&#8239;all significant deficiencies and material weaknesses in the design or operation of internal
control over financial reporting which are reasonably likely to adversely affect the Company&rsquo;s ability to record, process, summarize
and report financial information; and (ii)&#8239;any fraud, whether or not material, that involves management or other employees who have
a significant role in the Company&rsquo;s internal controls over financial reporting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(kk)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><I>Insurance.
</I>The Company and its subsidiaries have insurance covering their respective properties, operations, personnel and businesses, including
business interruption insurance, which insurance is in amounts and insures against such losses and risks as are prudent and customary
in the businesses in which the Company and its subsidiaries are engaged; and neither the Company nor any of its subsidiaries has (i)&#8239;received
notice from any insurer or agent of such insurer that capital improvements or other expenditures are required or necessary to be made
in order to continue such insurance or (ii)&#8239;any reason to believe that it will not be able to renew its existing insurance coverage
as and when such coverage expires or to obtain similar coverage at reasonable cost from similar insurers as may be necessary to continue
its business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(ll)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><I>No
Unlawful Payments.</I> None of the Company or any of its subsidiaries or, to the knowledge of the Company, any director, officer, agent,
employee or other person associated with or acting on behalf of the Company or any of its subsidiaries has (i)&#8239;used any corporate
funds for any unlawful contribution, gift, entertainment or other unlawful expense relating to political activity; (ii)&#8239;made or taken
an act in furtherance of an offer, promise or authorization of any direct or indirect unlawful payment or benefit to any foreign or domestic
government official or employee, including of any government-owned or controlled entity or of a public international organization, or
any person acting in an official capacity for or on behalf of any of the foregoing, or any political party or party official or candidate
for political office; (iii)&#8239;violated or is in violation of any provision of the Foreign Corrupt Practices Act of 1977, as amended,
or any applicable law or regulation implementing the OECD Convention on Combating Bribery of Foreign Public Officials in International
Business Transactions, or committed an offence under the Bribery Act 2010 of the United Kingdom, or any other applicable anti-bribery
or anti-corruption law; or (iv)&#8239;made, offered, agreed, requested or taken an act in furtherance of any unlawful bribe or other unlawful
benefit, including, without limitation, any rebate, payoff, influence payment, kickback or other unlawful or improper payment or benefit.
The Company and its subsidiaries have instituted, maintain and enforce, and will continue to maintain and enforce, policies and procedures
designed to promote and ensure compliance with all applicable anti-bribery and anti-corruption laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(mm)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><I>Compliance
with Money Laundering Laws</I>. The operations of the Company and its subsidiaries are and have been conducted at all times in compliance
with applicable financial recordkeeping and reporting requirements of the Currency and Foreign Transactions Reporting Act of 1970, as
amended, the money laundering statutes of all jurisdictions, the rules&#8239;and regulations thereunder and any related or similar rules,
regulations or guidelines, issued, administered or enforced by any governmental agency (collectively, the &ldquo;Money Laundering Laws&rdquo;)
and no action, suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator involving the Company
or any of its subsidiaries with respect to the Money Laundering Laws is pending or, to the knowledge of the Company, threatened.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(nn)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><I>No
Conflicts with Sanctions Laws. </I>None of the Company, any of its subsidiaries or, to the knowledge of the Company, any director, officer,
agent, employee or affiliate of the Company or any of its subsidiaries is currently the subject or the target of any sanctions administered
or enforced by the U.S. government (including, without limitation, the Office of Foreign Assets Control of the U.S. Department of the
Treasury (&ldquo;OFAC&rdquo;) or the U.S. Department of State and including, without limitation, the designation as a &ldquo;specially
designated national&rdquo; or &ldquo;blocked person&rdquo;), the United Nations Security Council (&ldquo;UNSC&rdquo;), the European Union,
His Majesty&rsquo;s Treasury (&ldquo;HMT&rdquo;), or other relevant sanctions authority (collectively, &ldquo;Sanctions&rdquo;), nor is
the Company or any of its subsidiaries located, organized or resident in a country or territory that is the subject or target of Sanctions,
including, without limitation, Cuba,&#8239;Iran, North Korea, Syria (with respect to Syria only, until July&#8239;1, 2025), Crimea region
of Ukraine, the Donetsk People&rsquo;s Republic and Luhansk People&rsquo;s Republic regions of Ukraine, the non-government controlled
areas of Kherson and Zaporizhzhia, or in any other country or territory, that is the subject of Sanctions (each, a &ldquo;Sanctioned Country&rdquo;);
and the Company will not directly or indirectly use the proceeds of the offering of the Securities hereunder, or lend, contribute or otherwise
make available such proceeds to any subsidiary, joint venture partner or other person or entity (i)&#8239;to fund or facilitate any activities
of or business with any person that, at the time of such funding or facilitation, is the subject or target of Sanctions, (ii)&#8239;to
fund or facilitate any activities of or business in any Sanctioned Country or (iii)&#8239;in any other manner that will result in a violation
by any person (including any person participating in the transaction, whether as underwriter, initial purchaser, advisor, investor or
otherwise) of Sanctions. For the past ten years, the Company and its subsidiaries have not knowingly engaged in and are not now knowingly
engaged in any dealings or transactions with any person that at the time of the dealing or transaction is or was the subject or the target
of Sanctions or with any Sanctioned Country.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(oo)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><I>No
Restrictions on Subsidiaries</I>. No subsidiary of the Company (excluding, for purposes of this representation and for the avoidance of
doubt, each entity set forth in Schedule 4 hereto) is currently prohibited, directly or indirectly, under any agreement or other instrument
to which it is a party or is subject, from paying any dividends to the Company, as applicable, from making any other distribution on such
subsidiary&rsquo;s capital stock, from repaying to the Company, as applicable, any loans or advances to such subsidiary from the Company,
as applicable, or from transferring any of such subsidiary&rsquo;s properties or assets to the Company, as applicable, or any other subsidiary
of the Company, as applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(pp)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><I>No
Broker&rsquo;s Fees.</I> Neither the Company nor any of its subsidiaries is a party to any contract, agreement or understanding with any
person (other than this Agreement) that would give rise to a valid claim against the Company or any of its subsidiaries or any Underwriter
for a brokerage commission, finder&rsquo;s fee or like payment in connection with the offering and sale of the Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(qq)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><I>No
Registration Rights</I>. No person has the right to require the Company or any of its subsidiaries to register any securities for sale
under the Securities Act by reason of the filing of the Registration Statement by the Company with the Commission or the issuance and
sale of the Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(rr)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><I>No
Stabilization.</I> The Company has not taken, directly or indirectly, any action designed to or that could reasonably be expected to cause
or result in any stabilization or manipulation of the price of the Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(ss)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><I>Margin
Rules</I>. Neither the issuance, sale and delivery of the Securities nor the application of the proceeds thereof by the Company as described
in the Registration Statement, Time of Sale Information and the Prospectus will violate Regulation T, U or X of the Board of Governors
of the Federal Reserve System or any other regulation of such Board of Governors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(tt)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><I>Forward-Looking
Statements.</I> No forward-looking statement (within the meaning of Section&#8239;27A of the Securities Act and Section&#8239;21E of the
Exchange Act) contained in the Registration Statement, Time of Sale Information and the Prospectus has been made or reaffirmed without
a reasonable basis or has been disclosed other than in good faith.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(uu)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><I>Statistical
and Market Data</I>. Nothing has come to the attention of the Company that has caused the Company to believe that the statistical and
market-related data included in the Registration Statement, Time of Sale Information and the Prospectus are not based on or derived from
sources that are reliable and accurate in all material respects.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(vv)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><I>Sarbanes-Oxley
Act</I>. Except as otherwise disclosed in the Registration Statement, Time of Sale Information and the Prospectus, there is and has been
no failure on the part of the Company, any of its subsidiaries or any of the Company&rsquo;s directors or officers, in their capacities
as such, to comply in all material respects with any provision of the Sarbanes-Oxley Act of 2002 and the rules&#8239;and regulations promulgated
in connection therewith (the &ldquo;Sarbanes-Oxley Act&rdquo;), including Section&#8239;402 related to loans and Sections 302 and 906 related
to certifications.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(ww)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><I>Status
under the Securities Act</I>. At the time of filing the Registration Statement and any post-effective amendments thereto, at the earliest
time thereafter that the Company or any offering participant made a bona fide offer (within the meaning of Rule&#8239;164(h)(2)&#8239;under
the Securities Act) of the Securities and at the date hereof, the Company was not and is not an &ldquo;ineligible issuer&rdquo;, as defined
in Rule&#8239;405 under the Securities Act. At the time of filing of the Registration Statement, at the time of the most recent amendment
thereto for the purposes of complying with Section&#8239;10(a)(3)&#8239;of the Securities Act (whether such amendment was by post- effective
amendment, incorporated report filed pursuant to Section&#8239;13 or 15(d)&#8239;of the Exchange Act of 1934, or form of prospectus), at
the time the Company or any person acting on its behalf (within the meaning, for this clause only, of Rule&#8239;163(c)&#8239;of the Securities
Act) made any offer relating to the Shares in reliance on the exemption under Rule&#8239;163 of the Securities Act and at the date hereof,
the Company was and is a well-known seasoned issuer, as defined in Rule&#8239;405 under the Securities Act, and, at the date hereof, the
Company is, and, at the Closing Date and as of any Additional Closing Date, the Company will be, eligible to use the Registration Statement
in connection with the offering and sale of the Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

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

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(xx)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><I>Solvency</I>.
The Company is, and immediately upon consummation of the transactions contemplated herein and in the Time of Sale Information and the
Prospectus will be, Solvent. The Company and its subsidiaries, taken as a whole (the &ldquo;Group&rdquo;), is, and immediately upon consummation
of the transactions contemplated herein and in the Time of Sale Information and the Prospectus will be, Solvent. As used herein, the term
 &ldquo;Solvent&rdquo; means, with respect to the Group, as applicable, on a particular date, that on such date (a)&#8239;the fair market
value of the assets of the Group is greater than the total amount of liabilities (including contingent liabilities) of the Group, (b)&#8239;the
present fair salable value of the assets of the Group is greater than the amount that will be required to pay the probable liabilities
of the Group on its debt as they become absolute and mature, (c)&#8239;the Group is able to realize upon its assets and pay its debts and
other liabilities (including contingent obligations) as they mature, and (d)&#8239;the Group does not have unreasonably small capital.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(yy)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><I>Cybersecurity;
Data Protection.</I> The Company and its subsidiaries&rsquo; information technology assets and equipment, computers, systems, networks,
hardware, software, websites, applications, and databases (collectively, &ldquo;IT Systems&rdquo;) are reasonably believed by the Company
to be adequate in all material respects for, and operate and perform in all material respects as required in connection with, the operation
of the business of the Company and its subsidiaries as currently conducted and, to the Company&rsquo;s knowledge, are free and clear of
all material bugs, errors, defects, Trojan horses, time bombs, malware and other corruptants.&#8239; The Company and its subsidiaries have
implemented and maintained commercially reasonable controls, policies, procedures, and safeguards to maintain and protect their material
confidential information and the integrity, continuous operation, redundancy and security of all IT Systems and data (including all personal,
personally identifiable, sensitive, confidential or regulated data (&ldquo;Personal Data&rdquo;)) used in connection with the business
of the Company and its subsidiaries as currently conducted. To the knowledge of the Company, there have been no material breaches, violations,
outages or unauthorized uses of or accesses to Personal Data, or investigations relating to the same, except as otherwise disclosed in
the Registration Statement, Time of Sale Information or the Prospectus.&#8239;&#8239;The Company and its subsidiaries are presently in compliance
with all applicable laws or statutes and all judgments, orders, rules&#8239;and regulations of any court or arbitrator or governmental
or regulatory authority, internal policies and contractual obligations relating to the privacy and security of IT Systems and Personal
Data and to the protection of such IT Systems and Personal Data from unauthorized use, access, misappropriation or modification, except
for such failures as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">4.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Further
Agreements of the Company</U>. The Company covenants and agrees with each Underwriter that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><I>Required
Filings.</I> The Company will file the final Prospectus with the Commission within the time periods specified by Rule&#8239;424(b)&#8239;and
Rule&#8239;430A, 430B or 430C under the Securities Act, will file any Issuer Free Writing Prospectus to the extent required by Rule&#8239;433
under the Securities Act; and will file promptly all reports and any definitive proxy or information statements required to be filed by
the Company with the Commission pursuant to Section&#8239;13(a), 13(c), 14 or 15(d)&#8239;of the Exchange Act subsequent to the date of
the Prospectus and for so long as the delivery of a prospectus is required in connection with the offering or sale of the Securities;
and the Company will furnish copies of the Prospectus and each Issuer Free Writing Prospectus (to the extent not previously delivered)
to the Underwriters in New York City as soon as reasonably practicable, but in no event later than 10:00 A.M., New York City time, on
the second business day succeeding the date of this Agreement in such quantities as the Representatives may reasonably request. The Company
will pay the registration fees for this offering within the time period required by Rule&#8239;456(b)(1)&#8239;under the Securities Act
(without giving effect to the proviso therein) and in any event prior to the Closing Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><I>Delivery
of Copies.</I> The Company will deliver, without charge, (i)&#8239;to the Representatives, two signed copies of the Registration Statement
as originally filed and each amendment thereto, in each case including all exhibits and consents filed therewith and documents incorporated
by reference therein; and (ii)&#8239;to each Underwriter (A)&#8239;a conformed copy of the Registration Statement as originally filed and
each amendment thereto (without exhibits) and (B)&#8239;during the Prospectus Delivery Period (as defined below), as many copies of the
Prospectus (including all amendments and supplements thereto and documents incorporated by reference therein) and each Issuer Free Writing
Prospectus as the Representatives may reasonably request. As used herein, the term &ldquo;Prospectus Delivery Period&rdquo; means such
period of time after the first date of the public offering of the Securities as in the opinion of counsel for the Underwriters a prospectus
relating to the Securities is required by law to be delivered (or required to be delivered but for Rule&#8239;172 under the Securities
Act) in connection with sales of the Securities by any Underwriter or dealer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><I>Amendments
or Supplements,&#8239;Issuer Free Writing Prospectuses</I>. During the Prospectus Delivery Period, before making, preparing, using, authorizing,
approving, referring to or filing any Issuer Free Writing Prospectus, and before filing any amendment or supplement to the Registration
Statement or the Prospectus, whether before or after the time that the Registration Statement becomes effective, the Company will furnish
to the Representatives and counsel for the Underwriters a copy of the proposed Issuer Free Writing Prospectus, amendment or supplement
for review and will not make, prepare, use, authorize, approve, refer to or file any such Issuer Free Writing Prospectus or file any such
proposed amendment or supplement to which the Representatives reasonably objects.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><I>Notice
to the Representatives.</I> The Company will advise the Representatives promptly, and confirm such advice in writing, (i)&#8239;when any
amendment to the Registration Statement has been filed or becomes effective; (ii)&#8239;when any supplement to the Prospectus or any Issuer
Free Writing Prospectus or any amendment to the Prospectus has been filed; (iii)&#8239;of any request by the Commission for any amendment
to the Registration Statement or any amendment or supplement to the Prospectus or the receipt of any comments from the Commission relating
to the Registration Statement or any other request by the Commission for any additional information; (iv)&#8239;of the issuance by the
Commission of any order suspending the effectiveness of the Registration Statement or preventing or suspending the use of any Preliminary
Prospectus, any of the Time of Sale Information or the Prospectus or the initiation or threatening of any proceeding for that purpose
or pursuant to Section&#8239;8A of the Securities Act; (v)&#8239;of the occurrence of any event within the Prospectus Delivery Period as
a result of which the Prospectus, the Time of Sale Information or any Issuer Free Writing Prospectus as then amended or supplemented would
include any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary in order to
make the statements therein, in the light of the circumstances existing when the Prospectus, the Time of Sale Information or any such
Issuer Free Writing Prospectus is delivered to a purchaser, not misleading; (vi)&#8239;of the receipt by the Company of any notice of objection
of the Commission to the use of the Registration Statement or any post-effective amendment thereto pursuant to Rule&#8239;401(g)(2)&#8239;under
the Securities Act; and (vii)&#8239;of the receipt by the Company of any notice with respect to any suspension of the qualification of
the Securities for offer and sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose; and the Company
will use its best efforts to prevent the issuance of any such order suspending the effectiveness of the Registration Statement, preventing
or suspending the use of any Preliminary Prospectus, any Time of Sale Information or the Prospectus or suspending any such qualification
of the Securities and, if any such order is issued, will obtain as soon as possible the withdrawal thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(e)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><I>Ongoing
Compliance.</I> (1)&#8239;If during the completion of the Prospectus Delivery Period (i)&#8239;any event shall occur or condition shall
exist as a result of which the Prospectus as then amended or supplemented would include any untrue statement of a material fact or omit
to state any material fact required to be stated therein or necessary in order to make the statements therein, in the light of the circumstances
existing when the Prospectus is delivered to a purchaser, not misleading or (ii)&#8239;it is necessary to amend or supplement the Prospectus
to comply with law, the Company will immediately notify the Underwriters thereof and forthwith prepare and, subject to paragraph (c)&#8239;above,
file with the Commission and furnish to the Underwriters and to such dealers as the Representatives may designate, such amendments or
supplements to the Prospectus as may be necessary so that the statements in the Prospectus as so amended or supplemented will not, in
the light of the circumstances existing when the Prospectus is delivered to a purchaser, be misleading or so that the Prospectus will
comply with law and (2)&#8239;if at any time prior to the Closing Date or any Additional Closing Date (i)&#8239;any event shall occur or
condition shall exist as a result of which the Time of Sale Information as then amended or supplemented would include any untrue statement
of a material fact or omit to state any material fact necessary in order to make the statements therein, in the light of the circumstances
existing when the Time of Sale Information is delivered to a purchaser, not misleading or (ii)&#8239;it is necessary to amend or supplement
the Time of Sale Information to comply with law, the Company will immediately notify the Underwriters thereof and forthwith prepare and,
subject to paragraph (d)&#8239;above, file with the Commission (to the extent required) and furnish to the Underwriters and to such dealers
as the Representatives may designate, such amendments or supplements to the Time of Sale Information as may be necessary so that the statements
in the Time of Sale Information as so amended or supplemented will not, in the light of the circumstances, be misleading or so that the
Time of Sale Information will comply with law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(f)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><I>Blue
Sky Compliance.</I> The Company will qualify the Securities for offer and sale under the securities or Blue Sky laws of such jurisdictions
as the Representatives shall reasonably request and will continue such qualifications in effect so long as required for distribution of
the Securities; <U>provided</U> that the Company shall not be required to (i)&#8239;qualify as a foreign corporation or other entity or
as a dealer in securities in any such jurisdiction where it would not otherwise be required to so qualify, (ii)&#8239;file any general
consent to service of process in any such jurisdiction or (iii)&#8239;subject itself to taxation in any such jurisdiction if it is not
otherwise so subject.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(g)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><I>Earning
Statement. </I>The Company will make generally available to its security holders and the Representatives as soon as practicable an earning
statement that satisfies the provisions of Section&#8239;11(a)&#8239;of the Securities Act and Rule&#8239;158 of the Commission promulgated
thereunder covering a period of at least twelve months beginning with the first fiscal quarter of the Company occurring after the &ldquo;effective
date&rdquo; (as defined in Rule&#8239;158) of the Registration Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(h)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><I>Clear
Market.</I> For a period of 30 days after the date of this Agreement, without the prior written consent of the Representatives, which
may not be unreasonably withheld, on behalf of the Underwriters, the Company will not offer, pledge, sell, contract to sell, sell any
option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase or otherwise transfer
or dispose of, directly or indirectly, any debt securities issued or guaranteed by the Company or its subsidiaries or any securities convertible
into or exercisable or exchangeable for debt securities issued or guaranteed by the Company or its subsidiaries or file or cause to be
declared effective a registration statement under the Securities Act with respect to any of the foregoing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(i)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><I>Use
of Proceeds.</I> The Company will apply the net proceeds from the sale of the Securities as described in the Registration Statement, Time
of Sale Information and the Prospectus under the heading &ldquo;Use of Proceeds.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(j)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><I>No
Stabilization.</I> The Company will not take, directly or indirectly, any action designed to or that could reasonably be expected to cause
or result in any stabilization or manipulation of the price of the Securities and will not take any action prohibited by Regulation M
under the Exchange Act in connection with the distribution of the Securities contemplated hereby.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(k)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><I>Exchange
Listing</I>. The Company will use its best efforts to cause the Securities to be listed for trading on the NYSE and to maintain such listing
and to file with the NYSE all documents and notices required by the NYSE of companies that have securities that are listed on the NYSE.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(l)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><I>Record
Retention</I>. The Company will, pursuant to reasonable procedures developed in good faith, retain copies of each Issuer Free Writing
Prospectus that is not filed with the Commission in accordance with Rule&#8239;433 under the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(m)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><I>Taxes</I>.
The Company and its subsidiaries will timely pay all material federal, state, local and foreign taxes and will timely file all material
tax returns required to be paid or filed for the current and subsequent taxable years.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(n)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><I>REIT
Qualification</I>. Unless the board of directors of the Company determines it is no longer in the best interests of the Company to continue
to qualify as a REIT, (i)&#8239;the Company will continue to be organized and operated in conformity with the requirements for qualification
and taxation as a REIT under the Code, the Company&rsquo;s proposed method of operation will enable&#8239;it to continue to meet the requirements
for qualification and taxation as a REIT under the Code for&#8239;its current and subsequent taxable years and the Company will not change
its operations or engage in activities which would cause it to fail to qualify as a REIT under the Code, and (ii)&#8239;the Company will
also continue to cause each of its subsidiaries designated as either (A)&#8239;a Qualified REIT Subsidiary to continue to so qualify or
(B)&#8239;a Taxable REIT Subsidiary to continue to so qualify, except to the extent that, in either case, a failure to so qualify could
not have a material adverse effect on the Company&rsquo;s qualification as a REIT.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(o)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><I>Investment
Company Act</I>. The Company will not be or become, at any time prior to the expiration of six months after the date hereof, an &ldquo;investment
company,&rdquo; as such term is defined in the Investment Company Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(p)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><I>Downgrade
of Securities.</I> The Company shall provide prompt written notice to the Representatives if a downgrading shall have occurred in the
rating accorded any securities or preferred stock of or guaranteed by the Company or any of the Company&rsquo;s subsidiaries (excluding
subsidiaries that are non-recourse securitization issuers) by any &ldquo;nationally recognized statistical rating organization,&rdquo;
as such term is defined under Section&#8239;3(a)(62) of the Exchange Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(q)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><I>DTC</I>.
The Company will assist the Underwriters in arranging for the Securities to be eligible for clearance and settlement through DTC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(r)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><I>Pricing
Term Sheet. </I>The Company will prepare a pricing term sheet (the &ldquo;Pricing Term Sheet&rdquo;), containing solely a description
of final terms of the Underwritten Securities and the offering thereof, in a form approved by the Representatives and substantially identical
to that attached as <U>Annex C</U> hereto and to file such term sheet with the Commission pursuant to Rule&#8239;433(d)&#8239;within the
time required by such Rule; <U>provided </U>that the Company shall furnish the Representatives with copies of any such Pricing Term Sheet
a reasonable amount of time prior to such proposed filing and will not use or file any such document to which the Representatives or counsel
to the Underwriters shall reasonably object.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">5.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Certain
Agreements of the Underwriters</U>.<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Each Underwriter hereby represents
and agrees that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>It
has not and will not use, authorize use of, refer to, or participate in the planning for use of, any &ldquo;free writing prospectus&rdquo;,
as defined in Rule&#8239;405 under the Securities Act (which term includes use of any written information furnished to the Commission by
the Company and not incorporated by reference into the Registration Statement and any press release issued by the Company) other than
(i)&#8239;a free writing prospectus that contains no &ldquo;issuer information&rdquo; (as defined in Rule&#8239;433(h)(2)&#8239;under the
Securities Act) that was not included (including through incorporation by reference) in the Preliminary Prospectus or a previously filed
Issuer Free Writing Prospectus, (ii)&#8239;any Issuer Free Writing Prospectus listed on Annex B or prepared pursuant to Section&#8239;3(c)&#8239;or
Section&#8239;4(c)&#8239;above (including any electronic road show), or (iii)&#8239;any free writing prospectus prepared by such underwriter
and approved by the Company in advance in writing (each such free writing prospectus referred to in clauses (i)&#8239;or (iii), an &ldquo;Underwriter
Free Writing Prospectus&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>It
has not and will not, without the prior written consent of the Company, use any free writing prospectus that contains the final terms
of the Securities unless such terms have previously been included in a free writing prospectus filed with the Commission; provided that
any Underwriter using a term sheet shall notify the Company, and provide a copy of such term sheet to the Company, prior to, or substantially
concurrently with, the first use of such term sheet.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>It
is not subject to any pending proceeding under Section&#8239;8A of the Securities Act with respect to the offering (and will promptly notify
the Company if any such proceeding against it is initiated during the Prospectus Delivery Period).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">6.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Conditions
of Underwriters&rsquo; Obligations</U>. The obligation of each Underwriter to purchase the Notes on the Closing Date or the Option Notes
on any Additional Closing Date, as the case may be, as provided herein is subject to the performance by the Company of its covenants and
other obligations hereunder and to the following additional conditions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><I>Registration
Compliance; No Stop Order. </I>No order suspending the effectiveness of the Registration Statement shall be in effect, and no proceeding
for such purpose, pursuant to Rule&#8239;401(g)(2)&#8239;or pursuant to Section&#8239;8A under the Securities Act shall be pending before
or threatened by the Commission; the Prospectus and each Issuer Free Writing Prospectus shall have been timely filed with the Commission
under the Securities Act (in the case of an Issuer Free Writing Prospectus, to the extent required by Rule&#8239;433 under the Securities
Act) and in accordance with Section&#8239;4(a)&#8239;hereof; and all requests by the Commission for additional information shall have been
complied with to the reasonable satisfaction of the Representatives.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)<I>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</I></FONT><I>Representations
and Warranties.</I> The representations and warranties of the Company contained herein shall be true and correct on the date hereof and
on and as of the Closing Date or any Additional Closing Date, as the case may be; and the statements of the Company and its officers made
in any certificates delivered pursuant to this Agreement shall be true and correct on and as of the Closing Date or any Additional Closing
Date, as the case may be.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><I>No
Downgrade.</I> Subsequent to the earlier of (A)&#8239;the Time of Sale and (B)&#8239;the execution and delivery of this Agreement, (i)&#8239;no
downgrading shall have occurred in the rating accorded any securities or preferred stock of or guaranteed by the Company or any of its
subsidiaries (excluding subsidiaries that are non-recourse securitization issuers) by any &ldquo;nationally recognized statistical rating
organization,&rdquo; as such term is defined under Section&#8239;3(a)(62) of the Exchange Act and (ii)&#8239;no such organization shall
have publicly announced that it has under surveillance or review, or has changed its outlook with respect to, its rating of any securities
or preferred stock of or guaranteed by the Company or any of its subsidiaries (excluding subsidiaries that are non-recourse securitization
issuers) (other than an announcement with positive implications of a possible upgrading).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><I>No
Material Adverse Change.</I> No event or condition of a type described in Section&#8239;3(g)&#8239;hereof shall have occurred or shall exist,
which event or condition is not described in the Time of Sale Information (excluding any amendment or supplement thereto) and the Prospectus
(excluding any amendment or supplement thereto) and the effect of which in the judgment of the Representatives makes it impracticable
or inadvisable to proceed with the offering, sale or delivery of the Securities on the Closing Date or any Additional Closing Date, as
the case may be, on the terms and in the manner contemplated by this Agreement, the Registration Statement, Time of Sale Information and
the Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(e)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><I>Officers&rsquo;
Certificates.</I> The Representatives shall have received:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(i)&#8239;on and as of the
Closing Date or any Additional Closing Date, as the case may be, a certificate of the chief financial officer or chief accounting officer
of the Company and one additional senior executive officer of the Company who is satisfactory to the Representatives (I)&#8239;confirming
that such officers have carefully reviewed the Registration Statement, Time of Sale Information and the Prospectus and, to the best knowledge
of such officers, the representations set forth in Sections 3(b)&#8239;and 3(d)&#8239;hereof are true and correct, (II)&#8239;confirming
that the other representations and warranties of the Company in this Agreement are true and correct and that the Company has complied
with all agreements and satisfied all conditions on its part to be performed or satisfied hereunder at or prior to such Closing Date or
any Additional Closing Date, as the case may be, and (III)&#8239;to the effect set forth in paragraphs (b)&#8239;and (c)&#8239;above;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(ii)&#8239;on and as of the
date hereof and on and as of the Closing Date or any Additional Closing Date, as the case may be, a certificate of the chief financial
officer of the Company with respect to certain financial data contained in the Registration Statement, Time of Sale Information and Prospectus
providing &ldquo;management comfort&rdquo; with respect to such information, in form and substance reasonably satisfactory to the Representatives.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(f)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><I>Comfort
Letters.</I> On the date of this Agreement and on the Closing Date or any Additional Closing Date, as the case may be, Grant Thornton
LLP shall have furnished to the Representatives, at the request of the Company, letters, dated the respective dates of delivery thereof
and addressed to the Underwriters, in form and substance reasonably satisfactory to the Representatives, containing statements and information
of the type customarily included in accountants&rsquo; &ldquo;comfort letters&rdquo; to underwriters with respect to the financial statements
and certain financial information contained or incorporated by reference in the Registration Statement, Time of Sale Information and the
Prospectus; <U>provided</U> that the letter delivered on the Closing Date or any Additional Closing Date, as the case may be, shall use
a &ldquo;cut-off&rdquo; date no more than three business days prior to such Closing Date or such Additional Closing Date, as the case
may be.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(g)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><I>Opinions
and Negative Assurance Letter for the Company.</I> (i)&#8239;Latham&#8239;&amp; Watkins LLP, special counsel for the Company, shall have
furnished to the Representatives, at the request of the Company, their written opinion and negative assurance letter, dated the Closing
Date or any Additional Closing Date, as the case may be, and addressed to the Underwriters, in form and substance reasonably satisfactory
to the Representatives, to the effect set forth in Annex A-1 hereto; (ii)&#8239;Venable LLP, Maryland counsel for the Company, shall have
furnished to the Representatives, at the request of the Company, their written opinion, dated the Closing Date or any Additional Closing
Date, as the case may be, and addressed to the Underwriters, in form and substance reasonably satisfactory to the Representatives, to
the effect set forth in Annex A-2 hereto; (iii)&#8239;Latham&#8239;&amp; Watkins LLP, tax counsel for the Company, shall have furnished
to the Representatives, at the request of the Company, their written opinion, dated the Closing Date or any Additional Closing Date, as
the case may be, and addressed to the Underwriters, in form and substance reasonably satisfactory to the Representatives, to the effect
set forth in Annex A-3 hereto; and (iv)&#8239;Weintraub Tobin Chediak Coleman Grodin Law Corporation, special counsel for the Company,
shall have furnished to the Representatives, at the request of the Company, their written opinion, dated the Closing Date or any Additional
Closing Date, as the case may be, and addressed to the Underwriters, in the form and substance reasonably satisfactory to the Representatives,
to the effect set forth in Annex A-4 hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(h)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><I>Opinion
and 10b-5 Statement of Counsel for the Underwriters.</I> The Representatives shall have received on and as of the Closing Date or any
Additional Closing Date, as the case may be, an opinion and 10b-5 statement of Clifford Chance US LLP, counsel for the Underwriters, with
respect to such matters as the Representatives may reasonably request, and such counsel shall have received such documents and information
as they may reasonably request to enable them to pass upon such matters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(i)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><I>No
Legal Impediment to Issuance.</I> No action shall have been taken and no statute, rule, regulation or order shall have been enacted, adopted
or issued by any federal, state or foreign governmental or regulatory authority that would, as of the Closing Date or any Additional Closing
Date, as the case may be, prevent the issuance or sale of the Securities; and no injunction or order of any federal, state or foreign
court shall have been issued that would, as of the Closing Date or any Additional Closing Date, as the case may be, prevent the issuance
or sale of the Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(j)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><I>Good
Standing</I>. The Representatives shall have received on and as of the Closing Date or any Additional Closing Date, as the case may be,
satisfactory evidence of the good standing of the Company and its Significant Subsidiaries in their respective jurisdictions of organization
and their good standing as foreign entities in such other jurisdictions as the Representatives may reasonably request, in each case in
writing or any standard form of telecommunication from the appropriate governmental authorities of such jurisdictions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(k)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><I>Exchange
Listing.</I> An application for the listing of the Securities shall have been submitted to the NYSE.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(l)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><I>Additional
Documents.</I> On or prior to the Closing Date or any Additional Closing Date, as the case may be, the Company shall have furnished to
the Representatives such further certificates and documents as the Representatives may reasonably request.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">All opinions, letters, certificates
and evidence mentioned above or elsewhere in this Agreement shall be deemed to be in compliance with the provisions hereof only if they
are in form and substance reasonably satisfactory to counsel for the Underwriters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">7.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Indemnification
and Contribution</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><I>Indemnification
of the Underwriters.</I> The Company agrees to indemnify and hold harmless each Underwriter, its affiliates, directors and officers and
each person, if any, who controls such Underwriter within the meaning of Section&#8239;15 of the Securities Act or Section&#8239;20 of the
Exchange Act, from and against any and all losses, claims, damages and liabilities (including, without limitation, legal fees and other
expenses incurred in connection with any suit, action or proceeding or any claim asserted, as such fees and expenses are incurred), joint
or several, that arise out of, or are based upon, (i)&#8239;any untrue statement or alleged untrue statement of a material fact contained
in the Registration Statement or caused by any omission or alleged omission to state therein a material fact required to be stated therein
or necessary in order to make the statements therein not misleading, or (ii)&#8239;any untrue statement or alleged untrue statement of
a material fact contained in the Prospectus (or any amendment or supplement thereto), any Issuer Free Writing Prospectus, any &ldquo;issuer
information&rdquo; filed or required to be filed pursuant to Rule&#8239;433(d)&#8239;under the Securities Act, any &ldquo;road show&rdquo;
as defined in Rule&#8239;433(h)&#8239;under the Securities Act, or any Time of Sale Information (including any Time of Sale Information
that has subsequently been amended), or caused by any omission or alleged omission to state therein a material fact necessary in order
to make the statements therein, in light of the circumstances under which they were made, not misleading, in each case except insofar
as such losses, claims, damages or liabilities arise out of, or are based upon, any untrue statement or omission or alleged untrue statement
or omission made in reliance upon and in conformity with any information relating to any Underwriter furnished to the Company in writing
by such Underwriter through the Representatives expressly for use therein, it being understood and agreed that the only such information
furnished by any Underwriter consists of the information described as such in subsection (b)&#8239;below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><I>Indemnification
of the Company.</I> Each Underwriter agrees, severally and not jointly, to indemnify and hold harmless the Company, its directors, its
officers who signed the Registration Statement and each person, if any, who controls the Company within the meaning of Section&#8239;15
of the Securities Act or Section&#8239;20 of the Exchange Act to the same extent as the indemnity set forth in paragraph (a)&#8239;above,
but only with respect to any losses, claims, damages or liabilities that arise out of, or are based upon, any untrue statement or omission
or alleged untrue statement or omission made in reliance upon and in conformity with any information relating to such Underwriter furnished
to the Company in writing by such Underwriter through the Representatives expressly for use in the Registration Statement, the Prospectus
(or any amendment or supplement thereto), any Issuer Free Writing Prospectus, any road show or any Time of Sale Information, it being
understood and agreed upon that the only such information furnished by any Underwriter consists of the following information in the Prospectus
furnished on behalf of each Underwriter: the information contained in the fourth paragraph under the caption &ldquo;Underwriting&rdquo;;
the tenth and eleventh paragraphs relating to stabilizing transactions, syndicate covering transactions, and Regulation M under the caption
 &ldquo;Underwriting&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><I>Notice
and Procedures.</I> If any suit, action, proceeding (including any governmental or regulatory investigation), claim or demand shall be
brought or asserted against any person in respect of which indemnification may be sought pursuant to either paragraph (a)&#8239;or (b)&#8239;above,
such person (the &ldquo;Indemnified Person&rdquo;) shall promptly notify the person against whom such indemnification may be sought (the
 &ldquo;Indemnifying Person&rdquo;) in writing; <U>provided</U> that the failure to notify the Indemnifying Person shall not relieve it
from any liability that it may have under paragraph (a)&#8239;or (b)&#8239;above except to the extent that it has been materially prejudiced
(through the forfeiture of substantive rights or defenses) by such failure; and <U>provided</U>, <U>further</U>, that the failure to notify
the Indemnifying Person shall not relieve it from any liability that it may have to an Indemnified Person other than under paragraph (a)&#8239;or
(b)&#8239;above. If any such proceeding shall be brought or asserted against an Indemnified Person and it shall have notified the Indemnifying
Person thereof, the Indemnifying Person shall retain counsel reasonably satisfactory to the Indemnified Person (who shall not, without
the consent of the Indemnified Person, be counsel to the Indemnifying Person) to represent the Indemnified Person in such proceeding and
shall pay the fees and expenses of such counsel related to such proceeding, as incurred. In any such proceeding, any Indemnified Person
shall have the right to retain its own counsel, but the fees and expenses of such counsel shall be at the expense of such Indemnified
Person unless (i)&#8239;the Indemnifying Person and the Indemnified Person shall have mutually agreed to the contrary; (ii)&#8239;the Indemnifying
Person has failed within a reasonable time to retain counsel reasonably satisfactory to the Indemnified Person; (iii)&#8239;the Indemnified
Person shall have reasonably concluded that there may be legal defenses available to it that are different from or in addition to those
available to the Indemnifying Person; or (iv)&#8239;the named parties in any such proceeding (including any impleaded parties) include
both the Indemnifying Person and the Indemnified Person and representation of both parties by the same counsel would be inappropriate
due to actual or potential differing interest between them. It is understood and agreed that the Indemnifying Person shall not, in connection
with any proceeding or related proceeding in the same jurisdiction, be liable for the fees and expenses of more than one separate firm
(in addition to any local counsel) for all Indemnified Persons, and that all such fees and expenses shall be paid or reimbursed as they
are incurred. Any such separate firm for any Underwriter, its affiliates, directors and officers and any control persons of such Underwriter
shall be designated in writing by the Representatives and any such separate firm for the Company, its directors and officers who signed
the Registration Statement and any control persons of the Company shall be designated in writing by the Company. The Indemnifying Person
shall not be liable for any settlement of any proceeding effected without its written consent, but if settled with such consent or if
there be a final judgment for the plaintiff, the Indemnifying Person agrees to indemnify each Indemnified Person from and against any
loss or liability by reason of such settlement or judgment. Notwithstanding the foregoing sentence, if at any time an Indemnified Person
shall have requested that an Indemnifying Person reimburse the Indemnified Person for fees and expenses of counsel as contemplated by
this paragraph, the Indemnifying Person shall be liable for any settlement of any proceeding effected without its written consent if (i)&#8239;such
settlement is entered into more than 30 days after receipt by the Indemnifying Person of such request and (ii)&#8239;the Indemnifying Person
shall not have reimbursed the Indemnified Person in accordance with such request prior to the date of such settlement. No Indemnifying
Person shall, without the written consent of the Indemnified Person, effect any settlement of any pending or threatened proceeding in
respect of which any Indemnified Person is or could have been a party and indemnification could have been sought hereunder by such Indemnified
Person, unless such settlement (x)&#8239;includes an unconditional release of such Indemnified Person, in form and substance reasonably
satisfactory to such Indemnified Person, from all liability on claims that are the subject matter of such proceeding and (y)&#8239;does
not include any statement as to or any admission of fault, culpability or a failure to act by or on behalf of any Indemnified Person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><I>Contribution.</I>
If the indemnification provided for in paragraphs (a)&#8239;and (b)&#8239;above is unavailable to an Indemnified Person or insufficient
in respect of any losses, claims, damages or liabilities referred to therein, then each Indemnifying Person under such paragraph, in lieu
of indemnifying such Indemnified Person thereunder, shall contribute to the amount paid or payable by such Indemnified Person as a result
of such losses, claims, damages or liabilities (i)&#8239;in such proportion as is appropriate to reflect the relative benefits received
by the Company, on the one hand, and the Underwriters, on the other, from the offering of the Securities or (ii)&#8239;if the allocation
provided by clause (i)&#8239;is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative
benefits referred to in clause (i)&#8239;but also the relative fault of the Company, on the one hand, and the Underwriters, on the other,
in connection with the statements or omissions that resulted in such losses, claims, damages or liabilities, as well as any other relevant
equitable considerations. The relative benefits received by the Company, on the one hand, and the Underwriters, on the other, shall be
deemed to be in the same respective proportions as the net proceeds (before deducting expenses) received by the Company from the sale
of the Securities and the total underwriting discounts and commissions received by the Underwriters in connection therewith, in each case
as set forth in the table on the cover of the Prospectus, bear to the aggregate offering price of the Securities. The relative fault of
the Company, on the one hand, and the Underwriters, on the other, shall be determined by reference to, among other things, whether the
untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information
supplied by the Company or by the Underwriters and the parties&rsquo; relative intent, knowledge, access to information and opportunity
to correct or prevent such statement or omission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(e)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><I>Limitation
on Liability.</I> The Company and the Underwriters agree that it would not be just and equitable if contribution pursuant to this Section&#8239;7
were determined by <U>pro</U>&nbsp;<U>rata</U> allocation (even if the Underwriters were treated as one entity for such purpose) or by
any other method of allocation that does not take account of the equitable considerations referred to in paragraph (d)&#8239;above. The
amount paid or payable by an Indemnified Person as a result of the losses, claims, damages and liabilities referred to in paragraph (d)&#8239;above
shall be deemed to include, subject to the limitations set forth above, any legal or other expenses incurred by such Indemnified Person
in connection with any such action or claim. Notwithstanding the provisions of this Section&#8239;7, in no event shall an Underwriter
be required to contribute any amount in excess of the amount by which the total underwriting discounts and commissions received by such
Underwriter with respect to the offering of the Securities exceeds the amount of any damages that such Underwriter has otherwise been
required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission. No person guilty of fraudulent
misrepresentation (within the meaning of Section&#8239;11(f)&#8239;of the Securities Act) shall be entitled to contribution from any
person who was not guilty of such fraudulent misrepresentation. The Underwriters&rsquo; obligations to contribute pursuant to this Section&#8239;7
are several in proportion to their respective purchase obligations hereunder and not joint.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(f)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><I>Non-Exclusive
Remedies.</I> The remedies provided for in this Section&#8239;7 are not exclusive and shall not limit any rights or remedies which may
otherwise be available to any Indemnified Person at law or in equity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">8.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Effectiveness
of Agreement</U>. This Agreement shall become effective upon the execution and delivery hereof by the parties hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">9.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Termination</U>.
This Agreement may be terminated in the absolute discretion of the Representatives, by notice to the Company, if after the execution and
delivery of this Agreement and prior to the Closing Date or, in the case of the Option Notes, prior to any Additional Closing Date, (i)&#8239;trading
generally shall have been suspended or materially limited on or by any of the NYSE, the NYSE American (f/k/a the NYSE MKT and the American
Stock Exchange), the Nasdaq Global Market, the Chicago Board Options Exchange, the Chicago Mercantile Exchange or the Chicago Board of
Trade; (ii)&#8239;trading of any securities issued or guaranteed by the Company shall have been suspended on any exchange or in any over-the-counter
market; (iii)&#8239;a general moratorium on commercial banking activities shall have been declared by federal or New York State authorities;
or (iv)&#8239;there shall have occurred any outbreak or escalation of hostilities or any change in financial markets or any calamity or
crisis, either within or outside the United States, that, in the judgment of the Representatives, is material and adverse and makes it
impracticable or inadvisable to proceed with the offering, sale or delivery of the Securities on the Closing Date or any Additional Closing
Date, as the case may be, on the terms and in the manner contemplated by this Agreement, the Time of Sale Information and the Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">10.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Defaulting
Underwriter</U>. (a)&#8239; If, on the Closing Date or any Additional Closing Date, as the case may be, any Underwriter defaults on its
obligation to purchase the Securities that it has agreed to purchase hereunder on such date, the non-defaulting Underwriters may in their
discretion arrange for the purchase of such Securities by other persons satisfactory to the Company on the terms contained in this Agreement.
If, within 36 hours after any such default by any Underwriter, the non-defaulting Underwriters do not arrange for the purchase of such
Securities, then the Company shall be entitled to a further period of 36 hours within which to procure other persons satisfactory to the
non-defaulting Underwriters to purchase such Securities on such terms. If other persons become obligated or agree to purchase the Securities
of a defaulting Underwriter, either the non-defaulting Underwriters or the Company may postpone the Closing Date or any Additional Closing
Date, as the case may be, for up to five full business days in order to effect any changes that in the opinion of counsel for the Company
or counsel for the Underwriters may be necessary in the Registration Statement and the Prospectus or in any other document or arrangement,
and the Company agrees to promptly prepare any amendment or supplement to the Registration Statement and the Prospectus that effects any
such changes. As used in this Agreement, the term &ldquo;Underwriter&rdquo; includes, for all purposes of this Agreement unless the context
otherwise requires, any person not listed in Schedule 1 hereto that, pursuant to this Section&#8239;10, purchases Securities that a defaulting
Underwriter agreed but failed to purchase.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>If,
after giving effect to any arrangements for the purchase of the Securities of a defaulting Underwriter or Underwriters by the non-defaulting
Underwriters and the Company as provided in paragraph (a)&#8239;above, the aggregate principal amount of Securities that remain unpurchased
on the Closing Date or any Additional Closing Date, as the case may be, does not exceed one-eleventh of the aggregate principal amount
of Securities to be purchased on such date, then the Company shall have the right to require each non-defaulting Underwriter to purchase
the principal amount of Securities that such Underwriter agreed to purchase hereunder on such date plus such Underwriter&rsquo;s pro rata
share (based on the principal amount of Securities that such Underwriter agreed to purchase on such date) of the Securities of such defaulting
Underwriter or Underwriters for which such arrangements have not been made.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>If,
after giving effect to any arrangements for the purchase of the Securities of a defaulting Underwriter or Underwriters by the non-defaulting
Underwriters, the Company as provided in paragraph (a)&#8239;above, the aggregate principal amount of Securities that remain unpurchased
on the Closing Date or any Additional Closing Date, as the case may be, exceeds one-eleventh of the aggregate principal amount of Securities
to be purchased on such date, or if the Company shall not exercise the right described in paragraph (b)&#8239;above, then this Agreement
or, with respect to any Additional Closing Date, the obligation of the Underwriters to purchase Securities on any Additional Closing Date,
as the case may be, shall terminate without liability on the part of the non-defaulting Underwriters. Any termination of this Agreement
pursuant to this Section&#8239;10 shall be without liability on the part of the Company, except that the Company will continue to be liable
for the payment of expenses as set forth in Section&#8239;11 hereof and except that the provisions of Section&#8239;7 hereof shall not terminate
and shall remain in effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Nothing
contained herein shall relieve a defaulting Underwriter of any liability it may have to the Company or any non-defaulting Underwriter
for damages caused by its default.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">11.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Payment
of Expenses</U>. (a)&#8239; Whether or not the transactions contemplated by this Agreement are consummated or this Agreement is terminated,
the Company shall pay or cause to be paid all costs and expenses incident to the performance of its obligations hereunder, including without
limitation, (i)&#8239;the costs incident to the authorization, issuance, sale, preparation and delivery of the Securities and any taxes
payable in that connection; (ii)&#8239;the costs incident to the preparation, printing and filing under the Securities Act of the Registration
Statement, the Preliminary Prospectus, any Issuer Free Writing Prospectus, any Time of Sale Information and the Prospectus (including
all exhibits, amendments and supplements thereto) and the distribution thereof; (iii)&#8239;the costs of reproducing and distributing the
Transaction Documents; (iv)&#8239;the fees and expenses of the Company&rsquo;s and the Company&rsquo;s counsel and independent accountants;
(v)&#8239;all expenses and application fees incurred in connection with any filing with, and clearance of the offering by, the Financial
Industry Regulatory Authority; (vi)&#8239;the fees and expenses of the Underwriters (including fees and disbursements of the counsel for
the Underwriters and marketing, syndication and travel expenses and any expenses related to an investor presentation and/or roadshow to
potential investors that are incurred by the Underwriters), provided that payment or reimbursement by the Company of such fees and expenses
shall not exceed $150,000; (vii)&#8239;the fees and expenses of the Trustee and any paying agent (including related fees and expenses of
any counsel to such parties); (viii)&#8239;all expenses and application fees incurred in connection with the approval of the Securities
for book-entry transfer by DTC; (ix)&#8239;any fees charged by rating agencies for rating the Securities; and (x)&#8239;all expenses and
application fees related to the listing of the Securities on the NYSE.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>If
(i)&#8239;this Agreement is terminated pursuant to Section&#8239;9(ii), (ii)&#8239;the Company for any reason fails to tender the Securities
for delivery to the Underwriters or (iii)&#8239;the Underwriters decline to purchase the Securities for any reason permitted under this
Agreement (other than as a result of a termination pursuant to Section&#8239;9(i), 9(iii)&#8239;or 9(iv)), the Company shall reimburse the
Underwriters for all documented out-of-pocket costs and expenses (including the fees and expenses of their counsel) reasonably incurred
by the Underwriters in connection with this Agreement and the offering contemplated hereby.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">12.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Persons
Entitled to Benefit of Agreement</U>. This Agreement shall inure to the benefit of and be binding upon the parties hereto and their respective
successors and affiliates, officers and directors, and any controlling persons referred to in Section&#8239;7 hereof. Nothing in this Agreement
is intended or shall be construed to give any other person any legal or equitable right, remedy or claim under or in respect of this Agreement
or any provision contained herein. No purchaser of Securities from any Underwriter shall be deemed to be a successor merely by reason
of such purchase.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">13.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Survival</U>.
The respective indemnities, rights of contribution, representations, warranties and agreements of the Company and the Underwriters contained
in this Agreement or made by or on behalf of the Company or the Underwriters pursuant to this Agreement or any certificate delivered pursuant
hereto shall survive the delivery of and payment for the Securities and shall remain in full force and effect, regardless of any termination
of this Agreement or any investigation made by or on behalf of the Company or the Underwriters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">14.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Certain
Defined Terms</U>. For purposes of this Agreement, (a)&#8239;except where otherwise expressly provided, the term &ldquo;affiliate&rdquo;
has the meaning set forth in Rule&#8239;405 under the Securities Act; (b)&#8239;the term &ldquo;business day&rdquo; means any day other
than a day on which banks are permitted or required to be closed in New York City; and (c)&#8239;the term &ldquo;subsidiary&rdquo; has
the meaning set forth in Rule&#8239;405 under the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">15.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Compliance
with USA Patriot Act</U>. In accordance with the requirements of the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law October&#8239;26,
2001)), the Underwriters are required to obtain, verify and record information that identifies their respective clients, including the
Company, which information may include the name and address of their respective clients, as well as other information that will allow
the Underwriters to properly identify their respective clients.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">16.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239; <U>Recognition of the
U.S. Special Resolution Regimes</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&#8239;As used in this Section&#8239;16,
the following terms have the following meanings:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Covered Entity</U>&rdquo;
means any of the following: (i)&#8239;a &ldquo;covered entity&rdquo; as that term is defined in, and interpreted in accordance with, 12
C.F.R. &sect; 252.82(b), (ii)&#8239;a &ldquo;covered bank&rdquo; as that term is defined in, and interpreted in accordance with, 12 C.F.R.
 &sect; 47.3(b)&#8239;or (iii)&#8239;a &ldquo;covered FSI&rdquo; as that term is defined in, and interpreted in accordance with, 12 C.F.R.
 &sect; 382.2(b).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>U.S. Special Resolution
Regime</U>&rdquo; means each of (i)&#8239;the Federal Deposit Insurance Act and the regulations promulgated thereunder and (ii)&#8239;Title
II of the Dodd-Frank Wall Street Reform and Consumer Protection Act and the regulations promulgated thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&#8239;In the event that
any Underwriter that is a Covered Entity becomes subject to a proceeding under a U.S. Special Resolution Regime, the transfer from such
Underwriter of this Agreement, and any interest and obligation in or under this Agreement, will be effective to the same extent as the
transfer would be effective under the U.S. Special Resolution Regime if this Agreement, and any such interest and obligation, were governed
by the laws of the United States or a state of the United States.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)&#8239;In the event that
any Underwriter that is a Covered Entity or a BHC Act Affiliate of such Underwriter becomes subject to a proceeding under a U.S. Special
Resolution Regime, Default Rights under this Agreement that may be exercised against such Underwriter are permitted to be exercised to
no greater extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if this Agreement were governed
by the laws of the United States or a state of the United States.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">17.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239; <U>Miscellaneous</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><I>Authority
of the Representatives.</I> Any action by the Underwriters hereunder may be taken by the Representatives on behalf of the Underwriters,
and any such action taken by the Representatives shall be binding upon the Underwriters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><I>Notices.</I>
All notices and other communications hereunder shall be in writing and shall be deemed to have been duly given if mailed or transmitted
and confirmed by any standard form of telecommunication. Notices to the Underwriters shall be given to the Representatives: Morgan Stanley&#8239;&amp;
Co. LLC, 1585 Broadway, New York, New York 10036, Attention: Investment Banking Division; Goldman Sachs&#8239;&amp; Co. LLC, 200 West Street,
New York, New York 10282, Attention: Registration Department, Email: registration-syndops@ny.email.gs.com; RBC Capital Markets, LLC, Brookfield
Place, 200 Vesey Street, 8th Floor, New York, New York 10281, Attention: DCM Transaction Management/Scott Primrose, Email: <FONT STYLE="text-decoration: underline">TMGUS@rbccm.com</FONT>;
UBS Securities LLC, Eleven Madison Avenue, New York, New York 10010, Attention: Fixed Income Syndicate, Telephone number: (203) 719-1088;
Wells Fargo Securities, LLC, 550 South Tryon Street, 5th Floor Charlotte, North Carolina 28202, Attention: Transaction Management, Email:
<FONT STYLE="text-decoration: underline">tmgcapitalmarkets@wellsfargo.com</FONT>; Keefe, Bruyette&#8239;&amp; Woods,&#8239;Inc., 787 7th Avenue, 4th
Floor, New York, New York 10019, Attention: Capital Markets; and Piper Sandler&#8239;&amp; Co., 1251 Avenue of the Americas, 6th Floor,
New York, New York 10020, Attention Debt Capital Markets Team, Email: <FONT STYLE="text-decoration: underline">FSG-dcm@psc.com</FONT>. Notices to
the Company shall be given to it at One Belvedere Place, Suite&#8239;300, Mill Valley, California 94941, (fax: 415-381-1773), Attention:
General Counsel, with a copy, which shall not constitute notice, to Latham&#8239;&amp; Watkins LLP at 355 South Grand Avenue, Suite&#8239;100,
Los Angeles, CA 90071, (fax: 714-755-8290), Attention: Julian Kleindorfer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><I>Governing
Law.</I> This Agreement and any claim, controversy or dispute arising under or related to this Agreement shall be governed by and construed
in accordance with the laws of the State of New York.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><I>WAIVER
OF JURY TRIAL</I>. EACH OF THE COMPANY (ON ITS BEHALF AND, TO THE EXTENT PERMITTED BY APPLICABLE LAW, ON BEHALF OF ITS STOCKHOLDERS AND
AFFILIATES) AND THE UNDERWRITERS HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL
BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(e)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><I>Counterparts.</I>
This Agreement may be signed in counterparts, each of which shall be an original and all of which together shall constitute one and the
same instrument. Counterparts may be delivered via facsimile, electronic mail (including any electronic signature complying with the U.S.
federal ESIGN Act of 2000, Uniform Electronic Transactions Act or other applicable law, e.g., www.Docusign.com) or other transmission
method and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(f)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><I>Amendments
or Waivers.</I> No amendment or waiver of any provision of this Agreement, nor any consent or approval to any departure therefrom, shall
in any event be effective unless the same shall be in writing and signed by the parties hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(g)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><I>Headings.</I>
The headings herein are included for convenience of reference only and are not intended to be part of, or to affect the meaning or interpretation
of, this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If the foregoing is in accordance with your understanding,
please indicate your acceptance of this Agreement by signing in the space provided below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

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    <TD><FONT STYLE="font-size: 10pt">&#8239;</FONT></TD>
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  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&#8239;</FONT></TD>
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&#8239;</FONT></TD></TR>
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    <TD><FONT STYLE="font-size: 10pt">&#8239;</FONT></TD>
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&#8239;</FONT></TD></TR>
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    <TD><FONT STYLE="font-size: 10pt">&#8239;</FONT></TD>
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    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">/s/ Brooke E. Carillo</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">&#8239;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 3%"><FONT STYLE="font-size: 10pt">&#8239;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 5%"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 42%"><FONT STYLE="font-size: 10pt">Brooke E. Carillo</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&#8239;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&#8239;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Chief Financial Officer</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

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

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Accepted as of the date first written above</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="text-transform: uppercase">MORGAN
STANLEY&#8239;&amp; CO. LLC</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="text-transform: uppercase">Goldman
Sachs&#8239;&amp; Co. LLC</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="text-transform: uppercase">RBC Capital
Markets, LLC</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="text-transform: uppercase">UBS SECURITIES
LLC</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="text-transform: uppercase">WELLS
FARGO SECURITIES, LLC</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="text-transform: uppercase">Keefe,
Bruyette&#8239;&amp; Woods,&#8239;Inc.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="text-transform: uppercase">PIPER
SANDLER&#8239;&amp; CO.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For themselves and on behalf of the</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="text-transform: uppercase">MORGAN
STANLEY&#8239;&amp; CO. LLC</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 5%"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 45%"><FONT STYLE="font-size: 10pt">/s/ Michael Borut</FONT></TD>
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">&#8239;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Michael Borut</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&#8239;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Executive Director</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&#8239;</FONT></TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="text-transform: uppercase">Goldman
Sachs&#8239;&amp; Co. LLC</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 5%"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 45%"><FONT STYLE="font-size: 10pt">/s/ Rishi Mathur</FONT></TD>
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">&#8239;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Rishi Mathur</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&#8239;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Managing Director</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&#8239;</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="text-transform: uppercase">RBC Capital
Markets, LLC</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 5%"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 45%"><FONT STYLE="font-size: 10pt">/s/ Saurabh Monga</FONT></TD>
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">&#8239;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Saurabh Monga</FONT></TD>
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  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Managing Director</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&#8239;</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="text-transform: uppercase">UBS Securities
LLC</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 5%"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 45%"><FONT STYLE="font-size: 10pt">/s/ Dominic Hills</FONT></TD>
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  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Associate Director</FONT></TD>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 5%"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 45%"><FONT STYLE="font-size: 10pt">/s/ Aaditya Niranjan</FONT></TD>
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  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Aaditya Niranjan</FONT></TD>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&#8239;</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

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

<!-- Field: Page; Sequence: 34 -->
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
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    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase"><FONT STYLE="font-size: 10pt">WELLS FARGO
    SECURITIES, LLC</FONT></TD>
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  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&#8239;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&#8239;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 5%"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 45%"><FONT STYLE="font-size: 10pt">/s/ Charles Lowell</FONT></TD>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
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  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&#8239;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&#8239;</FONT></TD></TR>
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    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase"><FONT STYLE="font-size: 10pt">KEEFE,
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    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&#8239;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&#8239;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
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  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
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  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
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    <TD><FONT STYLE="font-size: 10pt">&#8239;</FONT></TD></TR>
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    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&#8239;</FONT></TD>
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    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&#8239;</FONT></TD>
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  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
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  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">James Furey</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&#8239;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Managing Director</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&#8239;</FONT></TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Schedule 1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; border-bottom: Black 1pt solid">Underwriters</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#8239;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid">Principal Amount of Notes</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&#8239;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 77%; font: 10pt Times New Roman, Times, Serif; text-align: justify">Morgan Stanley&#8239;&amp; Co. LLC</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&#8239;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 20%; font: 10pt Times New Roman, Times, Serif; text-align: right">16,500,000</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&#8239;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">Goldman Sachs&#8239;&amp; Co. LLC</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#8239;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">16,500,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#8239;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">RBC Capital Markets, LLC</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#8239;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">16,500,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#8239;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">UBS Securities LLC</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#8239;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">16,500,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#8239;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">Wells Fargo Securities, LLC</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#8239;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">16,500,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#8239;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">Keefe, Bruyette&#8239;&amp; Woods,&#8239;Inc.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#8239;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">7,750,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#8239;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">Piper Sandler&#8239;&amp; Co.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#8239;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">7,750,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#8239;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">Citizens JMP Securities, LLC</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#8239;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1,000,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#8239;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-bottom: 1pt">Seaport Global Securities LLC</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#8239;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">1,000,000</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#8239;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">Total</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#8239;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">100,000,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#8239;</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Subsidiaries</B></FONT></TD>
    <TD STYLE="width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>State of Incorporation or Organization</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Redwood Residential Acquisition Corporation</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Redwood Subsidiary Holdings, LLC</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">RWT Holdings,&#8239;Inc.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Redwood BPL Holdings 2,&#8239;Inc.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Residential Funding,&#8239;Inc.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CoreVest American Finance Lender LLC</P></TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Delaware</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Delaware</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Delaware</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Delaware</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Delaware</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Delaware</P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

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

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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">Schedule 2</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Merrill Lynch Mortgage Investors Trust Series&#8239;MLCC 2003-C</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Merrill Lynch Mortgage Investors Trust Series&#8239;MLCC 2003-D</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Merrill Lynch Mortgage Investors Trust Series&#8239;MLCC 2003-E</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Merrill Lynch Mortgage Investors Trust Series&#8239;MLCC
2003-F</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Merrill Lynch Mortgage Investors Trust Series&#8239;MLCC 2003-H</P>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

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

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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">Schedule 3</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia
Mortgage Trust 2013-1</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2013-2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2013-3</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2013-4</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust
2013-5</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2013-6</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2013-7</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2013-8</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2013-9</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia
Mortgage Trust 2013-10</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2013-11</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2013-12</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2014-1</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust
2014-2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2014-3</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2014-4</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2015-1</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2015-2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia
Mortgage Trust 2015-3</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2015-4</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2016-1</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2016-2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust
2016-3</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2016-4</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2017-1</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2017-2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2017-3</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia
Mortgage Trust 2017-4</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2017-5</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2017-6</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2017-7</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust
2017-CH1</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2017-CH2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2018-1</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2018-2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2018-3</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia
Mortgage Trust 2018-4</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2018-5</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2018-6</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2018-7</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust
2018-8</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2018-CH1</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2018-CH2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2018-CH3</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2018-CH4</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2019-1</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2019-2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia
Mortgage Trust 2019-3</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

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

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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">Schedule 3</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2019-4</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2019-5</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2019-CH1</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust
2019-CH2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2019-CH3</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2020-1</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2020-2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2020-3</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia
Mortgage Trust 2020-4</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2020-MC1</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2020-5</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2021-1</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust
2021-2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2021-3</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2021-4</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2021-5</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2021-6</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia
Mortgage Trust 2021-7</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2021-8</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2021-9</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2022-1</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2023-1</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2023-2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia
Mortgage Trust 2023-3</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2023-4</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2023-5</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2024-1</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Sequoia Mortgage Trust 2024-2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Sequoia Mortgage Trust 2024-3</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Sequoia Mortgage Trust 2024-4</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Sequoia Mortgage Trust 2024-5</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Sequoia Mortgage Trust 2024-6</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Sequoia Mortgage Trust 2024-7</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Sequoia Mortgage Trust 2024-8</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Sequoia Mortgage Trust 2024-9</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Sequoia Mortgage Trust 2024-10</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Sequoia Mortgage Trust 2024-INV1</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Sequoia Mortgage Trust 2024-HYB1</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Sequoia Mortgage Trust 2025-1</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Sequoia Mortgage Trust 2025-2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Sequoia Mortgage Trust 2025-3</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Sequoia Mortgage Trust 2025-4</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Sequoia Mortgage Trust 2025-5</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Sequoia Mortgage Trust 2025-6</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Sequoia Mortgage Trust 2025-7</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Sequoia Mortgage Trust 2025-8</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Sequoia Mortgage Trust 2025-9</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Sequoia Mortgage Trust 2025-10</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Sequoia Mortgage Trust 2025-11</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Sequoia Mortgage Trust 2025-12</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#8239;</P>

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

<!-- Field: Page; Sequence: 40 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">Schedule 3</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Sequoia Mortgage Trust 2025-HYB1</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Sequoia Mortgage Trust 2025-S1</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Sequoia Mortgage Trust 2025-S2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Acacia CDO 5,&#8239;Ltd.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Acacia CDO 5,&#8239;Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Acacia CDO 6,&#8239;Ltd.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Acacia CDO 6,&#8239;Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Acacia CDO 7,&#8239;Ltd.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Acacia CDO 7,&#8239;Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Acacia CDO 8,&#8239;Ltd.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Acacia CDO 8,&#8239;Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Acacia CDO 9,&#8239;Ltd.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Acacia CDO 9,&#8239;Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Acacia CDO 10,&#8239;Ltd.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Acacia CDO 10,&#8239;Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Acacia CDO 11,&#8239;Ltd.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Acacia CDO 11,&#8239;Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Acacia CDO 12,&#8239;Ltd.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Acacia CDO 12,&#8239;Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Acacia Option ARM 1 CDO,&#8239;Ltd.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Acacia
Option ARM 1 CDO Corp. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Acacia CRE CDO 1,&#8239;Ltd.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Acacia CRE CDO 1,&#8239;Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">RWT Holdings REIT,&#8239;Inc.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">BDS RWT KS07 LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">BDS RWT KW02 LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">BD IV NES Purchaser, LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">BD IV TES Purchaser, LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">MSR Black Diamond Advances (Depositor) IV, LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">MSR Black Diamond Advances Issuer Trust IV</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Freddie Mac Seasoned Loan Structured Transaction Trust, Series&#8239;2018-2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Freddie Mac Seasoned Loan Structured Transaction Trust, Series&#8239;2019-2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Multifamily Mortgage Pass-Through Certificates, Series&#8239;2016-K53</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Multifamily Mortgage Pass-Through Certificates, Series&#8239;2016-K56</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Multifamily Mortgage Pass-Through Certificates, Series&#8239;2016-KS07</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Multifamily Mortgage Pass-Through Certificates, Series&#8239;2017-KW02</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Multifamily Mortgage Pass-Through Certificates, Series&#8239;2019-KC07</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Multifamily Mortgage Pass-Through Certificates, Series&#8239;2020-KI05</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Multifamily Mortgage Pass-Through Certificates, Series&#8239;2020-KI06</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Colony American Finance 2015-1 Ltd.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Colony American Finance 2016-1 Ltd.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Colony American Finance 2016-2
Ltd.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Colony American Finance 2015-1 LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Colony American Finance 2016-1 LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

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

<!-- Field: Page; Sequence: 41 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">Schedule 3</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Colony American Finance 2016-2 LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CoreVest American Finance
2017-1 Trust</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CoreVest American Finance 2017-2 Trust</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CoreVest American Finance 2018-1 Trust</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CoreVest American Finance 2018-2 Trust</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CoreVest
American Finance 2019-1 Trust</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CoreVest American Finance 2019-2 Trust</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CoreVest American Finance 2019-3 Trust</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CoreVest American Finance
2020-1 Trust</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CoreVest American Finance 2020-2 Trust</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CoreVest American Finance 2020-3 Trust</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CoreVest American Finance 2020-4 Trust</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CoreVest
American Finance 2020-5 Trust</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CoreVest American Finance 2021-1 Trust</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CoreVest American Finance 2021-2 Trust</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CoreVest American Finance 2021-3 Trust</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CAFL 2021-RTL1 Issuer, LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CoreVest American Finance 2022-1 Trust</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CAFL 2022-RTL1 Issuer, LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CoreVest American Finance 2022-P1 Trust</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CoreVest American Finance 2022-P2 Trust</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CoreVest American Finance 2023-P1 Trust</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CAFL 2023-RTL1 Issuer, LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CAFL 2023-RTL1 REO Issuer, LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CAFL 2024-RTL1 Issuer, LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CAFL 2024-RTL1 Issuer, LP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CAFL 2024-RTL1 Retention Holder, LP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CAFL 2021-RTL1 REO Issuer, LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CAFL 2022-RTL1 REO Issuer, LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CAFL 2025-RRTL1 Issuer, LP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CAFL 2025-RRTL2 Issuer, LP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CAFL 2024-RTL1 REO Issuer, LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Point Securitization Trust 2021-1</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Point Securitization Trust 2023-1</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Redwood HEI Financing Trust 1</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Redwood Maple Mortgage Fund, LP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Redwood Maple Term Asset Investor, LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Redwood Maple Bridge Finance Trust</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Redwood Maple Term Finance Trust</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Redwood Maple Bridge Borrower GS, LP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Redwood Maple Bridge Borrower WF, LP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Redwood Maple Term Borrower GS, LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Redwood Maple Term Borrower WF, LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Redwood Maple Term REO LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">3950 Franklin Ave REO LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Oaktree Sequoia Bridge Finance, LLC</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Oaktree Sequoia Bridge Borrower CH, LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Oaktree Sequoia Bridge Borrower GS, LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Redwood Funding Trust 2024-1</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

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

<!-- Field: Page; Sequence: 42 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">Schedule 3</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">RFT 2025-1</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">RFT 2025-2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">RFT 2025-3</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CAF Preferred Holdings Viking Mill, LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CAF Preferred Holdings Oak Forest Gap Note, LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CAF Preferred Holdings ALMA, LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CAF Preferred Holdings VEER, LLC</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">RWT Spruce Bridge Finance Trust</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">RWT Spruce Bridge II Finance, LLC</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

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

<!-- Field: Page; Sequence: 43 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">Schedule 3</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Merrill Lynch Mortgage Investors Trust Series&#8239;MLCC 2003-C</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Merrill Lynch Mortgage Investors Trust Series&#8239;MLCC 2003-D</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Merrill Lynch Mortgage Investors Trust Series&#8239;MLCC 2003-E</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Merrill Lynch Mortgage Investors Trust Series&#8239;MLCC
2003-F</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Merrill Lynch Mortgage Investors Trust Series&#8239;MLCC 2003-H</P>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

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

<!-- Field: Page; Sequence: 44 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">Schedule 4</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia
Mortgage Trust 2013-1</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2013-2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2013-3</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2013-4</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust
2013-5</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2013-6</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2013-7</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2013-8</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2013-9</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia
Mortgage Trust 2013-10</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2013-11</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2013-12</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2014-1</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust
2014-2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2014-3</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2014-4</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2015-1</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2015-2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia
Mortgage Trust 2015-3</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2015-4</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2016-1</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2016-2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust
2016-3</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2016-4</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2017-1</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2017-2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2017-3</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia
Mortgage Trust 2017-4</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2017-5</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2017-6</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2017-7</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust
2017-CH1</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2017-CH2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2018-1</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2018-2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2018-3</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia
Mortgage Trust 2018-4</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2018-5</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2018-6</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2018-7</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust
2018-8</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2018-CH1</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2018-CH2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2018-CH3</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

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

<!-- Field: Page; Sequence: 45 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">Schedule 4</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2018-CH4<BR>
Sequoia Mortgage Trust 2019-1</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2019-2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2019-3</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2019-4</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage
Trust 2019-5</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2019-CH1</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2019-CH2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2019-CH3</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2020-1</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2020-2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2020-3</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2020-4</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2020-MC1</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage
Trust 2020-5</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2021-1</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2021-2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2021-3</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2021-4</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia
Mortgage Trust 2021-5</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2021-6</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2021-7</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2021-8</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust
2021-9</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2022-1</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2023-1</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2023-2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia
Mortgage Trust 2023-3</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2023-4</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2023-5</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2024-1<BR>
Sequoia Mortgage Trust 2024-2<BR>
Sequoia Mortgage Trust 2024-3<BR>
Sequoia Mortgage Trust 2024-4<BR>
Sequoia Mortgage Trust 2024-5</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2024-6</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2024-7</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2024-8</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2024-9</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sequoia Mortgage Trust 2024-10</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Sequoia Mortgage Trust 2024-INV1</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Sequoia Mortgage Trust 2024-HYB1</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Sequoia Mortgage Trust 2025-1</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Sequoia Mortgage Trust 2025-2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Sequoia Mortgage Trust 2025-3</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Sequoia Mortgage Trust 2025-4</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Sequoia Mortgage Trust 2025-5</P>

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

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

<!-- Field: Page; Sequence: 46 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">Schedule 4</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Sequoia Mortgage Trust 2025-6</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Sequoia Mortgage Trust 2025-7</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Sequoia Mortgage Trust 2025-8</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Sequoia Mortgage Trust 2025-9</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Sequoia Mortgage Trust 2025-10</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Sequoia Mortgage Trust 2025-11</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Sequoia Mortgage Trust 2025-12</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Sequoia Mortgage Trust 2025-HYB1</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Sequoia Mortgage Trust 2025-S1</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Sequoia Mortgage Trust 2025-S2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Acacia CDO 5,&#8239;Ltd.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Acacia CDO 5,&#8239;Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Acacia CDO 6,&#8239;Ltd.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Acacia CDO 6,&#8239;Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Acacia CDO 7,&#8239;Ltd.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Acacia CDO 7,&#8239;Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Acacia CDO 8,&#8239;Ltd.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Acacia CDO 8,&#8239;Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Acacia CDO 9,&#8239;Ltd.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Acacia CDO 9,&#8239;Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Acacia CDO 10,&#8239;Ltd.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Acacia CDO 10,&#8239;Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Acacia CDO 11,&#8239;Ltd.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Acacia CDO 11,&#8239;Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Acacia CDO 12,&#8239;Ltd.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Acacia CDO 12,&#8239;Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Acacia Option ARM 1 CDO,&#8239;Ltd.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Acacia
Option ARM 1 CDO Corp.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Acacia CRE CDO 1,&#8239;Ltd.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Acacia CRE CDO 1,&#8239;Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">RWT Holdings REIT,&#8239;Inc.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">BDS RWT KS07 LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">BDS RWT KW02 LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">BD IV NES Purchaser, LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">BD IV TES Purchaser, LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">MSR Black Diamond Advances (Depositor) IV, LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">MSR Black Diamond Advances Issuer Trust IV</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Freddie Mac Seasoned Loan Structured Transaction Trust, Series&#8239;2018-2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Freddie Mac Seasoned Loan Structured Transaction Trust, Series&#8239;2019-2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Multifamily Mortgage Pass-Through Certificates, Series&#8239;2016-K53</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Multifamily Mortgage Pass-Through Certificates, Series&#8239;2016-K56</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

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

<!-- Field: Page; Sequence: 47 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">Schedule 4</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Multifamily Mortgage Pass-Through Certificates, Series&#8239;2016-KS07</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Multifamily Mortgage Pass-Through Certificates, Series&#8239;2017-KW02</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Multifamily Mortgage Pass-Through Certificates, Series&#8239;2019-KC07</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Multifamily Mortgage Pass-Through Certificates, Series&#8239;2020-KI05</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Multifamily Mortgage Pass-Through Certificates, Series&#8239;2020-KI06</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Colony American Finance 2015-1 Ltd.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Colony American Finance 2016-1 Ltd.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Colony American Finance 2016-2
Ltd.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Colony American Finance 2015-1 LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Colony American Finance 2016-1 LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Colony American Finance 2016-2 LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CoreVest American Finance
2017-1 Trust</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CoreVest American Finance 2017-2 Trust</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CoreVest American Finance 2018-1 Trust</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CoreVest American Finance 2018-2 Trust</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CoreVest
American Finance 2019-1 Trust</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CoreVest American Finance 2019-2 Trust</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CoreVest American Finance 2019-3 Trust</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CoreVest American Finance
2020-1 Trust</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CoreVest American Finance 2020-2 Trust</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CoreVest American Finance 2020-3 Trust</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CoreVest American Finance 2020-4 Trust</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CoreVest
American Finance 2020-5 Trust</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CoreVest American Finance 2021-1 Trust</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CoreVest American Finance 2021-2 Trust</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CoreVest American Finance 2021-3 Trust</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CAFL 2021-RTL1 Issuer, LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CoreVest American Finance 2022-1 Trust</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CAFL 2022-RTL1 Issuer, LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CoreVest American Finance 2022-P1 Trust</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CoreVest American Finance 2022-P2 Trust</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CoreVest American Finance 2023-P1 Trust</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CAFL 2023-RTL1 Issuer, LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CAFL 2023-RTL1 REO Issuer, LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CAFL 2024-RTL1 Issuer, LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CAFL 2024-RTL1 Issuer, LP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CAFL 2024-RTL1 Retention Holder, LP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CAFL 2021-RTL1 REO Issuer, LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CAFL 2022-RTL1 REO Issuer, LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CAFL 2025-RRTL1 Issuer, LP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CAFL 2025-RRTL2 Issuer, LP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CAFL 2024-RTL1 REO Issuer, LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Point Securitization Trust 2021-1</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Point Securitization Trust 2023-1</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Redwood HEI Financing Trust 1</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Redwood Maple Mortgage Fund, LP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Redwood Maple Term Asset Investor, LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Redwood Maple Bridge Finance Trust</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#8239;</P>

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

<!-- Field: Page; Sequence: 48 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">Schedule 4</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Redwood Maple Term Finance Trust</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Redwood Maple Bridge Borrower GS, LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Redwood Maple Bridge Borrower WF, LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Redwood Maple Term Borrower GS, LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Redwood Maple Term Borrower WF, LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Redwood Maple Term REO LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">3950 Franklin Ave REO LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Oaktree Sequoia Bridge Finance, LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Redwood Canopy Holdco, LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Oaktree Sequoia Bridge Borrower CH, LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Oaktree Sequoia Bridge Borrower GS, LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Redwood Funding Trust 2024-1</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">RFT 2025-1</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">RFT 2025-2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">RFT 2025-3</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CAF Preferred Holdings Viking Mill, LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CAF Preferred Holdings Oak Forest Gap Note, LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CAF Preferred Holdings ALMA, LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CAF Preferred Holdings VEER, LLC</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">RWT Spruce Bridge Finance Trust</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">RWT Spruce Bridge II Finance, LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">CAF REO Antigua, LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

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

<!-- Field: Page; Sequence: 49 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">Schedule 4</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Schedule 5</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>List of Subsidiary REITs, Qualified REIT
Subsidiaries, Partnerships and Disregarded Entities</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>(* = Dissolved or Sold)<BR>
(** = Inactive)</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-variant: small-caps"><B>Subsidiary REITs</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">RWT REIT,&#8239;Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-variant: small-caps"><B>Qualified REIT Subsidiaries</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Redwood FinSec,&#8239;Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">RWT Home,&#8239;Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">RWT Home CA,&#8239;Inc.*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">RWT Home Holdings,&#8239;Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">RWT Home Options,&#8239;Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Redwood BPL Holdings 2,&#8239;Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Juniper Trust,&#8239;Inc.*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Redwood Trust Japan,&#8239;Ltd.*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sycamore Trust,&#8239;Inc.*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Tanoak Commercial Capital Corporation*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-variant: small-caps"><B>Partnerships and Disregarded
Entities</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">BPL Funding 1, LLC*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">BPL Funding 2, LLC*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">5 Arches, LLC*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">5 Arch Asset Management, LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">5 AIF RW, LLC*</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Redwood Capital Trust II*</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">RCMC Brick Row, LLC*</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Redwood Commercial Financing (TRS), LLC*</P>

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

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

<!-- Field: Page; Sequence: 50 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">Schedule 5</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">RRAC Borrower CS, LLC*</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">RRAC SPV-FN Trust</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">RRAC SPV-FN2 Trust</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">RRAC SPV-FRE Trust</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">BD IV NES Purchaser, LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">BD IV TES Purchaser, LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">MSR Black Diamond Advances (Depositor) IV, LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">RWT JV Investor, LLC**</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">RWT CE Investor, LLC**</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CF CoreVest Holdings II LLC*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CF CoreVest UB Asset Investor II LLC*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CAF Sub REIT DRE, LLC*</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CoreVest American Finance BPH LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CAF Bridge Borrower AR, LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CAF Bridge Borrower AX, LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CAF Bridge REO Borrower AX, LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CAF Bridge Borrower CH, LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CAF Bridge Borrower FIG, LLC**</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CAF Bridge Borrower MS, LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CAF Bridge
Borrower MS 2, LLC*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CAF Bridge Borrower GS, LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CAF Bridge Borrower MGPM, LLC*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CAF Bridge Borrower WF, LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CAF Bridge Borrower WF CRE, LLC**</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CAF Bridge Borrower WF Static, LLC**</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CAF Bridge Borrower WF-N, LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CAF Bridge Borrower SB, LLC**</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CAF Bridge Holdings AR, LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CAF Bridge Lending LLC*</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CAFL 2021-RTL1 Issuer, LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CAFL 2022-RTL1 Issuer, LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CAFL 2023-RTL1 Issuer, LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CAFL 2024-RTL1 Issuer, LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CAFL 2024-RTL1 Issuer, LP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CAFL 2024-RTL1 Retention Holder, LP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CAFL 2021-RTL1 REO Issuer, LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CAFL 2022-RTL1 REO Issuer, LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CAFL 2025-RRTL1 Issuer, LP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CAFL 2025-RRTL2 Issuer, LP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CAFL 2024-RTL1 REO Issuer, LLC</P>

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

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

<!-- Field: Page; Sequence: 51 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">Schedule 5</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CAFL 2023-RTL1 REO Issuer, LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CF CoreVest MHL Investor LLC**</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CF CoreVest MHL HE Assets LLC**</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CF CoreVest MHL MTMY Assets LLC**</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CF CoreVest Holdings I LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CoreVest American Finance Lender LLC</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CF CoreVest UST Asset Investor I LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CAF Hedge MS, LLC*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CAF Hedge GS, LLC*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">CoreVest Purchaser 2, LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">CoreVest American Finance Depositor LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">CAF Borrower GS, LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">CAF Term Borrower AX, LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">CAF Term REO Borrower AX, LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">CAF Term Borrower CH, LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">CAF Term Borrower MS, LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">CAF Term Borrower WF, LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">CAF Term Borrower WF-N, LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">CAF Term Borrower SB, LLC*</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">CAF REO-2, LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Redwood Horizons Fund Manager, LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Redwood Horizons GP, LP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">RWT Horizons Fund I, LP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Redwood HEI Seller 1, LLC</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">RF Warehouse I, LLC**</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">RF Warehouse II, LLC**</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Riverbend Series&#8239;1, LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Riverbend Series&#8239;2, LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Riverbend Series&#8239;3, LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Riverbend Lending, LLC**</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Flip Funder, LLC*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">RWT Risk Services, LLC*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">RWT Financial Services, LLC*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">RCMC Senior Financing, LLC*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">RCMC Senior Financing,&#8239;II, LLC*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">RCMC MF-I, LLC*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">RCMC One West, LLC*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">RCMC/Malkin One West JV, LLC*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">RCMC 2012-1 CREL1, LLC*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Redwood Commercial Financing (REIT) LLC*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">BDS RWT KS07 LLC*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">BDS RWT KW02 LLC*</P>

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

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

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

<!-- Field: Page; Sequence: 52 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">Schedule 5</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Redwood Opportunity Fund LP*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Redwood Opportunity Master Fund LP*</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Redwood Value Fund LP*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Redwood Value Master Fund LP*</P>

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Sequoia
Mortgage Funding Trust 2004-A*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Sequoia HELOC Trust 2004-1*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Sequoia Mortgage Funding Company 2002-A*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Sequoia Mortgage Funding Company 2002-B*</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Aspire 3P, LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Oaktree Sequoia Bridge Borrower GS, LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Oaktree Sequoia Bridge Borrower CH, LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Oaktree Sequoia Bridge Finance, LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">RWT Bridge Venture Holdings, LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">4455 Alvin Dark Ave, LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">RWT Venture Holdings II, LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">6750 Franklin Road Holdings, LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

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

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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">Schedule 5</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Schedule 6</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>(* = Dissolved, Sold or Inactive)</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">RWT Holdings,&#8239;Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">RWT Holdings REIT,&#8239;Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Sequoia Residential Funding,&#8239;Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Redwood Asset Management,&#8239;Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Aspire HEI,&#8239;Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Redwood Residential Acquisition Corporation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">RRAC-NY Holdings,&#8239;Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Redwood Millennium Funding,&#8239;Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Redwood BPL Capital,&#8239;Inc.*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">5 Arch Funding Corp.*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">CF CoreVest UB Cayman Ltd.*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Juniper Holdings,&#8239;Inc.*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Redwood Commercial Funding,&#8239;Inc.*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Redwood Financial Services,&#8239;Inc.*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Redwood Mortgage Funding,&#8239;Inc.*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Redwood Offshore Opportunity Fund, LP*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Redwood Offshore Value Fund, LP*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Redwood Residential Funding,&#8239;Inc.*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Tanoak Asset Management,&#8239;Inc.*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Acacia CDO 1,&#8239;Ltd.*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Acacia CDO 2,&#8239;Ltd.*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Acacia CDO 3,&#8239;Ltd.*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Acacia CDO 4,&#8239;Ltd.*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Acacia CDO 5,&#8239;Ltd.*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Acacia CDO 6,&#8239;Ltd.*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Acacia CDO 7,&#8239;Ltd.*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Acacia CDO 8,&#8239;Ltd.*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Acacia CDO 9,&#8239;Ltd.*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Acacia CDO 10,&#8239;Ltd.*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Acacia CDO 11,&#8239;Ltd.*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Acacia CDO 12,&#8239;Ltd.*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Acacia CDO 13,&#8239;Ltd.*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Acacia Option ARM 1 CDO,&#8239;Ltd.*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Acacia CRE CDO 1,&#8239;Ltd.*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Acacia CRE CDO 2,&#8239;Ltd.*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Crest G-Star 2001-2A,&#8239;Ltd.*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">GSAA 2006-NIM8, LTD</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Markov CDO I, Ltd*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Millstone III CDO,&#8239;Ltd.*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Millstone IV CDO,&#8239;Ltd.*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">RESIX Finance Limited*</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Madrona Residential Funding LLC*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

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

<!-- Field: Page; Sequence: 54 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">Schedule 6</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;&#8239;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">Free writing prospectus containing the terms of the Securities, substantially in the form of Annex C.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

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

<!-- Field: Page; Sequence: 62 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">Annex B</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Redwood Trust,&#8239;Inc.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>$100,000,000 principal amount of</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>9.500% Senior Notes due 2030</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(the &ldquo;Offering&rdquo;)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>November&#8239;17</B></FONT><B>,
2025</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><I>The information
in this pricing term sheet relates only to the Offering and should be read together with the preliminary prospectus supplement dated November&#8239;</I></FONT>17<I>,
2025 (the &ldquo;Preliminary Prospectus Supplement&rdquo;) relating to the Offering, including the documents incorporated by reference
therein and the related base prospectus dated March&#8239;3, 2025, each filed pursuant to Rule&#8239;424(b)&#8239;under the Securities Act
of 1933, as amended. As used in this pricing term sheet, &ldquo;Issuer,&rdquo; &ldquo;we,&rdquo; &ldquo;our&rdquo; and &ldquo;us&rdquo;
refer to Redwood Trust,&#8239;Inc. and not to its subsidiaries.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; width: 30%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Issuer: </FONT></TD>
    <TD STYLE="text-align: left; width: 70%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Redwood Trust,&#8239;Inc., a Maryland corporation</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&#8239;</TD>
    <TD STYLE="text-align: left">&#8239;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title of the Securities:</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.500% Senior Notes due 2030 (the &ldquo;Notes&rdquo;)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&#8239;</TD>
    <TD STYLE="text-align: left">&#8239;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Type of Offering:</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SEC Registered</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&#8239;</TD>
    <TD STYLE="text-align: left">&#8239;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Principal Amount:</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$100,000,000 (4,000,000 units, each unit representing $25) (plus up to an additional $15,000,000 (600,000 units, each unit representing $25) if the underwriters exercise their option to purchase additional notes to cover over-allotments, if any)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&#8239;</TD>
    <TD STYLE="text-align: left">&#8239;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Type of Note:</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fixed rate note</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&#8239;</TD>
    <TD STYLE="text-align: left">&#8239;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Stated Maturity Date:</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">December&#8239;1, 2030, unless redeemed prior to maturity</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&#8239;</TD>
    <TD STYLE="text-align: left">&#8239;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interest Rate:</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.500%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&#8239;</TD>
    <TD STYLE="text-align: left">&#8239;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trade Date:</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">November&#8239;17, 2025</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&#8239;</TD>
    <TD STYLE="text-align: left">&#8239;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Settlement Date:</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">November&#8239;19, 2025 (T+2)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&#8239;</TD>
    <TD STYLE="text-align: left">&#8239;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&#8239;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under Rule&#8239;15c6-1 of the Securities Exchange Act of 1934, as amended, trades in the secondary market generally are required to settle in one business day, unless the parties to any such trade expressly agree otherwise. Accordingly, purchasers who wish to trade the Notes prior to their delivery will be required, by virtue of the fact that the Notes will initially settle T+2 to specify an alternate settlement arrangement at the time of any such trade to prevent a failed settlement. Purchasers of the Notes who wish to trade the Notes prior to their date of delivery should consult their own advisors.</FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0">&#8239;</P>

<P STYLE="margin: 0"></P>

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

<P STYLE="margin: 0">&#8239;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; width: 30%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interest Payment Dates:</FONT></TD>
    <TD STYLE="text-align: left; width: 70%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each March&#8239;1, June&#8239;1, September&#8239;1 and December&#8239;1, commencing on March&#8239;1, 2026. If an interest payment date falls on a non-business day, the applicable interest payment will be made on the next business day and no additional interest will accrue as a result of such delayed payment.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&#8239;</TD>
    <TD STYLE="text-align: left">&#8239;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interest Periods:</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The initial interest period will be the period from and including November&#8239;19, 2025, to, but excluding, the initial interest payment date, and the subsequent interest periods will be the periods from and including an interest payment date to, but excluding, the next interest payment date or the stated maturity date, as the case may be.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&#8239;</TD>
    <TD STYLE="text-align: left">&#8239;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Day Count Basis:</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">360-day year of twelve 30-day months</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&#8239;</TD>
    <TD STYLE="text-align: left">&#8239;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Issue Price:</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$25.00</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&#8239;</TD>
    <TD STYLE="text-align: left">&#8239;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Price to Issuer:</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$24.2125</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&#8239;</TD>
    <TD STYLE="text-align: left">&#8239;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Use of Proceeds:</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company expects that the net proceeds from this offering will be approximately $96.4 million (or approximately $110.9 million if the underwriters exercise their over-allotment option in full) after deducting the underwriting discount and commissions and our estimated expenses. The Company intends to use the net proceeds from the Offering for general corporate purposes, including funding its operating businesses and investment activities, such as its Sequoia, Aspire, and CoreVest mortgage banking platforms, acquiring related assets for its Redwood Investments portfolio, and pursuing strategic acquisitions and investments. See &ldquo;Use of Proceeds&rdquo; in the Preliminary Prospectus Supplement.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&#8239;</TD>
    <TD STYLE="text-align: left">&#8239;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Denominations: </FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$25.00 and integral multiples of $25.00 in excess thereof or in units (each unit representing $25)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&#8239;</TD>
    <TD STYLE="text-align: left">&#8239;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Optional Redemption:</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Notes may be redeemed at the Company's option, in whole or in part, at any time and from time to time, on or after December&#8239;1, 2027 at a redemption price equal to 100% of the principal amount of the Notes to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date. No &ldquo;sinking fund&rdquo; is provided for the Notes, which means that the Company is not required to redeem or retire the Notes periodically.</FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0">&#8239;</P>

<P STYLE="margin: 0"></P>

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

<P STYLE="margin: 0">&#8239;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; width: 30%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Change of Control Offer to Repurchase:</FONT></TD>
    <TD STYLE="text-align: left; width: 70%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If a &ldquo;Change
of Control Repurchase Event&rdquo; (as defined in the Preliminary Prospectus Supplement) occurs, the Company must offer to repurchase
the Notes at a purchase price equal to 101% of the principal amount plus accrued and unpaid interest to, but excluding, the repurchase
date.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&#8239;</TD>
    <TD STYLE="text-align: left">&#8239;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CUSIP / ISIN:</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CUSIP: 758075 857 <BR>
ISIN: US7580758578</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&#8239;</TD>
    <TD STYLE="text-align: left">&#8239;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Listing: </FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company intends to apply to list the Notes on the New York Stock Exchange under the trading symbol &ldquo;RWTQ&rdquo; and expects trading of the Notes to commence within 30 days after November&#8239;19, 2025, the original issue date.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&#8239;</TD>
    <TD STYLE="text-align: left">&#8239;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Joint Book-Running Managers:</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Morgan Stanley&#8239;&amp; Co. LLC, Goldman Sachs&#8239;&amp; Co. LLC, RBC Capital Markets, LLC, UBS Securities LLC, Wells Fargo Securities, LLC, Keefe, Bruyette&#8239;&amp; Woods,&#8239;Inc. and Piper Sandler&#8239;&amp; Co.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&#8239;</TD>
    <TD STYLE="text-align: left">&#8239;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Co-Managers: </FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Citizens JMP Securities, LLC and Seaport Global Securities LLC</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&#8239;</TD>
    <TD STYLE="text-align: left">&#8239;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trustee:</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Wilmington Trust, National
Association</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>This communication is intended for the sole
use of the person to whom it is provided by the Issuer. The Issuer has filed a registration statement (including a base prospectus dated
March&#8239;3, 2025) and a preliminary prospectus supplement dated November&#8239;17, 2025 with the Securities and Exchange Commission (&ldquo;SEC&rdquo;)
for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement
and other documents the Issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these
documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating
in the offering will arrange to send you the prospectus and related preliminary prospectus supplement if you request them from Morgan
Stanley&#8239;&amp; Co. LLC toll-free at 1-866-718-1649, Goldman Sachs&#8239;&amp; Co. LLC toll-free at (866) 471-2526, RBC Capital Markets,
LLC toll-free at 1-866-375-6829, UBS Securities LLC toll-free at 1-833-481-0269, Wells Fargo Securities, LLC toll-free at 1-800-645-3751,
Keefe, Bruyette&#8239;&amp; Woods,&#8239;Inc. at 1-800-966-1559, or Piper Sandler&#8239;&amp; Co. toll-free at 1-866-805-4128.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

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

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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">Annex C</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="margin: 0">&#8239;</P>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>3
<FILENAME>tm2531406d5_ex5-1.htm
<DESCRIPTION>EXHIBIT 5.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="text-align: right; margin: 0"><B>Exhibit 5.1</B></P>

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

<P STYLE="margin: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 70%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 30%"><P STYLE="margin-top: 0; margin-bottom: 0">355 South Grand Avenue, Suite 100</P>
                                                                     <P STYLE="margin-top: 0; margin-bottom: 0">Los Angeles, California
                                            90071-1560</P>
                                                                     <P STYLE="margin-top: 0; margin-bottom: 0">Tel: +1.213.485.1234 Fax: +1.213.891.8763</P>
                                                                     <P STYLE="margin-top: 0; margin-bottom: 0">www.lw.com</P></TD></TR>
  </TABLE>


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

<P STYLE="margin: 0"></P>

<P STYLE="margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD ROWSPAN="15">&nbsp;<IMG SRC="tm2531406d5_ex5-1img001.jpg" ALT=""><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
                           <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
                           <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
                           <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
                                                                        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">November
19, 2025</P>

</TD>
    <TD COLSPAN="2"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">FIRM / AFFILIATE OFFICES</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Austin</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Milan</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Beijing</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Munich</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Boston</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">New York</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Brussels</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Orange County</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Chicago</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Paris</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dubai</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Riyadh</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">D&uuml;sseldorf</FONT></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">San Diego</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Frankfurt</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">San Francisco</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hamburg</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Seoul</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hong Kong</FONT></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Silicon Valley</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Houston</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Singapore</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">London</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tel Aviv</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Los Angeles</FONT></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tokyo</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Madrid</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Washington, D.C.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 70%">&nbsp;</TD>
    <TD STYLE="width: 12%">&nbsp;</TD>
    <TD STYLE="width: 18%">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Redwood Trust, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">One Belvedere Place</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Suite 300</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Mill Valley, California 94941</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.45in; text-align: left">Re:</TD><TD STYLE="text-align: justify"><U>Registration Statement on Form S-3 and Prospectus Supplement;
Up to $115,000,000 Aggregate Principal Amount of Redwood Trust, Inc.&rsquo;s 9.500% Senior Notes Due 2030</U></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 58.5pt; text-align: justify; text-indent: -22.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">To the addressee set forth above:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have acted as special counsel to Redwood Trust, Inc., a Maryland corporation (the &ldquo;<B><I>Company</I></B>&rdquo;), in connection
with the issuance of up to $115,000,000 aggregate principal amount of 9.500% Senior Notes due 2030 (the &ldquo;<B><I>Notes</I></B>&rdquo;)
under an indenture dated as of March 6, 2013 (the &ldquo;<B><I>Base Indenture</I></B>&rdquo;) between the Company and Wilmington Trust,
National Association, as trustee (the &ldquo;<B><I>Trustee</I></B>&rdquo;), in the form most recently filed as an exhibit to the Registration
Statement (as herein defined), as supplemented by the Seventh Supplemental Indenture, dated as of the date hereof, between the Company
and the Trustee (the &ldquo;<B><I>Supplemental Indenture</I></B>&rdquo; and, together with the Base Indenture, the &ldquo;<B><I>Indenture</I></B>&rdquo;),
and pursuant to a registration statement on Form&nbsp;S-3 under the Securities Act of 1933, as amended (the &ldquo;<B><I>Act</I></B>&rdquo;),
filed with the Securities and Exchange Commission (the &ldquo;<B><I>Commission</I></B>&rdquo;) on March 3, 2025 (Registration No.&nbsp;333-285506)
(as so filed and as amended, the &ldquo;<B><I>Registration Statement</I></B>&rdquo;), a base prospectus dated March 3, 2025 (the &ldquo;<B><I>Base
Prospectus</I></B>&rdquo;) and a prospectus supplement dated November 17, 2025 (together with the Base Prospectus, the &ldquo;<B><I>Prospectus</I></B>&rdquo;),</FONT>
and an underwriting agreement dated November 17, 2025 (the &ldquo;<B><I>Underwriting Agreement</I></B>&rdquo;) among the Company and Morgan
Stanley &amp; Co. LLC, Goldman Sachs &amp; Co. LLC, RBC Capital Markets, LLC, UBS Securities LLC, Wells Fargo Securities, LLC, Keefe,
Bruyette &amp; Woods, Inc. and Piper Sandler &amp; Co., as representatives of the several underwriters named therein. This opinion is
being furnished in connection with the requirements of Item 601(b)(5) of Regulation S-K under the Act, and no opinion is expressed herein
as to any matter pertaining to the contents of the Registration Statement or Prospectus, other than as expressly stated herein with respect
to the issuance of the Notes.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As such counsel, we have examined
such matters of fact and questions of law as we have considered appropriate for purposes of this letter. With your consent, we have relied
upon certificates and other assurances of officers of the Company and others as to factual matters without having independently verified
such factual matters. We are opining herein as to the internal laws of the State of New York, and we express no opinion with respect to
the applicability thereto, or the effect thereon, of the laws of any other jurisdiction or as to any matters of municipal law or the laws
of any local agencies within any state. Various issues concerning Maryland law are addressed in the opinion of Venable LLP, which has
been separately provided to you. We express no opinion with respect to those matters herein, and to the extent elements of those opinions
are necessary to the conclusions expressed herein, we have, with your consent, assumed such matters.</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>November 19, 2025</B> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Page </B></FONT><B>2</B></P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><IMG SRC="tm2531406d5_ex5-1img002.jpg" ALT="">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Subject to the foregoing and
the other matters set forth herein, it is our opinion that, as of the date hereof, when the Notes have been duly authorized, executed,
issued, and authenticated in accordance with the terms of the Indenture and delivered against payment therefor in the circumstances contemplated
by the Underwriting Agreement, the Notes will be legally valid and binding obligations of the Company enforceable against the Company
in accordance with their respective terms.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our opinion is subject to:
(i)&nbsp;the effect of bankruptcy, insolvency, reorganization, preference, fraudulent transfer, moratorium or other similar laws relating
to or affecting the rights and remedies of creditors; (ii) the effect of general principles of equity, whether considered in a proceeding
in equity or at law (including the possible unavailability of specific performance or injunctive relief), concepts of materiality, reasonableness,
good faith and fair dealing, and the discretion of the court before which a proceeding is brought; and (iii)&nbsp;the invalidity under
certain circumstances under law or court decisions of provisions providing for the indemnification of or contribution to a party with
respect to a liability where such indemnification or contribution is contrary to public policy. We express no opinion as to (a) any provision
for liquidated damages, default interest, late charges, monetary penalties, make-whole premiums or other economic remedies to the extent
such provisions are deemed to constitute a penalty, (b) consents to, or restrictions upon, governing law, jurisdiction, venue, arbitration,
remedies, or judicial relief; (c) the waiver of rights or defenses contained in Section 4.04 of the Base Indenture; (d) any provision
requiring the payment of attorney&rsquo;s fees, where such payment is contrary to law or public policy, (e) any provision permitting,
upon acceleration of the Notes, collection of that portion of the stated principal amount thereof which might be determined to constitute
unearned interest thereon; (f) any provision to the extent it requires that a claim with respect to the Notes (or a judgment in respect
of such a claim) be converted into U.S. dollars at a rate of exchange at a particular date, to the extent applicable law otherwise provides;
(g) provisions for liquidated damages, default interest, late charges, monetary penalties, prepayment or make-whole premiums or other
economic remedies to the extent such provisions are deemed to constitute a penalty; (i) advance waivers of claims, defenses, rights granted
by law, or notice, opportunity for hearing, evidentiary requirements, statutes of limitation, trial by jury or at law, or other procedural
rights; (j) waivers of broadly or vaguely stated rights; (k) covenants not to compete; (l) provisions for exclusivity, election or cumulation
of rights or remedies; (m) provisions authorizing or validating conclusive or discretionary determinations; (n) grants of setoff rights;
(o) proxies, powers and trusts; (p) provisions prohibiting, restricting, or requiring consent to assignment or transfer of any right or
property; and (q) the severability, if invalid, of provisions to the foregoing effect. With your consent, we have assumed (a) that the
Indenture and the Notes (collectively, the &ldquo;<B><I>Documents</I></B>&rdquo;) have been duly authorized, executed and delivered by
the parties thereto, (b) that the Documents constitute legally valid and binding obligations of the parties thereto, enforceable against
each of them in accordance with their respective terms, and (c) that the status of the Documents as legally valid and binding obligations
of the parties is not affected by any (i)&nbsp;breaches of, or defaults under, agreements or instruments, (ii)&nbsp;violations of statutes,
rules, regulations or court or governmental orders, or (iii) failures to obtain required consents, approvals or authorizations from, or
make required registrations, declarations or filings with, governmental authorities.</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>November 19, 2025</B> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Page </B></FONT><B>3</B></P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><IMG SRC="tm2531406d5_ex5-1img002.jpg" ALT="">&nbsp;</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This opinion is for your benefit
in connection with the Registration Statement and may be relied upon by you and by persons entitled to rely upon it pursuant to the applicable
provisions of the Act. We consent to your filing this opinion as an exhibit to the Company&rsquo;s Form 8-K filed on November 19, 2025
and to the reference to our firm contained in the Prospectus under the heading &ldquo;Legal Matters.&rdquo; In giving such consent, we
do not thereby admit that we are in the category of persons whose consent is required under Section 7 of the Act or the rules and regulations
of the Commission thereunder.</P>

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

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    <TD STYLE="font-size: 10pt; width: 50%">&nbsp;</TD>
    <TD STYLE="width: 50%; font: 10pt Times New Roman, Times, Serif">Sincerely,</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">/s/ LATHAM &amp; WATKINS LLP</TD></TR>
  </TABLE>


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<TYPE>EX-5.2
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<DESCRIPTION>EXHIBIT 5.2
<TEXT>
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<P STYLE="text-align: right; margin: 0"><B>Exhibit 5.2</B></P>

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

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><IMG SRC="tm2531406d5_ex5-2img001.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">November 19, 2025</P>

<P STYLE="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, Inc.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Mill Valley, California 94941</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in; text-align: left">Re:</TD><TD STYLE="text-align: justify"><U>Registration Statement on Form S-3 (File No. 333-285506)</U></TD>
</TR></TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">We have served as Maryland counsel to Redwood Trust,
Inc., a Maryland corporation (the &ldquo;Company&rdquo;), in connection with certain matters of Maryland law arising out of the sale and
issuance by the Company of up to $115,000,000 (4,600,000 units, each unit representing $25) aggregate principal amount of its 9.500% Senior
Unsecured Notes due 2030 (the &ldquo;Notes&rdquo;), including up to $15,000,000 (600,000 units, each unit representing $25) aggregate
principal amount of Notes issuable pursuant to the exercise of an overallotment option granted to the underwriters, covered by the above-referenced
Registration Statement, and all amendments thereto (the &ldquo;Registration Statement&rdquo;), filed by the Company with the United States
Securities and Exchange Commission (the &ldquo;Commission&rdquo;) under the Securities Act of 1933, as amended (the &ldquo;1933 Act&rdquo;).
The Notes are to be issued in an underwritten public offering pursuant to a Prospectus Supplement, dated November 17, 2025 (the &ldquo;Prospectus
Supplement&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">In connection with our representation of the Company,
and as a basis for the opinion hereinafter set forth, we have examined originals, or copies certified or otherwise identified to our satisfaction,
of the following documents (hereinafter collectively referred to as the &ldquo;Documents&rdquo;):</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">1.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The Registration
Statement, and the related form of prospectus included therein, in the form filed by the Company with the Commission under the 1933 Act;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">2.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Prospectus Supplement, in the form filed by the Company with the Commission pursuant to Rule 424(b) under the 1933 Act;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">3.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The charter
of the Company (the &ldquo;Charter&rdquo;), certified by the State Department of Assessments and Taxation of Maryland (the &ldquo;SDAT&rdquo;);</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">4.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The Bylaws
of the Company, certified as of the date hereof by an officer of the Company;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">5.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;A certificate
of the SDAT as to the good standing of the Company, dated as of a recent date;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><IMG SRC="tm2531406d5_ex5-2img002.jpg" ALT=""></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">November 19, 2025</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">6.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Resolutions
(the &ldquo;Resolutions&rdquo;) adopted by the Board of Directors of the Company, and a duly authorized pricing committee thereof, relating
to the authorization of the issuance of the Notes, certified as of the date hereof by an officer of the Company;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">7.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;A certificate
executed by an officer of the Company, dated as of the date hereof; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">8.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Such
other documents and matters as we have deemed necessary or appropriate to express the opinion set forth below, subject to the assumptions,
limitations and qualifications stated herein.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">In expressing the opinion set forth below, we have
assumed the following:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">1.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Each
individual executing any of the Documents, whether on behalf of such individual or another person, is legally competent to do so.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">2.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Each
individual executing any of the Documents on behalf of a party (other than the Company) is duly authorized to do so.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">3.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Each
of the parties (other than the Company) executing any of the Documents has duly and validly executed and delivered each of the Documents
to which such party is a signatory, and such party&rsquo;s obligations set forth therein are legal, valid and binding and are enforceable
in accordance with all stated terms.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">4.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;All
Documents submitted to us as originals are authentic. The form and content of all Documents submitted to us as unexecuted drafts do not
differ in any respect relevant to this opinion from the form and content of such Documents as executed and delivered. All Documents submitted
to us as certified or photostatic copies conform to the original documents. All signatures on all Documents are genuine. All public records
reviewed or relied upon by us or on our behalf are true and complete. All representations, warranties, statements and information contained
in the Documents are true and complete. There has been no oral or written modification of or amendment to any of the Documents, and there
has been no waiver of any provision of any of the Documents, by action or omission of the parties or otherwise.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Based upon the foregoing, and subject to the assumptions,
limitations and qualifications stated herein, it is our opinion that:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">1.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The Company
is a corporation duly incorporated and existing under and by virtue of the laws of the State of Maryland and is in good standing with
the SDAT.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><IMG SRC="tm2531406d5_ex5-2img002.jpg" ALT=""></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">November 19, 2025</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">2.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The issuance
of the Notes has been duly authorized by the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">The foregoing opinion is limited to the substantive
laws of the State of Maryland and we do not express any opinion herein concerning any other law. We express no opinion as to compliance
with any federal or state securities laws, including the securities laws of the State of Maryland, or as to federal or state laws regarding
fraudulent transfers. To the extent that any matter as to which our opinion is expressed herein would be governed by the laws of any jurisdiction
other than the State of Maryland, we do not express any opinion on such matter.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">The opinion expressed herein is limited to the matters
specifically set forth herein and no other opinion shall be inferred beyond the matters expressly stated. We assume no obligation to supplement
this opinion if any applicable law changes after the date hereof or if we become aware of any fact that might change the opinion expressed
herein after the date hereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">This opinion is being furnished to you for submission
to the Commission as an exhibit to the Company&rsquo;s Current Report on Form 8-K relating to the offering of the Notes (the &ldquo;Current
Report&rdquo;), which is incorporated by reference in the Registration Statement. We hereby consent to the filing of this opinion as an
exhibit to the Current Report and the said incorporation by reference and to the use of the name of our firm therein. In giving this consent,
we do not admit that we are within the category of persons whose consent is required by Section 7 of the 1933 Act. Latham &amp; Watkins
LLP, counsel to the Company, may rely on this opinion in connection with an opinion to be issued by it of even date herewith relating
to the issuance of the Notes.</P>

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

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    <TD STYLE="font-size: 10pt; width: 50%">&nbsp;</TD>
    <TD STYLE="width: 50%; font: 10pt Times New Roman, Times, Serif">Very truly yours,</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">/s/ Venable LLP</TD></TR>
  </TABLE>


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<DOCUMENT>
<TYPE>EX-101.LAB
<SEQUENCE>7
<FILENAME>rwt-20251117_lab.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION LABEL LINKBASE
<TEXT>
<XBRL>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentQuarterlyReport_lbl" xml:lang="en-US">Document Quarterly Report</link:label>
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      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentTransitionReport" xlink:to="dei_DocumentTransitionReport_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentTransitionReport_lbl" xml:lang="en-US">Document Transition Report</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_DocumentShellCompanyReport" xlink:label="dei_DocumentShellCompanyReport" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentShellCompanyReport" xlink:to="dei_DocumentShellCompanyReport_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentShellCompanyReport_lbl" xml:lang="en-US">Document Shell Company Report</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_DocumentShellCompanyEventDate" xlink:label="dei_DocumentShellCompanyEventDate" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentShellCompanyEventDate" xlink:to="dei_DocumentShellCompanyEventDate_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentShellCompanyEventDate_lbl" xml:lang="en-US">Document Shell Company Event Date</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_DocumentPeriodStartDate" xlink:label="dei_DocumentPeriodStartDate" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentPeriodStartDate" xlink:to="dei_DocumentPeriodStartDate_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentPeriodStartDate_lbl" xml:lang="en-US">Document Period Start Date</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_DocumentPeriodEndDate" xlink:label="dei_DocumentPeriodEndDate" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentPeriodEndDate" xlink:to="dei_DocumentPeriodEndDate_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentPeriodEndDate_lbl" xml:lang="en-US">Document Period End Date</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_DocumentFiscalPeriodFocus" xlink:label="dei_DocumentFiscalPeriodFocus" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentFiscalPeriodFocus" xlink:to="dei_DocumentFiscalPeriodFocus_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentFiscalPeriodFocus_lbl" xml:lang="en-US">Document Fiscal Period Focus</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_DocumentFiscalYearFocus" xlink:label="dei_DocumentFiscalYearFocus" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentFiscalYearFocus" xlink:to="dei_DocumentFiscalYearFocus_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentFiscalYearFocus_lbl" xml:lang="en-US">Document Fiscal Year Focus</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_CurrentFiscalYearEndDate" xlink:label="dei_CurrentFiscalYearEndDate" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_CurrentFiscalYearEndDate" xlink:to="dei_CurrentFiscalYearEndDate_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_CurrentFiscalYearEndDate_lbl" xml:lang="en-US">Current Fiscal Year End Date</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityFileNumber" xlink:label="dei_EntityFileNumber" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityFileNumber" xlink:to="dei_EntityFileNumber_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityFileNumber_lbl" xml:lang="en-US">Entity File Number</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityRegistrantName" xlink:label="dei_EntityRegistrantName" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityRegistrantName" xlink:to="dei_EntityRegistrantName_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityRegistrantName_lbl" xml:lang="en-US">Entity Registrant Name</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityCentralIndexKey" xlink:label="dei_EntityCentralIndexKey" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCentralIndexKey" xlink:to="dei_EntityCentralIndexKey_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityCentralIndexKey_lbl" xml:lang="en-US">Entity Central Index Key</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityPrimarySicNumber" xlink:label="dei_EntityPrimarySicNumber" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityPrimarySicNumber" xlink:to="dei_EntityPrimarySicNumber_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityPrimarySicNumber_lbl" xml:lang="en-US">Entity Primary SIC Number</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityTaxIdentificationNumber" xlink:label="dei_EntityTaxIdentificationNumber" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityTaxIdentificationNumber" xlink:to="dei_EntityTaxIdentificationNumber_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityTaxIdentificationNumber_lbl" xml:lang="en-US">Entity Tax Identification Number</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityIncorporationStateCountryCode" xlink:label="dei_EntityIncorporationStateCountryCode" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityIncorporationStateCountryCode" xlink:to="dei_EntityIncorporationStateCountryCode_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityIncorporationStateCountryCode_lbl" xml:lang="en-US">Entity Incorporation, State or Country Code</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityAddressAddressLine1" xlink:label="dei_EntityAddressAddressLine1" />
      <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" />
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      <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>
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      <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" />
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<DOCUMENT>
<TYPE>EX-101.PRE
<SEQUENCE>8
<FILENAME>rwt-20251117_pre.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE
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<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">
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<span style="display: none;">v3.25.3</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>Nov. 17, 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">Nov. 17,  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>
</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">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>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_AmendmentFlag">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="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>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CityAreaCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="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>
</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_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>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentPeriodEndDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="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>
<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_Security12bTitle">
<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>Title of a 12(b) registered security.</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<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_Security12bTitle</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:securityTitleItemType</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_SecurityExchangeName">
<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 Exchange on which a security is registered.</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 d1-1<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_SecurityExchangeName</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:edgarExchangeCodeItemType</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_SolicitingMaterial">
<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 soliciting material pursuant to Rule 14a-12 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 14a<br> -Subsection 12<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_SolicitingMaterial</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_TradingSymbol">
<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>Trading symbol of an instrument as listed on an exchange.</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_TradingSymbol</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:tradingSymbolItemType</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_WrittenCommunications">
<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 written communications pursuant to Rule 425 under the Securities 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 Securities Act<br> -Number 230<br> -Section 425<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_WrittenCommunications</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_us-gaap_StatementClassOfStockAxis=us-gaap_CommonStockMember">
<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 );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementClassOfStockAxis=us-gaap_CommonStockMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
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