<SEC-DOCUMENT>0001104659-19-054179.txt : 20191015
<SEC-HEADER>0001104659-19-054179.hdr.sgml : 20191015
<ACCEPTANCE-DATETIME>20191015163838
ACCESSION NUMBER:		0001104659-19-054179
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		17
CONFORMED PERIOD OF REPORT:	20191010
ITEM INFORMATION:		Material Modifications to Rights of Security Holders
ITEM INFORMATION:		Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20191015
DATE AS OF CHANGE:		20191015

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			NEW YORK MORTGAGE TRUST INC
		CENTRAL INDEX KEY:			0001273685
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				470934168
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-32216
		FILM NUMBER:		191151313

	BUSINESS ADDRESS:	
		STREET 1:		90 PARK AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10016
		BUSINESS PHONE:		(212) 792-0107

	MAIL ADDRESS:	
		STREET 1:		90 PARK AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10016
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<p style="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>UNITED STATES</b></p>

<p style="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>SECURITIES AND EXCHANGE COMMISSION</b></p>

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

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Check the appropriate box below if the Form 8-K filing is intended
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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 0pt 0in; text-indent: 0pt"><span style="font-family: Wingdings"><span id="xdx_90E_edei--WrittenCommunications_c20191009__20191010_zBjoRRW7VDI1"><ix:nonNumeric contextRef="From2019-10-09to2019-10-10" format="ixt:booleanfalse" name="dei:WrittenCommunications">&#168;</ix:nonNumeric></span></span>&#160;&#160;&#160;&#160;Written communications pursuant
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: 0pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-indent: 0pt"><span style="font-family: Wingdings"><span id="xdx_904_edei--SolicitingMaterial_c20191009__20191010_zUJ4ZrWXCuNg"><ix:nonNumeric contextRef="From2019-10-09to2019-10-10" format="ixt:booleanfalse" name="dei:SolicitingMaterial">&#168;</ix:nonNumeric></span></span>&#160;&#160;&#160;&#160;Soliciting material pursuant
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: 0pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-indent: 0pt"><span style="font-family: Wingdings"><span id="xdx_906_edei--PreCommencementTenderOffer_c20191009__20191010_zMWG3GfU6kqk"><ix:nonNumeric contextRef="From2019-10-09to2019-10-10" format="ixt:booleanfalse" name="dei:PreCommencementTenderOffer">&#168;</ix:nonNumeric></span></span>&#160;&#160;&#160;&#160;Pre-commencement communications
pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: 0pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-indent: 0pt"><span style="font-family: Wingdings"><span id="xdx_902_edei--PreCommencementIssuerTenderOffer_c20191009__20191010_zjCQpHvyxZke"><ix:nonNumeric contextRef="From2019-10-09to2019-10-10" format="ixt:booleanfalse" name="dei:PreCommencementIssuerTenderOffer">&#168;</ix:nonNumeric></span></span>&#160;&#160;&#160;&#160;Pre-commencement communications
pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</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 0pt 0in; text-align: left">Indicate by check mark whether the registrant is
an emerging growth company as defined in Rule 405 under the Securities Act (&#167;230.405 of this chapter) or Rule 12b-2 under
the Exchange Act (&#167;240.12b-2 of this chapter).</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt -0.75in; text-indent: 1.5in">Emerging Growth Company <span style="font-family: Times New Roman, Times, Serif"><span style="font-family: Wingdings"><span id="xdx_90C_edei--EntityEmergingGrowthCompany_c20191009__20191010_zilkT1KksJn6"><ix:nonNumeric contextRef="From2019-10-09to2019-10-10" format="ixt:booleanfalse" name="dei:EntityEmergingGrowthCompany">&#168;</ix:nonNumeric></span></span></span></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 0pt 0in; text-align: left">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: Times New Roman, Times, Serif"><span style="font-family: Wingdings">&#168;</span></span></p>



<p style="margin: 0">&#160;</p>

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

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

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

<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"></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"><b>Item 3.03. Material Modification to Rights of Security Holders.</b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On October 15, 2019, New York Mortgage
Trust, Inc. (the &#8220;Company&#8221;) filed Articles Supplementary (the &#8220;Articles Supplementary&#8221;) with the State
Department of Assessments and Taxation of Maryland to designate 6,900,000 shares of the Company&#8217;s authorized but unissued
preferred stock, $0.01 par value per share, as shares of 7.875% Series E Fixed-to-Floating Rate Cumulative Redeemable Preferred
Stock of the Company (the &#8220;Series E Preferred Stock&#8221;), with the powers, designations, preferences and other rights
as set forth therein. The Articles Supplementary became effective upon their acceptance for record on October 15, 2019.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Articles Supplementary provide that
the Company will pay, when and if authorized by the Board of Directors of the Company and declared by the Company, cumulative cash
dividends (i) at the fixed rate of 7.875% of the $25.00 liquidation preference (equivalent to $1.96875 per annum per share) <span style="font-family: Times New Roman, Times, Serif">from
and including the original issue date,</span> which is anticipated to be October 18, 2019, <span style="font-family: Times New Roman, Times, Serif">to,
but excluding, January&#160;15, 2025 (the &#8220;Fixed Rate Period&#8221;) and (ii) at a floating rate equal to three-month LIBOR
as calculated on each dividend determination date plus a spread of 6.429% per annum of the $25.00 per share liquidation preference
from and including January&#160; 15, 2025 (the &#8220;Floating Rate Period&#8221;) </span>on the Series E Preferred Stock, in arrears,
on the 15th day of January, April, July and October of each year, provided that if any dividend payment date is not a business
day, then (i) in the Fixed Rate Period, the dividend which would otherwise have been payable on that dividend payment date will
instead be paid on the immediately succeeding business day and (ii) in the Floating Rate Period, the dividend payment date will
be the immediately succeeding business day.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Series&#160;E Preferred Stock is not
redeemable by the Company prior to January&#160; 15, 2025, except pursuant to Article&#160;VII of the Company&#8217;s charter,
including under circumstances intended to preserve its qualification as a real estate investment trust (&#8220;REIT&#8221;) for
U.S. federal income tax purposes and except upon the occurrence of a Change of Control (as defined in the Articles Supplementary).
On and after January&#160; 15, 2025, the Company may, at its option, subject to certain procedural requirements, redeem the Series&#160;E
Preferred Stock, in whole or in part, at any time or from time to time, for cash at a redemption price equal to $25.00 per share,
plus any accumulated and unpaid dividends thereon (whether or not authorized or declared) to, but excluding, the date fixed for
redemption, without interest.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, upon the occurrence of a Change
of Control, the Company may, at its option, redeem the Series E Preferred Stock, in whole or in part, within 120 days after the
first date on which such Change of Control occurred, for cash at a redemption price of $25.00 per share, plus any accumulated and
unpaid dividends thereon (whether or not authorized or declared) to, but not including, the date fixed for redemption.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Series E Preferred Stock has no stated
maturity, is not subject to any sinking fund or mandatory redemption and will remain outstanding indefinitely unless repurchased
or redeemed by the Company or converted into the Company&#8217;s common stock in connection with a Change of Control by the holders
of Series E Preferred Stock.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Upon the occurrence of a Change of Control,
each holder of Series E Preferred Stock will have the right (unless the Company has exercised its right to redeem the Series E
Preferred Stock in whole or in part, as described above, prior to the Change of Control Conversion Date (as defined in the Articles
Supplementary)) to convert some or all of the Series E Preferred Stock held by such holder on the Change of Control Conversion
Date into a number of shares of our common stock per share of Series E Preferred Stock <span style="font-family: Times New Roman, Times, Serif; background-color: white">to
be converted equal to the lesser of:</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></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: 6%; text-align: justify; padding-left: 0.25in"><span style="font: 10pt Symbol">&#183;</span></td>
    <td style="width: 94%; text-align: justify"><span style="font-size: 10pt; background-color: white">the quotient obtained by dividing (i)&#160;the sum of the $25.00 liquidation preference per share of Series&#160;E Preferred Stock plus the amount of any accumulated and unpaid dividends thereon (whether or not authorized or declared) to, but excluding, the Change of Control Conversion Date (unless the Change of Control Conversion Date is after a dividend record date and prior to the corresponding dividend payment date for the Series&#160;E Preferred Stock, in which case no additional amount for such accumulated and unpaid dividends will be included in this sum) by (ii)&#160;the Common Stock Price (as defined in the Articles Supplementary); and</span></td></tr>
<tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
<tr style="vertical-align: top">
    <td style="text-align: justify; padding-left: 0.25in"><span style="font: 10pt Symbol">&#183;</span><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt; background-color: white">8.27815 (the &#8220;Share Cap&#8221;), subject to adjustments to the Share Cap for any share splits (including those effected pursuant to a distribution of the Company&#8217;s common stock to existing holders of the Company&#8217;s common stock), subdivisions or combinations of the Company&#8217;s common stock;</span></td></tr>
</table>


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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">in each case, on the terms and subject
to the conditions described in the Articles Supplementary, including provisions for the receipt, under specified circumstances,
of alternative consideration.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">There are restrictions on ownership of
the Series E Preferred Stock intended to preserve the Company&#8217;s qualification as a REIT. Except under limited circumstances,
holders of the Series E Preferred Stock generally have no voting rights.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A copy of the Articles Supplementary and
form of Series E Preferred Stock certificate are filed as Exhibits 3.1 and 4.1, respectively, to this Current Report on Form 8-K,
and the information in the Articles Supplementary is incorporated into this Item 3.03 by reference. The description of the terms
of the Articles Supplementary in this Item 3.03 is qualified in its entirety by reference to Exhibit 3.1 hereto.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Item 5.03. Amendments to Articles of
Incorporation or Bylaws; Change in Fiscal Year.</b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The information set forth above under Item
3.03 of this Current Report on Form 8-K is hereby incorporated by reference into this Item 5.03.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: -24pt"><b>Item 8.01. Other Events.</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: -24pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On October 10, 2019, the Company entered
into an underwriting agreement (the &#8220;Underwriting Agreement&#8221;) with Morgan Stanley &#38; Co. LLC, J.P. Morgan Securities
LLC, RBC Capital Markets, LLC and UBS Securities LLC, as representatives of the underwriters named therein (collectively, the &#8220;Underwriters&#8221;),
relating to the offer and sale of 6,000,000 shares of the Series E Preferred Stock. In addition, the Company granted the Underwriters
a 30-day option to purchase up to an additional 900,000 shares of Series E Preferred Stock on the same terms and conditions. The
closing of the offering, which is subject to customary closing conditions, is expected to occur on October 18, 2019. The closing
of the offering of 6,000,000 shares of Series E Preferred Stock is expected to result in total net proceeds to the Company of approximately
$144.9 million after deduction of underwriting discounts and commissions and estimated offering expenses.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Underwriting Agreement contains customary
representations, warranties and covenants by the Company.&#160;The Company also agreed to indemnify the Underwriters against certain
specified types of liabilities, including liabilities under the Securities Act of 1933, as amended, and to contribute to payments
the Underwriters may be required to make in respect of these liabilities. In the ordinary course of business, the Underwriters
or their affiliates may in the future engage in various financing, commercial banking and investment banking services with, and
provide financial advisory services to, the Company and its affiliates for which they may receive customary fees and expenses.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The shares of Series E Preferred Stock were issued pursuant
to the Company&#8217;s shelf registration statement on Form S-3 (File No. 333-226726), which automatically became effective upon
filing with the Securities and Exchange Commission on August 9, 2018.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A copy of the Underwriting Agreement is attached hereto as Exhibit
1.1 and is incorporated herein by reference.&#160;The foregoing description of the Underwriting Agreement is qualified in its entirety
by reference to the full text of the Underwriting Agreement. In connection with the filing of the Underwriting Agreement, the Company
is filing the opinion of its special Maryland counsel, Venable LLP, as Exhibit 5.1 hereto.</p>

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

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 1in"><b>Item 9.01.</b></td><td style="text-align: justify"><b>Financial Statements and Exhibits.</b></td></tr></table>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;<i>Exhibits</i>.
The following exhibits are being filed herewith this Current Report on Form 8-K:</p>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 12%; border-bottom: Black 1pt solid; text-align: justify"><span style="font-size: 10pt"><b>Exhibit No.</b></span></td>
    <td style="width: 88%; border-bottom: Black 1pt solid; text-align: justify"><span style="font-size: 10pt"><b>Description</b></span></td></tr>
<tr style="vertical-align: top">
    <td style="text-align: justify"><a href="tm19198075_ex1-1.htm"><span style="font-size: 10pt">1.1</span></a></td>
    <td style="text-align: justify"><a href="tm19198075_ex1-1.htm"><span style="font-size: 10pt">Underwriting Agreement, dated as of October 10, 2019, by and among the Company, Morgan Stanley &#38; Co. LLC, J.P. Morgan Securities LLC, RBC Capital Markets, LLC and UBS Securities LLC.</span></a></td></tr>
<tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
<tr style="vertical-align: top">
    <td style="text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1273685/000110465919053985/a19-19807_4ex3d9.htm" style="-sec-extract: exhibit"><span style="font-size: 10pt">3.1</span></a></td>
    <td style="text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1273685/000110465919053985/a19-19807_4ex3d9.htm" style="-sec-extract: exhibit"><span style="font-size: 10pt">Articles Supplementary designating 7.875% Series E Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock (incorporated by reference to Exhibit 3.9 to the Company&#8217;s Registration Statement on Form 8-A, filed on October 15, 2019).</span></a></td></tr>
<tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
<tr style="vertical-align: top">
    <td style="text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1273685/000110465919053985/a19-19807_4ex3d10.htm" style="-sec-extract: exhibit"><span style="font-size: 10pt">4.1</span></a></td>
    <td style="text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1273685/000110465919053985/a19-19807_4ex3d10.htm" style="-sec-extract: exhibit"><span style="font-size: 10pt">Specimen Stock Certificate representing the 7.875% Series E Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock (incorporated by reference to Exhibit 3.10 to the Company&#8217;s Registration Statement on Form 8-A, filed on October 15, 2019).</span></a></td></tr>
<tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
<tr style="vertical-align: top">
    <td style="text-align: justify"><a href="tm19198075_ex5-1.htm"><span style="font-size: 10pt">5.1</span></a></td>
    <td style="text-align: justify"><a href="tm19198075_ex5-1.htm"><span style="font-size: 10pt">Opinion of Venable LLP regarding legality of shares.</span></a></td></tr>
<tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
<tr style="vertical-align: top">
    <td style="text-align: justify"><a href="tm19198075_ex5-1.htm"><span style="font-size: 10pt">23.1</span></a></td>
    <td style="text-align: justify"><a href="tm19198075_ex5-1.htm"><span style="font-size: 10pt">Consent of Venable LLP (included in Exhibit 5.1 hereto).</span></a></td></tr>
<tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
<tr style="vertical-align: top">
    <td style="text-align: justify">104</td>
    <td style="text-align: justify">The cover page from this Current Report on Form 8-K, formatted in inline XBRL</td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

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

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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 thereunto
duly authorized.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</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>&#160;</td>
    <td>&#160;</td>
    <td colspan="2"><span style="font-size: 10pt"><b>NEW YORK MORTGAGE TRUST, INC.</b></span></td></tr>
<tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td>
    <td colspan="2"><span style="font-size: 10pt"><b>(Registrant)</b></span></td></tr>
<tr style="vertical-align: top">
    <td style="width: 25%">&#160;</td>
    <td style="width: 25%">&#160;</td>
    <td style="width: 3%">&#160;</td>
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    <td><span style="font-size: 10pt">Date:&#160;&#160;October 15, 2019</span></td>
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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Exhibit 1.1</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">NEW YORK MORTGAGE TRUST, INC.<BR>
6,000,000 Shares of 7.875% Series E Fixed-to-Floating Rate Cumulative Redeemable <BR>
Preferred Stock<BR>
UNDERWRITING AGREEMENT</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">October 10, 2019</P>

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">200 Vesey Street</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">1285 Avenue of the Americas</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">in Schedule I attached hereto</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">New York Mortgage Trust,
Inc., a Maryland corporation (the &ldquo;<B>Company</B>&rdquo;), proposes to issue and sell, subject to the conditions hereinafter
stated, to the several Underwriters named in <U>Schedule&nbsp;I</U> attached hereto (the &ldquo;<B>Underwriters</B>&rdquo;) an
aggregate of 6,000,000 shares (the &ldquo;<B>Firm Securities</B>&rdquo;) of its 7.875% Series E Fixed-to-Floating Rate Cumulative
Redeemable Preferred Stock, liquidation preference $25.00 per share (the &ldquo;<B>Series E Stock</B>&rdquo;), a series of the
Company&rsquo;s preferred stock, $0.01 par value per share (&ldquo;<B>Preferred Stock</B>&rdquo;), pursuant to and in accordance
with the terms and conditions of this underwriting agreement (this &ldquo;<B>Agreement</B>&rdquo;) in connection with the public
offering (the &ldquo;<B>Offering</B>&rdquo;) and sale of such Firm Securities.</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-align: justify; text-indent: 1in">Morgan Stanley &amp;
Co. LLC, J.P. Morgan Securities LLC, RBC Capital Markets, LLC and UBS Securities LLC shall act as the Representatives (the &ldquo;<B>Representatives</B>&rdquo;)
of the several Underwriters. &nbsp;In addition, the Company proposes to issue and sell to the Underwriters, upon the terms and
conditions set forth in Section 3 hereof, an aggregate of up to 900,000 additional shares of Series E Stock (&ldquo;<B>Optional
Securities</B>&rdquo;).&nbsp;The Firm Securities and the Optional Securities are, collectively, hereinafter called the &ldquo;<B>Securities</B>.&rdquo;
The offering and sale of the Securities contemplated herein is hereinafter referred to as the &ldquo;<B>Offering</B>.&rdquo;</P>

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

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<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">To the extent there are no additional Underwriters
other than you, the term Representative as used herein shall mean you, as Underwriter, and the terms Representative and Underwriter
shall mean either the singular or plural as the context requires.</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 is to confirm the agreement concerning
the purchase of the Securities from the Company by the Underwriters.</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-align: justify; text-indent: 0.5in">1.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Representations
and Warranties of the Company.&nbsp;</B>The Company represents and warrants to, and agrees with, each Underwriter that:</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: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The
Company has prepared and filed with the Securities and Exchange Commission (the &ldquo;<B>Commission</B>&rdquo;) a registration
statement on Form&nbsp;S-3ASR (File No. 333-226726) (the &ldquo;<B>Shelf Registration Statement</B>&rdquo;) under the Securities
Act of 1933, as amended (the &ldquo;<B>Securities Act</B>&rdquo; or &ldquo;<B>Act</B>&rdquo;), and the rules and regulations (the
 &ldquo;<B>Rules and Regulations</B>&rdquo;) of the Commission promulgated thereunder, and such amendments to such registration
statement as may have been required to the date of this Agreement.&nbsp;The Shelf Registration Statement became automatically
effective upon filing with the Commission on August 9, 2018. The Shelf Registration Statement at any given time, including amendments
thereto to such time, the exhibits and any schedules thereto at such time, the documents incorporated by reference therein pursuant
to Item&nbsp;12 of Form&nbsp;S-3 under the Securities Act at such time and the documents and information otherwise deemed to be
a part thereof or included therein by Rule&nbsp;430B under the Securities Act (the &ldquo;<B>Rule&nbsp;430B Information</B>&rdquo;)
or otherwise pursuant to the Rules and Regulations at such time are collectively herein called the &ldquo;<B>Registration Statement</B>.&rdquo;</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-align: justify; text-indent: 1in">The Shelf Registration
Statement includes a base prospectus dated August 9, 2018 (the &ldquo;<B>Base Prospectus</B>&rdquo;).&nbsp;Each preliminary prospectus
supplement to the Base Prospectus (including the Base Prospectus as so supplemented) that describes the Securities and the Offering
thereof, that omitted the Rule&nbsp;430B Information and that was used prior to the filing of the final prospectus supplement referred
to in the following sentence is herein called a &ldquo;<B>Preliminary Prospectus</B>.&rdquo;&nbsp;Promptly after execution and
delivery of this Agreement, the Company will prepare and file with the Commission a final prospectus supplement to the Base Prospectus
relating to the Securities and the Offering thereof in accordance with the provisions of Rule&nbsp;430B and Rule&nbsp;424(b) of
the Rules and Regulations.&nbsp;Such final supplemental form of prospectus (including the Base Prospectus as so supplemented),
in the form filed with the Commission pursuant to Rule&nbsp;424(b), is herein called the &ldquo;<B>Prospectus</B>.&rdquo;&nbsp;Any
reference herein to the Base Prospectus, any Preliminary Prospectus or the Prospectus shall be deemed to include the documents
incorporated by reference therein pursuant to Item&nbsp;12 of Form&nbsp;S-3 under the Securities Act as of the date of such prospectus.</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-align: justify; text-indent: 1in">For purposes of this
Agreement, all references to the Registration Statement, the Base Prospectus, any Preliminary Prospectus, the Prospectus or any
amendment or supplement to any of the foregoing shall be deemed to include the copy filed with the Commission pursuant to its Electronic
Data Gathering, Analysis and Retrieval System (&ldquo;<B>EDGAR</B>&rdquo;).&nbsp;All references in this Agreement to financial
statements and schedules and other information that is &ldquo;described,&rdquo; &ldquo;contained,&rdquo; &ldquo;included&rdquo;
or &ldquo;stated&rdquo; in the Registration Statement, the Base Prospectus, any Preliminary Prospectus or the Prospectus (or other
references of like import) shall be deemed to mean and include all such financial statements and schedules and other information
that is incorporated by reference in or otherwise
deemed by the Rules and Regulations to be a part of or included in the Registration Statement, the Base Prospectus, any Preliminary
Prospectus or the Prospectus, as the case may be; and all references in this Agreement to amendments or supplements to the Registration
Statement, the Base Prospectus, any Preliminary Prospectus or the Prospectus shall be deemed to mean and include the subsequent
filing of any document under the Securities Exchange Act of 1934, as amended (the &ldquo;<B>Exchange Act</B>&rdquo;), prior to,
in the case of the Preliminary Prospectus, the Time of Sale (defined below) and, in the case of the Prospectus, prior to the termination
of this Offering, and any document that is deemed to be incorporated therein by reference or otherwise deemed by the Rules and
Regulations to be a part thereof.</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-align: justify; text-indent: 1in"></P>

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<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-align: justify; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The Company has complied to the Commission&rsquo;s satisfaction with all requests of the Commission for additional or supplemental
information.&nbsp;No stop order suspending the effectiveness of the Registration Statement is in effect and no proceedings for
such purpose or pursuant to Section 8A of the Securities Act against the Company or related to the Offering have been instituted
or are pending or, to the knowledge of the Company, are contemplated or threatened by the Commission. As used herein, the phrase
 &ldquo;to the knowledge of the Company&rdquo; and similar phrases means such knowledge after due inquiry by the Company.</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-align: justify; text-indent: 1in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Time of Sale Disclosure Package (as defined below) at the Time of Sale (as defined below) complied in all material respects with
the requirements of the Securities Act and the Rules and Regulations and did not contain an untrue statement of a material fact
or omit to state a material fact required to be stated therein or necessary to make the statements therein, in the light of the
circumstances under which they were made, not misleading.&nbsp;The preceding sentence does not apply to statements in or omissions
from the Time of Sale Disclosure Package based upon and in conformity with written information furnished to the Company by any
Underwriter through the Representatives specifically for use therein; it being understood and agreed that the only such information
furnished by the Representatives consists of the information described as such in Section 12 hereof.</FONT></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-align: justify; text-indent: 1in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
part of the Registration Statement, at the time such part became effective (including each deemed effective date with respect
to the Representatives pursuant to Rule&nbsp;430B of the Rules and Regulations or otherwise under the Securities Act), at all
other subsequent times until the expiration of the Prospectus Delivery Period (as defined below), and at each Closing Date, and
the Prospectus, at the time of filing or the time of first use within the meaning of the Rules and Regulations, at all subsequent
times until expiration of the Prospectus Delivery Period, and at each Closing Date complied and will comply in all material respects
with the applicable requirements and provisions of the Securities Act, the Rules and Regulations and the Exchange Act.&nbsp;Each
part of the Registration Statement at the time such part became effective, did 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 not misleading.&nbsp;The
Prospectus, as amended or supplemented, as of its date, or the time of first use within the meaning of the Rules and Regulations,
at all subsequent times until the expiration of the Prospectus Delivery Period, and at each Closing Date did not and 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.&nbsp;The representations and warranties set forth
in the two immediately preceding sentences do not apply to statements in or omissions from the Registration Statement or the Prospectus
made in reliance upon and in conformity with written information relating to the Representatives furnished to the Company by any
Underwriter through the Representatives specifically for use therein; it being understood and agreed that the only such information
furnished by the Representatives consists of the information described as such in Section 12 hereof.</FONT></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-align: justify; text-indent: 1in"></P>

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<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-align: justify; text-indent: 1in">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Neither
(A)&nbsp;any Issuer General-Use Free Writing Prospectus(es) issued at or prior to the Time of Sale and set forth on Schedule II
attached hereto and the Statutory Prospectus at the Time of Sale, all considered together (collectively, the &ldquo;<B>Time of
Sale Disclosure Package</B>&rdquo;), nor (B)&nbsp;any individual Issuer Limited-Use Free Writing Prospectus, when considered together
with the Time of Sale Disclosure Package, includes or included as of the Time of Sale any untrue statement of a material fact
or omits or omitted as of the Time of Sale to state any material fact necessary in order to make the statements therein, in the
light of the circumstances under which they were made, not misleading.&nbsp;The preceding sentence does not apply to statements
in or omissions from any Statutory Prospectus or any Issuer Free Writing Prospectus based upon and in conformity with written
information furnished to the Company by any Underwriter through the Representatives specifically for use therein; it being understood
and agreed that the only such information furnished by any Underwriter through the Representatives consists of the information
described as such in Section 12 hereof. As used in this paragraph and elsewhere in this Agreement:</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-align: justify; text-indent: 1.5in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>&ldquo;<B>Time
of Sale</B>&rdquo; means 4:25 p.m. (New York City time) on the date of this Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<B>Statutory Prospectus</B>&rdquo; means the Base Prospectus, as amended and supplemented immediately prior to the
Time of Sale, including any document incorporated by reference therein and any prospectus supplement deemed to be a part thereof.&nbsp;For
purposes of this definition, Rule&nbsp;430B Information contained in a form of prospectus that is deemed retroactively to be a
part of the Registration Statement shall be considered to be included in the Statutory Prospectus as of the actual time that such
form of prospectus is filed with the Commission pursuant to Rule 424(b) of the Rules and Regulations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(iii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<B>Issuer Free Writing Prospectus</B>&rdquo; means any &ldquo;issuer free writing prospectus,&rdquo; as defined in
Rule&nbsp;433 of the Rules and Regulations, relating to the Securities that (A)&nbsp;is required to be filed with the Commission
by the Company, (B)&nbsp;is exempt from filing pursuant to Rule&nbsp;433(d)(5)(i) of the Rules and Regulations because it contains
a description of the Securities or of the Offering that does not reflect the final terms, or (C)&nbsp;is a &ldquo;<I>bona fide</I>
electronic roadshow,&rdquo; as defined in Rule&nbsp;433 of the Rules and Regulations, in each case in the form filed or required
to be filed with the Commission or, if not required to be filed, in the form retained in the Company&rsquo;s records pursuant to
Rule&nbsp;433(g) of the Rules and Regulations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(iv)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>&ldquo;<B>Issuer
General-Use Free Writing Prospectus</B>&rdquo; means any Issuer Free Writing Prospectus that is intended for general distribution
to prospective investors (other than a &ldquo;<I>bona fide</I> electronic road show,&rdquo; as defined in Rule 433 of the Rules
and Regulations), as evidenced by its being specified in Schedule&nbsp;II attached hereto.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(v)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>&ldquo;<B>Issuer Limited-Use Free Writing Prospectus</B>&rdquo; means any Issuer Free Writing Prospectus that is not an
Issuer General-Use Free Writing Prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(f)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(A)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each Issuer Free Writing Prospectus, as of its issue date and at all subsequent times through the Prospectus
Delivery Period or until any earlier date that the Company notified or notifies the Representatives as prescribed in Section 11
hereof, did not, does not and will not include any information that conflicted, conflicts or will conflict with the information
contained in the Registration Statement, any Statutory Prospectus or the Prospectus.&nbsp;The foregoing sentence does not apply
to statements in or omissions from any Issuer Free Writing Prospectus made in reliance upon and in conformity with written information
furnished in writing to the Company by any Underwriter through the Representatives specifically for use therein; it being understood
and agreed that the only such information furnished by any Underwriter through the Representatives consists of the information
described as such in Section 12 hereof.</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-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 1.5in">(B)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(1)
At the earliest time after the filing of the Registration Statement that the Company or another offering participant made a <I>bona
fide</I> offer (within the meaning of Rule&nbsp;164(h)(2) of the Rules and Regulations) of the Securities and (2)&nbsp;at the
date hereof, the Company was not and is not an &ldquo;ineligible issuer,&rdquo; as defined in Rule&nbsp;405 of the Rules and Regulations
(without taking account of any determination by the Commission pursuant to Rule&nbsp;405 that it is not necessary that the Company
be considered an ineligible issuer), nor an &ldquo;excluded issuer&rdquo; as defined in Rule&nbsp;164 of the Rules and Regulations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 1.5in">(C)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Each Issuer Free Writing Prospectus satisfied, as of its issue date and at all subsequent times through the Prospectus Delivery
Period, all other conditions to use thereof as set forth in Rules&nbsp;164 and 433 of the Rules and Regulations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 1in">(g)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The
Company has not distributed and will not distribute, prior to the later of the Option Closing Date (as defined below) and the
completion of the Underwriters&rsquo; distribution of the Securities, any offering material in connection with the Offering other
than any Preliminary Prospectus, the Prospectus, any Issuer Free Writing Prospectus reviewed and consented to by the Representatives
and listed in Schedule II attached hereto, or the Registration Statement.</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-align: justify; text-indent: 1in"></P>

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<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-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 1in">(h)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Grant
Thornton LLP (&ldquo;<B>Grant Thornton</B>&rdquo;), whose reports are incorporated by reference in the Registration
Statement, and are included or incorporated by reference in the Time of Sale Disclosure Package and the Prospectus, is an
independent registered public accounting firm as required by the Securities Act, the Rules and Regulations and the Public
Company Accounting Oversight Board (including the rules and regulations promulgated by such entity, the
 &ldquo;<B>PCAOB</B>&rdquo;).&nbsp;To the knowledge of the Company, Grant Thornton is duly registered and in good standing
with the PCAOB.&nbsp;Grant Thornton has not during the periods covered by the financial statements incorporated by reference
or included in the Registration Statement and in the Time of Sale Disclosure Package and Prospectus, provided to the Company
any non-audit services, as such term is defined in Section 10A(g) of the Exchange Act, except for such non-audit services as
have been pre-approved by the Audit Committee of the Company&rsquo;s Board of Directors.&nbsp;The financial statements and
schedules (including the related notes) incorporated by reference or included in the Registration Statement, the Time of Sale
Disclosure Package and the Prospectus present fairly the financial condition, the results of the operations and changes in
financial condition of the entities purported to be shown thereby at the dates or for the periods indicated and have been
prepared in accordance with generally accepted accounting principles as applied in the United States and on a consistent
basis throughout the periods indicated.&nbsp;All adjustments necessary for a fair presentation of results for such periods
have been made. The consolidated financial statements of the Company and its consolidated subsidiaries, together with related
notes and schedules as set forth or incorporated by reference in the Registration Statement, the Time of Sale
Disclosure Package and the Prospectus, comply in all material respects with the applicable accounting requirements of the
Securities Act. The selected financial, operating and statistical data set forth or incorporated by reference in the
Preliminary Prospectus and the Prospectus under the caption &ldquo;<I>Management&rsquo;s Discussion and Analysis of Financial
Condition and Results of Operations</I>&rdquo; fairly present, when read in conjunction with the Company&rsquo;s financial
statements and the related notes and schedules and on the basis stated in the Registration Statement, the information set
forth therein and such data has been compiled on a basis consistent with the financial statements presented therein and the
books and records of the Company. There are no financial statements (historical or pro forma) that are required to be
included or incorporated by reference in the Registration Statement, the Time of Sale Disclosure Package or the Prospectus
under applicable law or the Rules and Regulations that are not so included. The interactive data in eXtensible Business
Reporting Language incorporated by reference in the Registration Statement, the Time of Sale Disclosure Package and the
Prospectus fairly present the information called for in all material respects and have been prepared in accordance with the
Commission&rsquo;s rules and guidelines applicable thereto.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 1in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Each of the Company and its subsidiaries (each, a &ldquo;<B>Subsidiary</B>&rdquo; and, together, the &ldquo;<B>Subsidiaries</B>&rdquo;)
has been duly incorporated or organized and is validly existing as a corporation, general or limited partnership, limited liability
company or statutory trust, as the case may be, in good standing under the laws of the jurisdiction of its organization, with full
corporate, partnership or limited liability company power, as the case may be, and authority to own, lease or operate its respective
properties and conduct its respective business as presently conducted and as described in the Time of Sale Disclosure Package and
the Prospectus, and is duly qualified to do business and is in good standing as a foreign corporation in each jurisdiction in which
the character of the business conducted by it or the location of the properties owned or leased by it makes such qualification
necessary and, except where any failure to do so would not reasonably be expected to result in a material adverse effect on the
condition (financial or otherwise), business, prospects, properties or results of operations of the Company and the Subsidiaries
taken as a whole (a &ldquo;<B>Material Adverse Effect</B>&rdquo;); each of the Company and the Subsidiaries is in possession of
and operating in compliance with all necessary authorizations, licenses, permits, consents, certificates and orders required for
the conduct of its business, all of which are valid and in full force and effect, except where the failure to do so would not reasonably
be expected to have a Material Adverse Effect; and neither the Company nor any of the Subsidiaries has received any notice of proceedings
relating to the revocation or modification of any such authorization, license, permit, consent, certificate or order which, individually
or in the aggregate, if the subject of an unfavorable decision, would reasonably be expected to result, individually or in the
aggregate, in a Material Adverse Effect.</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-align: justify; text-indent: 1in"></P>

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<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-align: justify; text-indent: 1in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 1in">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
authorized equity capitalization of the Company as of June 30, 2019, is as set forth in the Company&rsquo;s Quarterly Report on
Form 10-Q for the quarter ended June 30, 2019, as filed with the Commission on August 6, 2019, incorporated by reference into the
Time of Sale Disclosure Package and the Prospectus, and the Company&rsquo;s common stock, $0.01 par value per share (&ldquo;<B>Common
Stock</B>&rdquo;), and Preferred Stock conform in all material respects to the descriptions thereof contained under the captions
 &ldquo;<I>Description of Common Stock</I>&rdquo; and &ldquo;<I>Description of Preferred Stock</I>,&rdquo; respectively, in the
Time of Sale Disclosure Package and Prospectus. The Securities, when issued, will conform in all material respects to the description
thereof contained under the caption &ldquo;<I>Description of the Series E Preferred Stock</I>&rdquo; in the Time of Sale Disclosure
Package and the Prospectus. The outstanding shares of capital stock have been duly authorized and validly issued and are fully
paid and nonassessable.&nbsp;There are no preemptive rights or other rights to subscribe for or to purchase, or any restriction
upon the voting or transfer of, any shares of capital stock pursuant to the Company&rsquo;s charter, bylaws or other governing
documents or any agreement or other instrument to which the Company or any of the Subsidiaries is a party or by which any of them
may be bound other than those described in the Time of Sale Disclosure Package and the Prospectus.&nbsp;None of the outstanding
shares of the Company&rsquo;s capital stock were issued in violation of any preemptive rights, rights of first refusal or other
similar rights to subscribe for or purchase securities of the Company.&nbsp;There are no authorized or outstanding options, warrants,
preemptive rights, rights of first refusal or other rights to purchase, or equity or debt securities convertible into or exchangeable
or exercisable for, any capital stock of the Company other than those specifically described in the Time of Sale Disclosure Package
and the Prospectus.&nbsp;The Company has no obligations to register for resale under the Securities Act any of its outstanding
securities, including, but not limited to, any that would, as result of the filing of the Registration Statement or the Offering
as contemplated by this Agreement, give rise to any rights for or relating to the registration of any shares of Common Stock, Preferred
Stock or other securities.&nbsp;All of the outstanding limited liability company, partnership or other equity interests of each
Subsidiary of the Company have been duly authorized and validly issued, are fully paid and nonassessable and, except for the Subsidiaries
listed on <U>Schedule 1(j)</U> of this Agreement, are owned by the Company directly or through Subsidiaries, free and clear of
any claim, lien, encumbrance or security interest.&nbsp;There are no authorized or outstanding options, warrants, preemptive rights,
rights of first refusal or other rights to purchase, or other interests convertible into or exchangeable or exercisable for, any
limited liability company, partnership or other equity interests of any Subsidiary other than those described in the Time of Sale
Disclosure Package and the Prospectus.&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-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 1in">(k)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Subsequent
to the respective dates as of which information is given in the Time of Sale Disclosure Package and the Prospectus, and except
as described or contemplated in the Time of Sale Disclosure Package and the Prospectus or otherwise disclosed to the Representatives
in writing, neither the Company nor any of the Subsidiaries has incurred any liabilities or obligations, direct or contingent,
nor entered into any transactions not in the ordinary course of business, which are material to the Company and the Subsidiaries,
considered as one entity; there has not been any Material Adverse Effect nor any development or event that would reasonably be
expected to have a Material Adverse Effect; and there has been no dividend or other distribution of any kind declared, paid or
made by the Company on any class of its capital stock.</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-align: justify; text-indent: 1in"></P>

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<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-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 1in">(l)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Neither
the Company nor any of the Subsidiaries is, or with the giving of notice or lapse of time or both would be, in violation of
or in default under, nor will the execution or delivery hereof or consummation of the transactions contemplated hereby result
in a violation of, or constitute a default under (i) the charter, bylaws or other governing documents of the Company or any
of the Subsidiaries, or (ii) any agreement, contract, mortgage, deed of trust, loan agreement, note, lease, indenture or
other instrument, to which the Company or any of the Subsidiaries is a party or by which any of them is bound, or to which
any of their properties is subject, (iii) any law, rule, administrative regulation or decree of any court, or any
governmental agency or body having jurisdiction over the Company, the Subsidiaries or any of their properties, or (iv) result
in the creation or imposition of any lien, charge, claim or encumbrance upon any property or asset of the Company or any of
the Subsidiaries, except with respect to clauses (ii) through (iv) above, any such breach or violation or default that would
reasonably be expected to have a Material Adverse Effect.</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-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 1in">(m)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>This Agreement has been duly authorized, executed and delivered by the Company and constitutes a legal, valid and binding
agreement of the Company.</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-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 1in">(n)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The Securities to be purchased by the Underwriters from the Company have been duly authorized and, when issued and duly
delivered by the Company against payment therefor pursuant to this Agreement, will be validly issued, fully paid and nonassessable.
The shares of Common Stock issuable upon conversion of the Securities have been duly authorized and, when issued in accordance
with the terms of the articles supplementary setting forth the rights and preferences of the Series E Stock (the &ldquo;<B>Articles
Supplementary</B>&rdquo;) will be validly issued, fully paid and nonassessable. The issuance of the Securities pursuant to this
Agreement, and of the shares of Common Stock issuable upon conversion of the Securities, will not be subject to any preemptive
rights, rights of first refusal or other similar rights to subscribe for or purchase securities of the Company. The Company has
reserved for future issuance a sufficient number of shares of Common Stock to be issued upon conversion of the Securities.</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-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 1in">(o)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The Company and the Subsidiaries have good and marketable title in fee simple to all real property, if any, owned by them
and good title to all personal property, if any, owned by them, in each case clear of all liens, encumbrances and defects except
such as are described or referred to in the Time of Sale Disclosure Package and Prospectus or such as would not reasonably be expected
to have a Material Adverse Effect; and any real property and buildings held under lease by the Company and the Subsidiaries are
held by them under valid, existing and enforceable leases with such exceptions (A) as are not material and do not interfere with
the use made or proposed to be made of such property and buildings by the Company or such Subsidiaries or (B) as may be limited
by bankruptcy, insolvency, reorganization, moratorium or similar laws affecting creditors&rsquo; rights generally, and by general
principles of equity.</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-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 1in">(p)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>There is no litigation or governmental proceeding to which the Company or any of the Subsidiaries is a party or to which
any property of the Company or any of the Subsidiaries is subject or that is pending or, to the knowledge of the Company, threatened
against the Company which, individually or in the aggregate, would reasonably be expected to result in a Material Adverse Effect,
which would materially and adversely affect the consummation of this Agreement or the transactions contemplated hereby or which
is required to be disclosed in the Time of Sale Disclosure Package and Prospectus but is not so disclosed.</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-align: justify; text-indent: 1in"></P>

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<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-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 1in">(q)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Neither the Company nor any Subsidiary is in violation of any law, statute, ordinance, rule or regulation or any court decree,
ruling or order to which it or any of its assets may be subject which violation would reasonably be expected to have a Material
Adverse Effect.</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-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 1in">(r)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Except for permitted activity under Regulation M, the Company has not taken, directly or indirectly, any action designed
to cause or result in, or which has constituted or which would reasonably be expected to constitute, the stabilization or manipulation
of the price of any securities of the Company, to facilitate the sale or resale of the Securities.</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-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 1in">(s)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The Company and the Subsidiaries have filed (i) all federal and state franchise and income tax returns and (ii) all other
material income tax returns, and all such tax returns are complete and correct in all material respects, except where any omission
or inaccuracy would not reasonably be expected to have a Material Adverse Effect, and the Company and the Subsidiaries have not
failed to pay any material taxes which were payable pursuant to said returns or any assessments with respect thereto.&nbsp;The
Company has no knowledge of any tax deficiency which has been or is likely to be threatened or asserted against the Company or
the Subsidiaries.</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-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 1in">(t)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The Company maintains a system or systems of internal accounting controls sufficient to provide reasonable assurances that
(i) transactions are executed in accordance with management&rsquo;s general or specific authorization; (ii) transactions are recorded
as necessary to permit preparation of the consolidated financial statements of the Company in conformity with generally accepted
accounting principles as applied in the United States and to maintain accountability for assets; (iii) access to assets is permitted
only in accordance with management&rsquo;s general or specific authorization; (iv) the recorded accountability for assets is compared
with existing assets at reasonable intervals and appropriate action is taken with respect to any differences; and (v) the interactive
data in eXtensible Business Reporting Language incorporated by reference in the Registration Statement, the Time of Sale Disclosure
Package and the Prospectus fairly present the information called for in all material respects and are prepared in accordance with
the Commission&rsquo;s rules and guidelines applicable thereto. Except as disclosed in the Registration Statement, the Time of
Sale Disclosure Package and the Prospectus, since the date of the most recent evaluation of such system of internal accounting
controls, there has been no material change in internal control over financial reporting, including any corrective actions with
regard to significant deficiencies or material weaknesses.</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-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 1in">(u)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The Company has established and maintains disclosure controls and procedures (as defined in Rule&nbsp;13a-15 under the Exchange
Act).&nbsp;Such disclosure controls and procedures are designed to ensure that material information relating to the Company is
made known to the Company&rsquo;s principal executive officer and its principal financial officer, particularly during the periods
in which the periodic reports required under the Exchange Act are being prepared.&nbsp;To the Company&rsquo;s knowledge, such disclosure
controls and procedures are effective in timely alerting the Company&rsquo;s principal executive officer and principal financial
officer to material information required to be included in the Company&rsquo;s periodic reports required under the Exchange Act.</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-align: justify; text-indent: 1in"></P>

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<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-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 1in">(v)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The
Company maintains insurance of the types and in the amounts as are, in the reasonable opinion of management, prudent for its
business, all of which insurance is in full force and effect.&nbsp;The Company has not been refused any insurance coverage
sought or applied for, and the Company has no 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 from similar insurers as may be necessary to
continue its business at a cost that would not reasonably be expected to have a Material Adverse Effect.</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-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 1in">(w)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Neither the Company nor any of the Subsidiaries nor, to the knowledge of the Company, any director, officer, agent, employee
or affiliate of the Company or any of the Subsidiaries: (i) has used any corporate funds for any unlawful contribution, gift, entertainment
or other unlawful expense relating to political activity; (ii) has made any direct or indirect unlawful contribution or payment
to any official of, or candidate for, or any employee of, any federal, state or foreign office from corporate funds; (iii) has
made any bribe, unlawful rebate, payoff, influence payment, kickback or other unlawful payment; or (iv) is aware of or has taken
any action, directly or indirectly, that would result in a violation by such persons of the OECD Convention on Bribery of Foreign
Public Officials in International Business Transactions, the Foreign Corrupt Practices Act of 1977, as amended, and the rules and
regulations thereunder (collectively, the &ldquo;<B>FCPA</B>&rdquo;) or any similar law or regulation to which the Company, any
of its Subsidiaries, any director, officer, agent, employee, affiliate or other person associated with or acting on behalf of the
Company or any of its Subsidiaries is subject. Each of the Company, the Subsidiaries and their affiliates have conducted its businesses
in compliance with the FCPA and any applicable similar law or regulation and has instituted and maintain policies and procedures
designed to ensure, and which are reasonably expected to continue to ensure, continued compliance therewith.</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-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 1in">(x)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The operations of the Company and the Subsidiaries are and have been conducted at all times in material compliance with
all applicable financial recordkeeping and reporting requirements, including those of the Bank Secrecy Act, as amended by Title
III of the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of
2001 (USA PATRIOT Act), the Currency and Foreign Transactions Reporting Act of 1970, as amended, the applicable anti-money laundering
statutes of jurisdictions where the Company or any Subsidiaries conduct business, the rules and regulations thereunder and any
related or similar applicable rules, regulations or guidelines, issued, administered or enforced by any governmental agency (collectively,
the &ldquo;<B>Anti-Money Laundering Laws</B>&rdquo;), and no action, suit or proceeding by or before any court or governmental
agency, authority or body involving the Company or any of the Subsidiaries with respect to the Anti-Money Laundering Laws is pending
or, to the knowledge of the Company, threatened.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 1in">(y)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Neither the Company nor any of the Subsidiaries, nor, to the knowledge of the Company, any director, officer, agent, employee
or affiliate of the Company or any of the Subsidiaries is (A) currently the subject of any sanctions administered or enforced by
the U.S. Department of Treasury&rsquo;s Office of Foreign Assets Control or any similar sanctions imposed by any other relevant
sanction authority to which the Company or any of its Subsidiaries is subject (collectively, &ldquo;<B>Sanctions</B>&rdquo;), nor
(B) located, organized or resident in the country or territory that is the subject of Sanctions; and the Company will not directly
or indirectly use the proceeds of the Offering, or lend, contribute or otherwise make available such proceeds to any subsidiary,
joint venture partner or other person or entity, for the purpose of financing the activities of any person that, at the time of
such funding, is subject to any such Sanctions.</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-align: justify; text-indent: 1in"></P>

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<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-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 1in">(z)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The
Company is not and, after giving effect to the Offering of the Securities and the application of the proceeds thereof as described
under the caption &ldquo;Use of Proceeds&rdquo; in the Time of Sale Disclosure Package or the Prospectus, will not be required
to register as an &ldquo;investment company&rdquo; as defined in the Investment Company Act of 1940, as amended.</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-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 1in">(aa)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The shares of Common Stock are listed on the Nasdaq Global Select Market and the Company is currently in compliance in all
material respects with all continued listing standards and corporate governance standards of the Nasdaq Global Select Market, and
the Company has no knowledge of any proceeding intended to suspend or terminate listing of its securities on the Nasdaq Global
Select Market.&nbsp;The Common Stock is registered under Section 12(b) of the Exchange Act.</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-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 1in">(bb)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The Company has applied to have the Securities listed for trading on the Nasdaq Global Select Market.</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-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 1in">(cc)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The Company is in material compliance with all applicable provisions of the Sarbanes-Oxley Act of 2002 that are currently
effective and the rules and regulations promulgated in connection therewith. There are no outstanding loans or other extensions
of credit made by the Company to any executive officer (as defined in Rule&nbsp;3b-7 under the Exchange Act) or director of the
Company.</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-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 1in">(dd)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>No consent, approval, authorization or order of, or filing with, any governmental agency or body is required for the consummation
of the transactions contemplated by this Agreement in connection with the issuance and sale of the Firm Securities by the Company,
except such as have been obtained or made, or will be obtained or made on or before the First Closing Date, under the Securities
Act and such as may be required by the Nasdaq Global Select Market, the Financial Industry Regulatory Authority Inc. (&ldquo;<B>FINRA</B>&rdquo;)
or under state securities laws or the laws of any foreign jurisdiction. No consent, approval, authorization or order of, or filing
with, any governmental agency or body is required for the consummation of the transactions contemplated by this Agreement in connection
with the issuance and sale of the Optional Securities by the Company, except such as have been obtained or made, or will be obtained
or made on or before any Option Closing Date, under the Securities Act and such as may be required by Nasdaq Global Select Market,
FINRA or under state securities laws or the laws of any foreign jurisdiction.</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-align: justify; text-indent: 1in">(ee)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The
execution, delivery and performance of this Agreement, the issuance and sale of the Securities and the issuance of the shares
of Common Stock to be issued upon conversion of the Securities will not result in a breach or violation of any of the
terms and provisions of, or constitute a default under: (i)&nbsp;any statute, any rule, regulation or order of any
governmental agency or body or any court, domestic or foreign, having jurisdiction over the Company, except in the case of
this clause (i) for such breaches, violations or defaults which would not, individually or in the aggregate, reasonably be
expected to have a Material Adverse Effect; (ii)&nbsp;any agreement or instrument to which the Company is a party or by which
the Company is bound, except in the case of this clause (ii) for such breaches, violations or defaults which would not,
individually or in the aggregate, reasonably be expected to have a Material Adverse Effect; or (iii)&nbsp;the charter or
bylaws of the Company, and the Company has full power and authority to authorize, issue and sell
the Securities as contemplated by this Agreement and to authorize and issue the shares of Common Stock to be issued upon conversion
of the Securities.</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-align: justify; text-indent: 1in"></P>

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<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-align: justify; text-indent: 1in">(ff)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>No labor dispute with the employees of the Company or the Subsidiaries exists or, to the knowledge of the Company, is imminent,
that would reasonably be expected to have a Material Adverse Effect.</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-align: justify; text-indent: 1in">(gg)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The Company or the Subsidiaries own or possess the right to use any trademarks, trade names, patent rights, copyrights,
domain names, licenses, approvals, trade secrets, inventions, technology, know-how and other similar rights (collectively, &ldquo;<B>Intellectual
Property Rights</B>&rdquo;) that would reasonably be deemed necessary or material to conduct its business as now conducted and
as described in the Time of Sale Disclosure Package and the Prospectus.&nbsp;There is no pending or, to the knowledge of the Company,
threatened action, suit, proceeding, or claim by others challenging the rights of the Company or any of the Subsidiaries in or
to any Intellectual Property Rights.&nbsp;There is no pending, or to the Company&rsquo;s knowledge, threatened action, suit, proceeding,
or claim by others that the Company&rsquo;s or any Subsidiaries&rsquo; use of the Intellectual Property Rights infringes, misappropriates
or otherwise violates any intellectual property rights of others.</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-align: justify; text-indent: 1in">(hh)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Except as would not reasonably be expected to have a Material Adverse Effect, neither the Company nor any of its Subsidiaries
has breached and is currently in breach of any provision of any license, contract or other agreement governing the use by the Company
or its Subsidiaries of Intellectual Property Rights owned by third parties (collectively, the &ldquo;<B>Licenses</B>&rdquo;) and,
except as described in the Time of Sale Disclosure Package and the Prospectus, no third party has alleged any such breach and the
Company is unaware of any facts that would form a reasonable basis for such a claim.&nbsp;Each of the Licenses is in full force
and effect and constitutes a valid and binding agreement between the parties thereto, enforceable in accordance with its terms,
and there has not occurred any breach or default under any such Licenses or any event that with the giving of notice or lapse of
time would constitute a breach or default thereunder.&nbsp;Except as would not reasonably be expected to have a Material Adverse
Effect, neither the Company nor any of its Subsidiaries has been and is currently involved in any disputes regarding the Licenses.
Except as would not reasonably be expected to have a Material Adverse Effect, the Company and the Subsidiaries own or have a valid
right to access and use all computer systems, networks, hardware, software, databases, websites, and equipment used to process,
store, maintain and operate data, information, and functions used in connection with the business of the Company and the Subsidiaries
(the &ldquo;<B>Company IT Systems</B>&rdquo;). The Company IT Systems are adequate for, and operate and perform in all material
respects as required in connection with, the operation of the business of the Company and the Subsidiaries as currently conducted,
except as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. The Company and
the Subsidiaries have implemented commercially reasonable backup, security and disaster recovery technology, and to the Company&rsquo;s
knowledge there have been no breaches, violations, outages or unauthorized uses of or accesses to the Company IT Systems and data
(including all personal, personally identifiable, sensitive, confidential or regulated data), nor any incidents under internal
review or investigations relating to the same.</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-align: justify; text-indent: 1in"></P>

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<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-align: justify; text-indent: 1in">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The Company is organized and has operated in conformity with the requirements for qualification as a real estate investment
trust (a &ldquo;<B>REIT</B>&rdquo;) under the Internal Revenue Code of 1986, as amended (the &ldquo;<B>Code</B>&rdquo;); the Company
qualified as a REIT for the taxable years ended December 31, 2004 through December 31, 2018 and the present and contemplated method
of operation of the Company and the Subsidiaries will enable the Company to meet the requirements for qualification and taxation
as a REIT under the Code for its tax year ending December 31, 2019 and subsequent taxable years; the Company intends to continue
to qualify as a REIT until the Board of Directors of the Company determines that it is no longer in the best interests of the Company
to continue to qualify as a REIT and neither the Company nor any of the Subsidiaries has taken any action that would reasonably
be expected to cause the Company to fail to qualify as a REIT under the Code at any time.</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-align: justify; text-indent: 1in">(jj)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The description of the Company&rsquo;s organization and actual and proposed method of operation and its qualification and
taxation as a REIT set forth in the Registration Statement, the Time of Sale Disclosure Package and the Prospectus is accurate
and presents fairly the matters referred to therein in all material respects; the Company&rsquo;s operating policies and investment
guidelines described in the Registration Statement, the Time of Sale Disclosure Package and the Prospectus accurately reflect in
all material respects the current intentions of the Company with respect to the operation of its business, and no material deviation
from such guidelines or policies is currently contemplated.</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-align: justify; text-indent: 1in">(kk)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>There
are no relationships or related-party transactions involving the Company or any Subsidiary or any other person required by the
Securities Act to be described in the Time of Sale Disclosure Package and the Prospectus that have not been so described.</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-align: justify; text-indent: 1in">(ll)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Except
as would not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect,
(i)&nbsp;neither the Company nor any of its Subsidiaries is in violation of any federal, state, local or foreign law or
regulation relating to pollution or protection of human health or the environment (including, without limitation, ambient
air, surface water, groundwater, land surface or subsurface strata) or wildlife, including without limitation, laws and
regulations relating to emissions, discharges, releases or threatened releases of chemicals, pollutants, contaminants,
wastes, toxic substances, hazardous substances, petroleum and petroleum products (collectively, &ldquo;<B>Materials of
Environmental Concern</B>&rdquo;), or otherwise relating to the manufacture, processing, distribution, use, treatment,
storage, disposal, transport or handling of Materials of Environmental Concern (collectively, &ldquo;<B>Environmental
Laws</B>&rdquo;), which violation includes, but is not limited to, noncompliance with any permits or other governmental
authorizations required for the operation of the business of the Company under applicable Environmental Laws,
or noncompliance with the terms and conditions thereof, nor has the Company or any of its Subsidiaries received any written
communication, whether from a governmental authority, citizens group, employee or otherwise, that alleges that the Company or
any of its Subsidiaries is in violation of any Environmental Law; (ii)&nbsp;there is no claim, action or cause of action
filed with a court or governmental authority, no investigation with respect to which the Company or any of its Subsidiaries
has received written notice, and no written notice by any person or entity alleging potential liability for investigatory
costs, cleanup costs, governmental responses costs, natural resources damages, property damages, personal injuries,
attorneys&rsquo; fees or penalties arising out of, based on or resulting from the presence, or release into the environment,
of any Material of Environmental Concern at any location owned, leased or operated by the Company or any of its Subsidiaries,
now or in the past (collectively, &ldquo;<B>Environmental Claims</B>&rdquo;), pending or, to the knowledge of the Company,
threatened against the Company, any of its Subsidiaries, or any person or entity whose liability for any Environmental Claim
the Company or any of its Subsidiaries has retained or assumed either contractually or by operation of law; and (iii)&nbsp;to
the knowledge of the Company, there are no past or present actions, activities, circumstances, conditions, events or
incidents, including, without limitation, the release, emission, discharge, presence or disposal of any Material of
Environmental Concern, that reasonably could result in a violation of any Environmental Law or form the basis of a potential
Environmental Claim against the Company, any of its Subsidiaries, or against any person or entity whose liability for any
Environmental Claim the Company or any of its Subsidiaries has retained or assumed either contractually or by operation
of law.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(mm)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The Company and the Subsidiaries are in compliance in all material respects with all presently applicable provisions of
the Employee Retirement Income Security Act of 1974, as amended, and the regulations and published interpretations thereunder (collectively,
 &ldquo;<B>ERISA</B>&rdquo;).&nbsp;No &ldquo;reportable event&rdquo; (as defined under ERISA) has occurred or is reasonably expected
to occur with respect to any &ldquo;pension plan&rdquo; (as defined under ERISA) for which the Company or any of the Subsidiaries
would have any material liability.&nbsp;Neither the Company, nor any of the Subsidiaries has incurred or reasonably expects to
incur any liability under (i)&nbsp;Title&nbsp;IV of ERISA with respect to termination of, or withdrawal from, any &ldquo;pension
plan&rdquo; or (ii)&nbsp;Sections&nbsp;412 or 4971 of the Code.&nbsp;Each &ldquo;pension plan&rdquo; for which the Company or any
of the Subsidiaries that is intended to be qualified under Section&nbsp;401(a) of the Code is so qualified and nothing has occurred,
whether by action or failure to act, which would cause the loss of such qualification, the result of which would reasonably be
expected to result in a Material Adverse Effect.</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-align: justify; text-indent: 1in">(nn)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The market data and industry forecasts included in the Registration Statement, the Time of Sale Disclosure Package and the
Prospectus were obtained or derived from industry publications that are and were not at any time under the Company&rsquo;s control
and that the Company reasonably and in good faith believes are reliable and accurate.</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-align: justify; text-indent: 1in">(oo)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>All &ldquo;non-GAAP financial measures&rdquo; (as defined in the Rules and Regulations) included in the Registration Statement,
the Time of Sale Disclosure Package or the Prospectus comply with the requirements of Regulation G and Item 10 of Regulation S-K
under the Rules and Regulations.</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-align: justify; text-indent: 1in">(pp)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>To the knowledge of the Company, no director, officer or other key person of the Company, its Subsidiaries or its affiliates
named in the Time of Sale Disclosure Package, plans to terminate his or her employment with the Company, its Subsidiaries or its
affiliates. None of the directors, officers or other key persons of the Company named in the Time of Sale Disclosure Package is
subject to any noncompete, nondisclosure, confidentiality, employment, consulting or similar agreement that would be violated by
the present or proposed business activities of the Company as described in the Time of Sale Disclosure Package.</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-align: justify; text-indent: 1in">(qq)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The Company has not offered, or caused the Underwriters to offer, the Securities to any person or entity with the intention
of unlawfully influencing a journalist or publication to write or publish favorable information about the Company or any such affiliate.</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-align: justify; text-indent: 1in"></P>

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<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-align: justify; text-indent: 1in">(rr)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Except as described in the Registration Statement, the Time of Sale Disclosure Package, the Prospectus or as contemplated
by this Agreement, there are no (1) claims, payments, arrangements, agreements or understandings relating to the payment of a finder&rsquo;s,
consulting or origination fee or commission or similar payment by the Company of any Underwriter with respect to the sale of the
Securities hereunder or (2) arrangements, agreements or understandings of the Company or any affiliate of the Company that may
affect such Underwriter&rsquo;s compensation, as determined by FINRA.</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-align: justify; text-indent: 1in">(ss)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Except as described in the Registration Statement, the Time of Sale Disclosure Package or the Prospectus, the Company has
not made any direct or indirect payments (in cash, securities or otherwise) to: (i) any FINRA member; or (ii) any person or entity
that has any direct or indirect affiliation or association with any FINRA member within the past twelve months other than payments
to the Underwriters in connection with the Offering.</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-align: justify; text-indent: 1in">(tt)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>To the Company&rsquo;s knowledge, no affiliate of the Company has made a subordinated loan to any member of FINRA.</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-align: justify; text-indent: 1in">(uu)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Except as described in the Registration Statement, the Time of Sale Disclosure Package or the Prospectus, no proceeds from
the sale of the Securities (excluding underwriting compensation) will be paid to any FINRA member participating in the Offering,
or any persons associated or affiliated with a FINRA member participating in the Offering, except as specifically authorized herein.&nbsp;It
is hereby acknowledged that payments to FINRA members solely in connection with bona fide purchase and sale transactions of the
securities in which the Company invests are not covered by this representation.</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-align: justify; text-indent: 1in">(vv)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Except with respect to the Representatives in connection with the Offering, or as described in the Registration Statement,
the Time of Sale Disclosure Package or the Prospectus, the Company has not entered into any agreement or arrangement (including,
without limitation, any consulting agreement or any other type of agreement) during the 180-day period prior to the initial filing
date of the Registration Statement, which arrangement or agreement provides for the receipt of any item of value and/or the transfer
or issuance of any warrants, options or other securities from the Company to a FINRA member, any person associated with a member
(as defined by FINRA rules), any potential underwriters in the Offering and/or any related persons.</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-align: justify; text-indent: 1in">(ww)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Except
for those subsidiaries of the Company listed on <U>Schedule 1(ww)</U> hereto, no Subsidiary of the Company is currently prohibited,
directly or indirectly, from paying any dividends to the Company, from making any other distribution on such Subsidiary&rsquo;s
capital stock, from repaying to the Company any loans or advances to such Subsidiary from the Company or from transferring any
of such Subsidiary&rsquo;s property or assets to the Company or any other Subsidiary of the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Any certificate signed
by an officer of the Company and delivered to the Representatives or to counsel for the Underwriters shall be deemed to be a representation
and warranty by the Company to each Underwriter as to the matters set forth therein.</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-align: justify; text-indent: 1in"></P>

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<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-align: justify; text-indent: 1in">The Company acknowledges
that the Underwriters and, for purposes of the opinions to be delivered pursuant to Section&nbsp;6 hereof, counsel to the Company
and counsel to the Underwriters will rely upon the accuracy and truthfulness of the foregoing representations and hereby consents
to such reliance.</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-align: justify; text-indent: 0.5in">2.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Representations and Warranties of the Underwriters</B>. Each Underwriter severally represents and agrees that:</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: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</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 405 of the Rules and Regulations (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)
required to be filed by the Company with the Commission or retained by the Company under Rule 433 of the Rules and Regulations,
other than (i) any Issuer Free Writing Prospectus or (ii) any other free writing prospectus that the parties hereto shall hereafter
expressly agree in writing to treat as part of the Time of Sale Disclosure Package.</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-align: justify; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>It will retain copies of each free writing prospectus used or referred to by it to the extent required by Rule 433 of the
Rules and Regulations.</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-align: justify; text-indent: 0.5in">3.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Purchase of the Securities by the Underwriters.</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: 0pt 0; text-align: justify; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Subject to the terms and conditions and upon the basis of the representations, warranties and agreements herein set forth,
the Company agrees to issue and sell to the Underwriters, and each of the Underwriters agrees, severally and not jointly, to purchase
at a price of $24.2125 per share the number of Firm Securities set forth opposite such Underwriter&rsquo;s name in Schedule&nbsp;I
attached hereto, subject to adjustment in accordance with Section 8<B>&nbsp;</B>hereof.&nbsp;Each Underwriter agrees, severally
and not jointly, to offer the Firm Securities to the public as set forth in the Prospectus.</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-align: justify; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The Company hereby grants to the Representatives and their designees an option to purchase from the Company all or any portion
of the Optional Securities solely to cover over-allotments for a period of thirty (30) days from the date hereof at the purchase
price per share set forth in Section 3(a) hereof less an amount per share equal to any dividends or distributions declared by the
Company and payable on each share of the Firm Securities but not payable on any of the Optional Securities.&nbsp;Optional Securities
shall be purchased from the Company for the accounts of the several Underwriters in proportion to the number of Firm Securities
set forth opposite such Underwriter&rsquo;s name in Schedule I hereto, except that the respective purchase obligations of each
Underwriter shall be adjusted by the Representatives so that no Underwriter shall be obligated to purchase fractional Optional
Securities.&nbsp;No Optional Securities shall be sold and delivered unless the Firm Securities previously have been, or simultaneously
are, sold and delivered.</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-align: justify; text-indent: 1in"></P>

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<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-align: justify; text-indent: 0.5in">4.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Delivery
of and Payment for Securities.&nbsp;</B>Delivery of certificates for the Firm Securities (or evidence of Securities in book
entry form) to be purchased by the Underwriters from the Company against payments for such securities shall be made through
the facilities of The Depository Trust Company (&ldquo;<B>DTC</B>&rdquo;) or at the offices of Skadden, Arps, Slate, Meagher
 &amp; Flom LLP, Four Times Square, New York, New York 10036 (or such other place as mutually may be agreed upon) at 10:00
a.m., New York City time, on the fifth full Business Day following the date hereof or, if the pricing of the Firm Securities
occurs after 4:30&nbsp;p.m., New York City time, at such time on the fifth full Business Day thereafter, or at such other
date and time as shall be determined by the Representatives and the Company (the &ldquo;<B>First Closing
Date</B>&rdquo;).</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: 1in">The option to purchase
Optional Securities granted in Section&nbsp;3(b) hereof may be exercised during the term thereof by written notice to the Company
from the Representatives.&nbsp;The option may be exercised in whole or part, and if in part, the option may be exercised on multiple
occasions.&nbsp;Such notice shall set forth the aggregate number of Optional Securities as to which the option is being exercised
and the time and date, not earlier than either the First Closing Date or the second Business Day after the date on which the option
shall have been exercised nor later than the fifth Business Day after the date of such exercise, as determined by the Representatives,
when the Optional Securities are to be delivered (the &ldquo;<B>Option Closing Date</B>&rdquo;).&nbsp;Delivery and payment for
such Optional Securities is to be at the offices set forth above for delivery and payment of the Firm Securities.&nbsp;(The First
Closing Date and the Option Closing Date are herein individually referred to as the &ldquo;<B>Closing Date</B>&rdquo; and collectively
referred to as the &ldquo;<B>Closing Dates</B>.&rdquo;)</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-align: justify; text-indent: 1in">Delivery of certificates
for the Firm Securities (or evidence of Securities in book entry form) and the Optional Securities (or evidence of Securities in
book entry form) shall be made through the facilities of DTC by or on behalf of the Company to the Representatives, for the respective
accounts of the Underwriters, against payment by the Representatives, for the several accounts of the Underwriters, of the purchase
price therefor by wire transfer of immediately available funds to a bank account designated by the Company.&nbsp;The certificates
for the Firm Securities and the Optional Securities shall be registered in such names and denominations as the Representatives
shall have requested at least one full Business Day prior to the applicable Closing Date and shall be made available for checking
and packaging at a location in New York, New York as may be designated by the Representatives at least one full Business Day prior
to such Closing Date.&nbsp;Time shall be of the essence and delivery at the time and place specified in this Agreement is a further
condition to the obligations of each Underwriter.</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-align: justify; text-indent: 0.5in">5.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Covenants of the Company.&nbsp;</B>The Company covenants and agrees with each Underwriter as follows:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>During such period beginning on the Time of Sale and ending on the later of the Closing Date or such date, as in the opinion
of counsel for the Underwriters, the Prospectus is no longer required by law to be delivered in connection with sales as contemplated
by this Agreement by an Underwriter or dealer, including in circumstances where such requirement may be satisfied pursuant to Rule
172 of the Rules and Regulations (the &ldquo;<B>Prospectus Delivery Period</B>&rdquo;), prior to amending or supplementing the
Registration Statement, the Time of Sale Disclosure Package or the Prospectus, the Company shall furnish to the Representatives
for review a copy of each such proposed amendment or supplement, and the Company shall not file any such proposed amendment or
supplement to which the Representatives reasonably object.</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-align: justify; text-indent: 1in"></P>

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<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-align: justify; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>After the date of this Agreement and through the Prospectus Delivery Period, the Company shall promptly advise the Representatives
in writing (i) when the Registration Statement, if not effective at the date and time this Agreement is executed and delivered
to the parties, shall have become effective, (ii) of the receipt of any comments of, or requests for additional or supplemental
information from, the Commission, (iii) of the time and date of any filing of any post-effective amendment to the Registration
Statement or any amendment or supplement to any preliminary prospectus or the Prospectus, (iv) of the time and date that any post-effective
amendment to the Registration Statement becomes effective, (v) of the initiation or threatening of any proceeding pursuant to Section
8A of the Securities Act and (vi) of the issuance by the Commission of any stop order suspending the effectiveness of the Registration
Statement or any post-effective amendment thereto or of any order or notice preventing or suspending the use of the Registration
Statement, any preliminary prospectus or the Prospectus, or of any proceedings to remove, suspend or terminate from listing or
quotation the Common Stock from any securities exchange upon which it is listed (or approved for listing) for trading or included
or designated (or approved for inclusion or designation) for quotation, or of the threatening or initiation of any proceedings
for any of such purposes.&nbsp;The Company shall use its commercially reasonable efforts to prevent the issuance of any such stop
order or prevention or suspension of such use.&nbsp;If the Commission shall enter any such stop order or order or notice of prevention
or suspension at any time, the Company will use its commercially reasonable efforts to obtain the lifting of such order at the
earliest possible moment or will file a new registration statement and use its commercially reasonable efforts to have such new
registration statement declared effective as soon as practicable.&nbsp;Additionally, the Company agrees that it shall comply with
the provisions of Rules 424(b) and 434, as applicable, of the Rules and Regulations, including with respect to the timely filing
of documents thereunder, and will use its commercially reasonable efforts to confirm that any filings made by the Company under
such Rule 424(b) of the Rules and Regulations were received in a timely manner by the Commission.</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-align: justify; text-indent: 1in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(i)
If any event or development shall occur or condition exist as a result of which it is necessary to amend or supplement the
Time of Sale Disclosure Package in order to make the statements therein, in the light of the circumstances under which they
were made or then prevailing, as the case may be, not misleading (in which case the Company agrees to notify the
Representatives of any such event or condition), or if in the reasonable opinion of the Representatives it is otherwise
necessary to amend or supplement the Time of Sale Disclosure Package to comply with law, the Company agrees to promptly
prepare, file with the Commission and furnish to the Underwriters, at its own expense, amendments or supplements to the Time
of Sale Disclosure Package, and to furnish to the Underwriters such number of copies of such amendment or supplement as the
Underwriters may reasonably request, so that the statements in the Time of Sale Disclosure Package as so amended or
supplemented will not be, in the light of the circumstances under which they were made or then prevailing, as the case may
be, misleading or so that the Time of Sale Disclosure Package, as amended or supplemented, will comply with law; (ii) if,
during the Prospectus Delivery Period, any event or development shall occur or condition exist as a result of which it is
necessary to amend or supplement the Registration Statement or the Prospectus in order to make the statements therein, in the
light of the circumstances under which they were made or then prevailing, as the case may be, not misleading (in which case
the Company agrees to notify the Representatives of any such event or condition), or if in the reasonable opinion of the
Representatives it is otherwise necessary to amend or supplement the Registration Statement or the Prospectus to comply with
law, including in connection with the delivery of the Prospectus, the Company agrees to promptly prepare, file with the
Commission (and use its best efforts to have any amendment to the Registration Statement or any new registration statement to
be declared effective) and furnish to the Underwriters, amendments or supplements to the Registration Statement or the
Prospectus, or any new registration statement, and to furnish to the Underwriters such number of copies of such amendment or
supplement as the Underwriters may reasonably request, so that the statements in the Registration Statement or the Prospectus
as so amended or supplemented will not be, in the light of the circumstances under which they were made or then prevailing,
as the case may be, misleading or so that the Registration Statement or the Prospectus, as amended or supplemented, will
comply with law.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The Company agrees that, until the Option Closing Date, unless it obtains the prior written consent of the Representatives,
it will not make any offer relating to the Securities that would constitute an Issuer Free Writing Prospectus or that would otherwise
constitute a &ldquo;free writing prospectus&rdquo; (as defined in Rule 405 of the Rules and Regulations) required to be filed by
the Company with the Commission or retained by the Company under Rule 433 of the Rules and Regulations; provided that the prior
written consent of the Representatives shall be deemed to have been given in respect of any Issuer Free Writing Prospectuses included
in Schedule II attached hereto.&nbsp;Any such free writing prospectus consented to by the Representatives is hereinafter referred
to as a &ldquo;<B>Permitted Free Writing Prospectus</B>.&rdquo;&nbsp;The Company agrees that it (i) has treated and will treat,
as the case may be, each Permitted Free Writing Prospectus as an Issuer Free Writing Prospectus, and (ii) has complied and will
comply, as the case may be, with the requirements of Rules 164 and 433 of the Rules and Regulations applicable to any Permitted
Free Writing Prospectus, including in respect of timely filing with the Commission where required, legending and record keeping.</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-align: justify; text-indent: 1in">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The Company shall furnish to the Underwriters upon request, from time to time and without charge, copies of the Registration
Statement of which three shall be signed and shall include exhibits and all amendments and supplements to any of such Registration
Statement, in each case as soon as available and in such quantities as the Representatives may from time to time reasonably request.</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-align: justify; text-indent: 1in">(f)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The Company shall take or cause to be taken all necessary action and furnish to whomever the Representatives may direct
such information as may be required in qualifying the Securities for sale under the laws of such jurisdictions which the Representatives
shall designate and to continue such qualifications in effect for as long as may be necessary for the distribution of the Securities;
except that in no event shall the Company be obligated in connection therewith to qualify as a foreign corporation, to execute
a general consent for service of process or to subject itself to taxation in respect of doing business in any jurisdiction in which
it is not otherwise so subject.</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-align: justify; text-indent: 1in">(g)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The
Company shall make generally available to its securityholders, in the manner contemplated by Rule&nbsp;158(b) of the Rules
and Regulations, as soon as practicable but in any event not later than 60 days after the end of its fiscal quarter in which
the first anniversary date of the effective date of the Registration Statement occurs, an earning statement which will comply
with Section&nbsp;11(a) of the Securities Act covering a period of at least 12 consecutive months beginning after the
effective date of the Registration Statement.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(h)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The Company will not, without the prior written consent of the Representatives (which consent may be withheld in the Representatives&rsquo;
sole discretion), directly or indirectly, issue, sell, offer, agree to sell, contract or grant any option to sell (including, without
limitation, pursuant to any short sale), pledge, make any short sale of, maintain any short position with respect to, transfer,
establish or maintain an open &ldquo;put equivalent position&rdquo; within the meaning of Rule 16a-1(h) under the Exchange Act,
enter into any swap, derivative transaction or other arrangement (whether such transaction is to be settled by delivery of common
stock, other securities, cash or other consideration) that transfers to another, in whole or in part, any of the economic consequences
of ownership, or otherwise dispose of any shares of Series E Stock or any other preferred securities of the Company (for the avoidance
of doubt, excluding Common Stock), options or warrants to acquire shares thereof, or securities exchangeable or exercisable for
or convertible into shares thereof, or publicly announce an intention to do any of the foregoing, for a period commencing on the
date hereof and continuing through the close of trading on the date 30 days after the date of the Prospectus (the &ldquo;<B>Lock-Up
Period</B>&rdquo;).</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-align: justify; text-indent: 1in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The Company shall maintain, at its expense, a registrar and transfer agent for the Series E Stock.</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-align: justify; text-indent: 1in">(j)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The Company shall apply the net proceeds of the sale of the Securities substantially in the manner specified in the Prospectus
under the heading &ldquo;Use of Proceeds&rdquo;.</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-align: justify; text-indent: 1in">(k)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The Company will furnish to its securityholders annual reports containing financial statements audited by independent public
accountants and quarterly reports containing financial statements and financial information which may be unaudited.&nbsp;During
the period of two years from the date hereof, the Company will furnish to the Representatives and, upon request, to each of the
other Underwriters, copies of each annual report of the Company and each other report furnished by the Company to its securityholders
and will deliver to the Representatives, as soon as they are available, copies of any other reports (financial or otherwise) which
the Company shall publish or otherwise make available to any of its securityholders as such, and as soon as they are available,
copies of any reports and financial statements furnished to or filed with the Commission.</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-align: justify; text-indent: 1in">(l)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The Company will use its commercially reasonable efforts to effect the listing of the Securities on the Nasdaq Global Select
Market within the time period specified in the Prospectus and, thereafter, to maintain such listing on the Nasdaq Global Select
Market or other nationally recognized exchange; provided that, the Company will not be required to comply with this covenant in
the event the Securities are redeemed by the Company or converted in accordance with the Articles Supplementary.</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-align: justify; text-indent: 1in">(m)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Prior
to each Closing Date, the Company will reserve a sufficient number of shares of Common Stock to satisfy the conversion of
the Securities into shares of Common Stock in accordance with the terms of the Articles Supplementary and, for so long as any
shares of Series E Stock are outstanding, the Company will continue to hold in reserve a sufficient number of shares of
Common Stock to satisfy the conversion of such number of shares of Series E Stock into shares of Common Stock in accordance
with the terms of the Articles Supplementary.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(n)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Prior to the First Closing Date, the Company will (i) file the Articles Supplementary with the State Department of Assessments
and Taxation of Maryland, which Articles Supplementary will comply with all applicable requirements of the Maryland General Corporation
Law (the &ldquo;<B>MGCL</B>&rdquo;) and will be in full force and effect on the First Closing Date and the Option Closing Date,
and (ii) register the Series E Stock with the Commission under the Exchange Act.</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-align: justify; text-indent: 1in">(o)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The Company will use its best efforts to enable the Company to meet the requirements to qualify as a REIT under the Code
until the Board of Directors of the Company determines that it is no longer in the best interests of the Company to qualify as
a REIT.</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-align: justify; text-indent: 1in">(p)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Except for activity permitted under Regulation M, the Company will not take, directly or indirectly, any action designed
to or that would constitute or that might reasonably be expected to cause or result in, stabilization or manipulation of the price
of any securities of the Company to facilitate the sale or resale of the Securities.</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-align: justify; text-indent: 1in">(q)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>During the period of five&nbsp;(5) years hereafter, the Company will furnish to the Representatives and, upon request, to
each of the other Underwriters, as soon as practicable after the end of each fiscal year, a copy of its annual report to shareholders
for such year; and the Company will furnish to the Representatives (A) as soon as available, a copy of each report and any definitive
proxy statement of the Company filed with the Commission under the Exchange Act or mailed to shareholders, and (B) from time to
time, such other information concerning the Company as the Representatives may reasonably request.&nbsp;However, so long as the
Company is subject to the reporting requirements of either Section 13 or Section 15(d) of the Exchange Act and is timely filing
reports with the Commission on EDGAR, it is not required to furnish such reports or statements to the Underwriters.</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-align: justify; text-indent: 1in">(r)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The
Company shall pay or cause to be paid (A)&nbsp;all expenses (including stock transfer taxes) incurred in connection with the
delivery to the several Underwriters of the Securities, (B)&nbsp;all fees and expenses (including, without limitation, fees
and expenses of the Company&rsquo;s accountants and counsel) in connection with the preparation, printing, filing, delivery
and shipping of the Registration Statement (including the financial statements therein and all amendments and exhibits
thereto), each preliminary prospectus, the Time of Sale Disclosure Package and the Prospectus as amended or supplemented,
(C)&nbsp;any applicable listing fees, (D)&nbsp;to the extent necessary, the cost of printing certificates representing the
Securities, (E)&nbsp;the cost and charges of any transfer agent or registrar and (F) all other costs and expenses incident to
the performance of its obligations hereunder which are not otherwise provided for in this subsection.&nbsp;The Company, on
the one hand, and the Underwriters, on the other hand, shall be responsible for their own expenses in connection with any
road shows and other presentations undertaken in connection with the Offering (including all travel, hotel and food expenses
for their respective personnel). The Company shall not in any event be liable to any of the Underwriters for loss of
anticipated profits from the transactions covered by this Agreement.&nbsp;The Representatives may deduct, after providing the
Company with an itemized list and supporting documentation of expenses actually incurred, from the net proceeds of the
Offering payable to the Company on the applicable Closing Date the expenses set forth above (which shall be mutually agreed
upon between the Company and the Representatives prior to the applicable Closing Date) to be paid by the Company to the
Underwriters and others.&nbsp;If the Offering is not consummated for any reason whatsoever, other than a breach of this
Agreement by the Underwriters, a default pursuant to Section 8 hereof or a termination of this Agreement pursuant to Section
9(a)(iii), (v), (vi), (vii) or (viii), then the Company shall reimburse the Underwriters in full for their
respective out-of-pocket accountable expenses actually incurred through such date, including, without limitation, fees of
counsel to the Underwriters (up to a maximum of $50,000), less any amounts previously paid.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(s)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">At or prior to the First Closing Date, the Company will prepare
and file a registration statement on Form 8-A with the Commission covering the </FONT>Series E Stock<FONT STYLE="font-family: Times New Roman, Times, Serif">.</FONT></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-align: justify; text-indent: 0.5in">6.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Conditions
of Underwriters&rsquo; Obligations.&nbsp;</B>The respective obligations of the several Underwriters hereunder are subject to the
accuracy, at and as of the date hereof and the First Closing Date (as if made at the First Closing Date) and, with respect to
the Optional Securities, the Option Closing Date (as if made at the Option Closing Date), of the representations and warranties
of the Company contained herein, to the performance by the Company of its obligations hereunder and to the following additional
conditions:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The
Registration Statement shall be effective and remain effective on the date of this Agreement, or such later time and date as the
Representatives shall approve, and all filings required by Rules 424, 430A and 433 of the Rules and Regulations shall have been
timely made; no stop order suspending the effectiveness of the Registration Statement or any amendment thereof shall have been
issued; no proceedings for the issuance of such an order shall have been initiated or threatened; and any request of the Commission
for additional information (to be included in the Registration Statement, the Time of Sale Disclosure Package, the Prospectus,
any Issuer Free Writing Prospectus or otherwise) shall have been complied with to the Representatives&rsquo; satisfaction. The
Prospectus shall have been filed with the Commission in a timely manner in accordance with Section 5(b) hereof.</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-align: justify; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>On each Closing Date, the Representatives shall have received the favorable opinions of (i) Vinson &amp; Elkins L.L.P.,
counsel for the Company, dated as of such Closing Date, in form and substance satisfactory to counsel for the Underwriters, substantially
to the effect set forth in <U>Exhibits A-1</U>, <U>A-2</U> and <U>A-3</U> attached hereto and (ii) Venable LLP, special Maryland
counsel to the Company, dated as of such Closing Date, in form and substance satisfactory to counsel for the Underwriters, substantially
to the effect set forth in <U>Exhibit A-4</U> attached hereto.</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-align: justify; text-indent: 1in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>On each Closing Date, the Representatives shall have received the favorable opinion of Skadden, Arps, Slate, Meagher &amp;
Flom LLP, counsel for the Underwriters, dated as of such Closing Date, in form and substance satisfactory to the Representatives.</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-align: justify; text-indent: 1in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>There
shall have been furnished to the Representatives a certificate of the Company, dated as of each Closing Date and addressed
to the Representatives, signed by the Chief Executive Officer or the President and by the Chief Financial Officer of the
Company to the effect that:</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The representations and warranties of the Company in this Agreement, are true and correct, as if made at and as of such
Closing Date (except to the extent that such representations and warranties speak as of another date, in which case such representations
and warranties shall be true and correct as of such other date);</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The Company has complied with all the agreements and satisfied all the conditions on its part to be performed or satisfied,
in each case with respect to the Offering, at or prior to such Closing Date;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(iii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>No stop order suspending the effectiveness of the Registration Statement has been issued, and no proceedings for that purpose
have been initiated or are pending or, to their knowledge, contemplated by the Commission;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(iv)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Any and all filings required of the Company by Rules 424, 430A, 430B and 430C of the Rules and Regulations have been timely
made;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(v)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The signers of said certificate have carefully examined the Registration Statement and the Time of Sale Disclosure Package
and the Prospectus, and any amendments or supplements thereto, and such documents contain all statements and information required
to be included therein; the Registration Statement or any amendment thereto does not include any untrue statement of a material
fact or omit to state any material fact required to be stated therein or necessary to make the statements therein not misleading;
and the Time of Sale Disclosure Package and the Prospectus or any supplements thereto do not include any untrue statement of a
material fact or omit to state any 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</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(vi)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Since the effective date of the Registration Statement, there has occurred no event required to be set forth in an amendment
to the Registration Statement which has not been so set forth.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>On the date hereof, and on each Closing Date, the Representatives shall have received from Grant Thornton, a letter dated
the date hereof addressed to the Representatives, on behalf of the several Underwriters, in form and substance satisfactory to
the Representatives, containing statements and information of the type ordinarily included in accountants&rsquo; &ldquo;comfort
letters&rdquo; to underwriters, delivered according to Statement of Auditing Standards No. 72 (or any successor bulletin), with
respect to the audited and unaudited financial statements and certain financial information included or incorporated by reference
in the Registration Statement, the Time of Sale Disclosure Package and the Prospectus.</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-align: justify; text-indent: 1in">(f)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Since the date of the Prospectus, there has not been a Material Adverse Effect.</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-align: justify; text-indent: 1in">(g)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Between
the date of this Agreement and the applicable Closing Date, there shall not have occurred any downgrading in the rating of
debt securities or Preferred Stock, if any, of the Company by any &ldquo;nationally recognized statistical rating
organization&rdquo; (as defined in Section 3(a)(62) of the Exchange Act), or any public announcement that any such
organization has under surveillance or review its rating of any debt securities or Preferred Stock of the Company (other than
an announcement with positive implications of a possible upgrading, and no implication of a possible downgrading, of such
rating).</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(h)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>On or before each Closing Date, the Representatives and counsel for the Underwriters shall have received such information,
certificates, agreements, opinions and other documents as they may reasonably require.</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-align: justify; text-indent: 1in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The Securities shall be eligible for clearance and settlement through DTC.</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-align: justify; text-indent: 1in">(j)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>On the First Closing Date, the Common Stock shall be listed on the Nasdaq Global Select Market.</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-align: justify; text-indent: 1in">The Company shall furnish
the Representatives with such conformed copies of such opinions, certificates, letters and other documents as the Representatives
shall reasonably request.&nbsp;If any of the conditions specified in this Section&nbsp;6 shall not have been fulfilled when and
as required by this Agreement, this Agreement and all obligations of the Underwriters hereunder may be canceled at, or at any time
prior to, the First Closing Date or the Option Closing Date, as the case may be, by the Representatives.&nbsp;Any such cancellation
shall be without liability of the Underwriters to the Company.&nbsp;Notice of such cancellation shall be given to the Company in
writing, or by telegraph or telephone and promptly confirmed in writing.</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-align: justify; text-indent: 0.5in">7.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Indemnification and Contribution.</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: 0pt 0; text-align: justify; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The
Company agrees to indemnify, defend and hold harmless each Underwriter and any person who controls any Underwriter within
the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act, and the respective directors, officers,
employees and agents of each Underwriter from and against any loss, expense, liability, damage or claim (including the
reasonable cost of investigation) which, jointly or severally, any such Underwriter or controlling person may incur under the
Securities Act, the Exchange Act or otherwise, insofar as such loss, expense, liability, damage or claim arises out of or is
based upon (A) any untrue statement or alleged untrue statement of a material fact contained in the Registration Statement
(or any amendment thereof), the Preliminary Prospectus, any Issuer Free Writing Prospectus or the Prospectus, (B) any
omission or alleged omission to state a material fact required to be stated in any such Registration Statement, or necessary
to make the statements made therein not misleading, (C) any omission or alleged omission from the Preliminary Prospectus, any
Issuer Free Writing Prospectus or Prospectus of a material fact necessary to make the statements made therein, in the light
of the circumstances under which they were made, not misleading; except in the case of (A), (B) and (C) above for any such
loss, expense, liability, damage or claim that arises out of or is based upon information furnished in writing by any
Underwriter through the Representatives to the Company expressly for use in such Registration Statement, Preliminary
Prospectus, Issuer Free Writing Prospectus or Prospectus, it being understood and agreed that the only such information
consists of the information described as such in Section 12 hereof; and to reimburse the Underwriters or any such director,
officer, employee, agent or controlling person for any legal and other expense reasonably incurred by the Underwriters or any
such director, officer, employee or controlling person in connection with investigating, defending, settling, compromising or
paying any such loss, expense, liability, damage or claim.&nbsp; The indemnity agreement set forth in this Section 7(a)
shall be in addition to any liability which the Company may otherwise have.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Each Underwriter agrees, severally and not jointly, to indemnify, defend and hold harmless the Company, and its respective
directors and officers that signed the Registration Statement, and any person who controls the Company within the meaning of Section
15 of the Securities Act or Section 20 of the Exchange Act, from and against any loss, expense, liability, damage or claim (including
the reasonable cost of investigation) which the Company or any such person may incur under the Securities Act, the Exchange Act
or otherwise, insofar as such loss, expense, liability, damage or claim arises out of or is based upon (A) any untrue statement
or alleged untrue statement of a material fact contained in the Registration Statement (or any amendment thereof), the Preliminary
Prospectus, any Issuer Free Writing Prospectus or Prospectus, (B) any omission or alleged omission to state a material fact required
to be stated in any such Registration Statement, or necessary to make the statements made therein not misleading, or (C) any omission
or alleged omission from the Preliminary Prospectus, any such Issuer Free Writing Prospectus or Prospectus of a material fact necessary
to make the statements made therein, in the light of the circumstances under which they were made, not misleading, but in each
case only insofar as such untrue statement or alleged untrue statement or omission or alleged omission was made in such Registration
Statement, Preliminary Prospectus, Issuer Free Writing Prospectus or Prospectus in reliance upon and in conformity with information
furnished in writing by or on behalf of any Underwriter through the Representatives to the Company expressly for use therein, it
being understood and agreed that the only such information furnished by any Underwriter through the Representatives consists of
the information described as such in Section 12 hereof; and to reimburse the Company or any such director, officer, employee or
controlling person for any legal and other expense reasonably incurred by the Company or any such director, officer, employee or
controlling person in connection with investigating, defending, settling, compromising or paying any such loss, expense, liability,
damage or claim.&nbsp;The indemnity agreement set forth in this Section 7(b) shall be in addition to any liabilities that each
Underwriter may otherwise have.</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-align: justify; text-indent: 1in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Each
indemnified party shall give notice as promptly as reasonably practicable to each indemnifying party of any action commenced
against it in respect of which indemnity may be sought hereunder, but failure to so notify an indemnifying party shall not
relieve such indemnifying party from any liability hereunder to the extent it is not materially prejudiced as a result
thereof and in any event shall not relieve it from any liability which it may have otherwise than on account of this
indemnity agreement.&nbsp;In the case of parties indemnified pursuant to Section 7(a) above, counsel to the indemnified
parties shall be selected by the Representatives, and, in the case of parties indemnified pursuant to Section 7(b) above,
counsel to the indemnified parties shall be selected by the Company.&nbsp;An indemnifying party may participate at its own
expense in the defense of any such action; provided, however, that counsel to the indemnifying party shall not (except with
the consent of the indemnified party) also be counsel to the indemnified party.&nbsp;In no event shall the indemnifying
parties be liable for fees and expenses of more than one counsel (in addition to any local counsel) separate from their own
counsel for all indemnified parties in connection with any one action or separate but similar or related actions in the same
jurisdiction arising out of the same general allegations or circumstances.&nbsp;No indemnifying party shall, without the
prior written consent of the indemnified parties, settle or compromise or consent to the entry of any judgment with respect
to any litigation, or any investigation or proceeding by any governmental agency or body, commenced or threatened, or any
claim whatsoever in respect of which indemnification or contribution could be sought under this Section 7 (whether or not the
indemnified parties are actual or potential parties thereto), unless such settlement, compromise or consent (i) includes
an unconditional release of each indemnified party from all liability arising out of such litigation, investigation,
proceeding or claim and (ii) does not include a statement as to or an admission of fault, culpability or a failure to act by
or on behalf of any indemnified party.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>If the indemnification provided for in this Section 7 is unavailable or insufficient to hold harmless an indemnified party
under subsections (a) and (b) of this Section 7 in respect of any losses, expenses, liabilities, damages or claims referred to
therein, then each applicable indemnifying party, in lieu of indemnifying such indemnified party, shall contribute to the amount
paid or payable by such indemnified party as a result of such losses, expenses, liabilities, damages or claims (i) 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
hand, from the Offering or (ii) if (but only if) the allocation provided by clause (i) above is not permitted by applicable law,
in such proportion as is appropriate to reflect not only the relative benefits referred to in clause (i) above but also the relative
fault of the Company, on the one hand, and of the Underwriters, on the other hand, in connection with the statements or omissions
which resulted in such losses, expenses, liabilities, damages or claims, as well as any other relevant equitable considerations.&nbsp;The
relative benefits received by the Company, on the one hand, and the Underwriters, on the other hand, shall be deemed to be in the
same respective proportion as (i) the total net proceeds (before deducting expenses) received by the Company from the sale of the
Securities pursuant to this Agreement and (ii) the difference between (x) the aggregate price to the public received by the Underwriters
from the sale of the Securities and (y) the aggregate price paid by the Underwriters to the Company for the Securities purchased
pursuant to this Agreement, bear to the aggregate price to the public received by the Underwriters from the sale of the Securities
pursuant to this Agreement. The relative fault of the Company, on the one hand, and of the Underwriters, on the other hand, shall
be determined by reference to, among other things, whether the untrue statement or alleged untrue statement of a material fact
or omission or alleged omission relates to information supplied by the Company, on the one hand, or by the Underwriters, on the
other hand, and the parties&rsquo; relative intent, knowledge, access to information and opportunity to correct or prevent such
statement or omission.&nbsp; The amount paid or payable by a party as a result of the losses, claims, damages and liabilities referred
to above shall be deemed to include any legal or other fees or expenses reasonably incurred by such party in connection with investigating
or defending any claim or action.</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-align: justify; text-indent: 1in">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The
Company, on the one hand, and the Underwriters, on the other hand, agree that it would not be just and equitable if
contribution pursuant to this Section 7 were determined by pro rata allocation (even if the Underwriters were treated as one
entity for such purpose) or by any other method of allocation which does not take account of the equitable considerations
referred to in subsection (d)(i) and, if applicable (ii), above.&nbsp; Notwithstanding the provisions of this Section 7, no
Underwriter shall be required to contribute any amount in excess of the aggregate difference between (x) the aggregate price
to the public received by the Underwriter from the sale of the Securities and (y) the aggregate price paid by the Underwriter
to the Company for the Securities purchased by such Underwriter pursuant to this Agreement.&nbsp;No person guilty of
fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution
from any person who was not guilty of such fraudulent misrepresentation.&nbsp; The Underwriters&rsquo; obligations to
contribute pursuant to this Section 7 are several in proportion to their respective underwriting commitments and not
joint.&nbsp; For purposes of this Section 7, each person, if any, who controls an Underwriter within the meaning of Section
15 of the Securities Act or Section 20 of the Exchange Act and such Underwriters&rsquo; directors, officers, employees, and
agents shall have the same rights to contribution as the Underwriters, and each director of the Company, each officer of
the Company, and each person, if any, who controls the Company within the meaning of Section 15 of the Securities Act or
Section 20 of the Exchange Act shall have the same rights to contribution as the Company.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">8.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Substitution of Underwriters.&nbsp;</B>If any Underwriter defaults in its obligation to purchase the number of Securities
which it has agreed to purchase under this Agreement, the non-defaulting Underwriters shall be obligated to purchase (in the respective
proportions which the number of Securities set forth opposite the name of each non-defaulting Underwriter in Schedule&nbsp;I hereto
bears to the total number of Securities set forth opposite the names of all the non-defaulting Underwriters in Schedule&nbsp;I
hereto) the Securities which the defaulting Underwriter agreed but failed to purchase (the &ldquo;<B>Default Securities</B>&rdquo;);
except that the non-defaulting Underwriters shall not be obligated to purchase any of the Securities if the total number of Securities
which the defaulting Underwriter or Underwriters agreed but failed to purchase exceeds 10% of the total number of Firm Securities,
and any non-defaulting Underwriter shall not be obligated to purchase more than 110% of the number of Securities set forth opposite
its name in Schedule&nbsp;I attached hereto purchasable by it pursuant to the terms of Section&nbsp;3 hereof.&nbsp;If the foregoing
maximums are exceeded, (i)&nbsp;the non-defaulting Underwriters, and any other underwriters satisfactory to the Representatives
who so agree, shall have the right, but shall not be obligated, to purchase (in such proportions as may be agreed upon among them)
all the Default Securities on the terms contained herein.&nbsp;If the non-defaulting Underwriters or the other underwriters satisfactory
to the Representatives do not elect to purchase the Default Securities, this Agreement shall terminate without liability on the
part of any non-defaulting Underwriter or the Company except for the payment of expenses to be borne by the Company and the Underwriters
as provided in Section 5 hereof and the indemnity and contribution agreements of the Company and the Underwriters contained in
Section&nbsp;7 hereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Nothing contained herein
shall relieve a defaulting Underwriter of any liability it may have for damages caused by its default.&nbsp;If the other underwriters
satisfactory to the Representatives are obligated or agree to purchase the Securities of a defaulting Underwriter, either the Representatives
or the Company may postpone the First Closing Date for up to five full Business Days in order to effect any changes that may be
necessary in the Registration Statement, the Time of Sale Disclosure Package or the Prospectus or in any other document or agreement,
and to file promptly any amendments or any supplements to the Registration Statement or the Time of Sale Disclosure Package or
the Prospectus which in the Representatives&rsquo; opinion may thereby be made necessary. The term &ldquo;Underwriter&rdquo; as
used in this Agreement shall include any party substituted under this Section 8 with like effect as if it had originally been a
party to this Agreement with respect to the Securities.</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-align: justify; text-indent: 1in"></P>

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<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-align: justify; text-indent: 0.5in">9.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Effective Time and Termination. </B>Until the First Closing Date, this Agreement may be terminated by the Representatives
by giving notice as hereinafter provided to the Company, if (i)&nbsp;the Company shall have failed, refused or been unable, at
or prior to the First Closing Date, to perform any agreement on its part to be performed hereunder unless the failure to perform
any agreement is due to the default or omission by any Underwriter; (ii) any other condition of the obligations of the Underwriters
hereunder is not fulfilled; (iii) trading in securities generally on the New York Stock Exchange (the &ldquo;<B>NYSE</B>&rdquo;)
or Nasdaq Global Select Market shall have been suspended or minimum or maximum prices shall have been established on either of
such exchanges by the Commission or by such exchange or other regulatory body or governmental authority having jurisdiction; (iv)&nbsp;trading
or quotation in any of the Company&rsquo;s securities shall have been suspended or materially limited by the Commission or by the
NYSE or Nasdaq Stock Market or other regulatory body of governmental authority having jurisdiction; (v)&nbsp;a general banking
moratorium has been declared by Federal or New York authorities; (vi)&nbsp;a material disruption in securities settlement, payment
or clearance services in the United States shall have occurred; (vii)&nbsp;there shall have been any material adverse change in
general economic, political or financial conditions or if the effect of international conditions on the financial markets in the
United States which, in the Representatives&rsquo; reasonable judgment, makes it inadvisable to proceed with the delivery of the
Securities; or (viii)&nbsp;any attack on, outbreak or escalation of hostilities, declaration of war or act of terrorism involving
the United States or any other national or international calamity or emergency has occurred if, in the Representatives&rsquo; reasonable
judgment, the effect of any such attack, outbreak, escalation, declaration, act, calamity or emergency makes it impractical or
inadvisable to proceed with the completion of the public offering or the delivery of the Securities.&nbsp;Any termination of this
Agreement pursuant to this Section&nbsp;9 shall be without liability on the part of the Company or any Underwriter, except as otherwise
provided in Sections 5 and 7 hereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Any notice referred to
above may be given at the address of the Company as specified in Section&nbsp;11 hereof in writing or by telegraph or telephone,
and if by telegraph or telephone, shall be promptly confirmed in writing.</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-align: justify; text-indent: 0.5in">10.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Survival of Indemnities, Contribution, Warranties and Representations.&nbsp;</B>All representations, warranties and agreements
of the Company and the Underwriters herein or in certificates delivered pursuant hereto, and the agreements of the several Underwriters
and the Company contained in Section 7 hereof, shall remain operative and in full force and effect regardless of any investigation
made by or on behalf of any Underwriter or any affiliate or selling agent thereof, or any person controlling an Underwriter, any
officers or directors of the Company or any of the Company&rsquo;s officers, directors or controlling persons, and shall survive
delivery of, and payment for, the Securities.</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">11.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Notices.&nbsp;</B>All communications hereunder shall be in writing and shall be deemed to have been duly given if mailed,
hand delivered or transmitted by any standard form of telecommunication to the parties hereto as follows:</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">If to the Representatives:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">Morgan Stanley &amp; Co. LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">1585 Broadway</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">New York, New York 10036</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">Attention: Equity Syndicate Desk, with a copy to Legal
and Compliance Division</P>

<P STYLE="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: 1.5in">J.P. Morgan Securities LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">383 Madison Avenue</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">New York, New York 10179</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">Attention: Investment Grade Syndicate Desk</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">RBC Capital Markets, LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">200 Vesey Street</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">New York, New York 10281</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">Attention: Transaction Management</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">UBS Securities LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">1285 Avenue of the Americas</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">New York, New York 10019</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">Attention: Fixed Income Syndicate</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">with a copy (which shall not constitute notice) to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">Skadden, Arps, Slate, Meagher &amp;
Flom LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">Four Times Square</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">New York, New York 10036</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">Attention: David J. Goldschmidt</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">Fax: (212) 735-2000</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">If to the Company:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">New York Mortgage Trust, Inc.<BR>
90 Park Avenue, 23<SUP>rd</SUP> Floor<BR>
New York, New York 10016<BR>
Attention:&nbsp;&nbsp;Steven R. Mumma, CEO<BR>
Facsimile:&nbsp;&nbsp;(732) 559-8250</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">with a copy (which shall not constitute notice) to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">Vinson &amp; Elkins L.L.P.<BR>
2200 Pennsylvania Avenue NW<BR>
Suite 500 West<BR>
Washington, D.C. 20037-1701<BR>
Attention:&nbsp;&nbsp;Christopher C. Green, Esq.<BR>
Facsimile: (202) 879-8941</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">The Company shall be entitled to act and rely
upon any request, consent, notice or agreement given or made on behalf of the Underwriters by the Representatives.</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; margin: 0pt 0; text-align: justify; text-indent: 0.5in">12.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Information Furnished by Underwriters.&nbsp;</B>The statements set forth under the caption &ldquo;<I>Underwriting</I>&rdquo;,
(a) in paragraph 3 and (b) in paragraph 9, constitute the only written information furnished by or on behalf of any Underwriter
referred to in paragraphs (c), (d) and (e) of Section&nbsp;1 hereof and in paragraphs (a) and (b) of Section&nbsp;7 hereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">13.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Parties.&nbsp;</B>This Agreement is made solely for the benefit of the several Underwriters, the Company, any officer,
director or controlling person referred to in Section&nbsp;7 hereof, and their respective successors and assigns or heirs and legal
representatives, as applicable, and no other person shall acquire or have any right by virtue of this Agreement.&nbsp;The term
 &ldquo;successors and assigns,&rdquo; as used in this Agreement, shall not include any purchaser of any of the Securities from
any of the Underwriters merely by reason of such purchase.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">14.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Recognition of the U.S. Special Resolution Regimes</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: 0pt 0; text-align: justify; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>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; text-align: justify; text-indent: 1in">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>For purposes of this Section 14, a &ldquo;<B>BHC Act Affiliate</B>&rdquo; has the meaning assigned to the term &ldquo;affiliate&rdquo;
in, and shall be interpreted in accordance with, 12 U.S.C. &sect; 1841(k). &ldquo;<B>Covered Entity</B>&rdquo; means any of the
following: (i) a &ldquo;covered entity&rdquo; as that term is defined in, and interpreted in accordance with, 12 C.F.R. &sect;&nbsp;252.82(b);
(ii) a &ldquo;covered bank&rdquo; as that term is defined in, and interpreted in accordance with, 12 C.F.R. &sect;&nbsp;47.3(b);
or (iii) a &ldquo;covered FSI&rdquo; as that term is defined in, and interpreted in accordance with, 12 C.F.R. &sect;&nbsp;382.2(b).
 &ldquo;<B>Default Right</B>&rdquo; has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R.
 &sect;&sect; 252.81, 47.2 or 382.1, as applicable. &ldquo;<B>U.S. Special Resolution Regime</B>&rdquo; means each of (i) the Federal
Deposit Insurance Act and the regulations promulgated thereunder and (ii) Title II of the Dodd-Frank Wall Street Reform and Consumer
Protection Act and the regulations promulgated thereunder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">15.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Definition of &ldquo;Business Day.&rdquo;</B>&nbsp;For purposes of this Agreement, &ldquo;<B>Business Day</B>&rdquo;
means any day on which the Nasdaq Global Select Market is open for trading.</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">16.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Governing Law.</B>&nbsp;This Agreement and any claim, controversy or dispute relating to or arising out of this Agreement
shall be governed by and construed in accordance with the internal law of the State of New York, including Section 5-1401 of the
General Obligations Law, but otherwise without regard to conflict of laws principles.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">17.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Partial Unenforceability.</B>&nbsp;The invalidity or unenforceability of any section, paragraph or provision of this
Agreement shall not affect the validity or enforceability of any other section, paragraph or provision hereof.&nbsp;If any section,
paragraph or provision of this Agreement is for any reason determined to be invalid or unenforceable, there shall be permitted
to be made such minor changes (and only such minor changes) as are necessary to make it valid and enforceable.</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">18.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Absence of Fiduciary Relationship.</B> The Company acknowledges and agrees that:</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: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>the Underwriters have been retained solely to act as underwriters in connection with the sale of the Securities and that
no fiduciary, advisory or agency relationship between the Company, on the one hand, and the Underwriters, on the other hand, has
been created in respect of any of the transactions contemplated by this Agreement, irrespective of whether the Underwriters have
advised or are advising the Company on other matters;</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-align: justify; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>the price of the Securities set forth in this Agreement was established by the Company following discussions and arm&rsquo;s
length negotiations with the Underwriters, and the Company is capable of evaluating and understanding and understands and accepts
the terms, risks and conditions of the transactions contemplated by this Agreement;</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-align: justify; text-indent: 1in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>the Company has been advised that the Underwriters and their affiliates are engaged in a broad range of transactions which
may involve interests that differ from those of the Company, and that the Underwriters have no obligation to disclose such interests
and transactions to the Company by virtue of any fiduciary, advisory or agency relationship; and</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-align: justify; text-indent: 1in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>the Company waives, to the fullest extent permitted by law, any claims it may have against the Underwriters for breach of
fiduciary duty or alleged breach of fiduciary duty and agrees that the Underwriters shall have no liability (whether direct or
indirect) to the Company in respect of such a fiduciary duty claim or to any person asserting a fiduciary duty claim on behalf
of or in right of the Company, including stockholders, employees or creditors of the Company.</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-align: justify; text-indent: 0.5in">19.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>General Provisions.</B>&nbsp;This Agreement constitutes the entire agreement of the parties to this Agreement and supersedes
all prior written or oral and all contemporaneous oral agreements, understandings and negotiations with respect to the subject
matter hereof.&nbsp;This Agreement may be executed in two or more counterparts, each one of which shall be an original, with the
same effect as if the signatures thereto and hereto were upon the same instrument.&nbsp;This Agreement may not be amended or modified
unless in writing by all of the parties hereto, and no condition herein (express or implied) may be waived unless waived in writing
by each party whom the condition is meant to benefit.&nbsp;The section headings herein are for the convenience of the parties only
and shall not affect the construction or interpretation of this Agreement.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">20.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Jury
Trial. </B>The Company (on its behalf and, to the extent permitted by applicable law, on behalf of its stockholders and
affiliates) and each of 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; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">21.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Submission to Jurisdiction</B>. Except as set forth below, no claim may be commenced, prosecuted or continued in any
court other than the courts of the State of New York located in the City and County of New York or in the United States District
Court for the Southern District of New York in New York County, which courts shall have exclusive jurisdiction over the adjudication
of such matters, and the Company consents to the jurisdiction of such courts and personal service with respect thereto. The Company
consents to personal jurisdiction, service and venue in any court in which any claim arising out of or in any way relating to this
Agreement is brought by any third party against any Underwriter or any indemnified party. The Company agrees that a final judgment
in any such action, proceeding or counterclaim brought in any such court shall be conclusive and binding upon the Company and may
be enforced in any other courts to the jurisdiction of which the Company is or may be subject by suit upon such judgment.</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">22.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Compliance with USA Patriot Act</B>. In accordance with the requirements of the USA Patriot Act (Title III of Pub. L.
107-56 (signed into law October 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-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[<I>Signature page follows.</I>]</P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</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; margin: 0pt 0; text-indent: 1in">Please confirm, by signing and returning to
us two (2) counterparts of this Agreement, that the Representatives are acting on behalf of themselves and the several Underwriters
and that the foregoing correctly sets forth the agreement among the Company and the several Underwriters.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"></TD>
    <TD COLSPAN="2" STYLE="padding-left: 10pt; text-indent: -10pt">Very truly yours,</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-left: 10pt; text-indent: -10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-left: 10pt; text-indent: -10pt">NEW YORK MORTGAGE TRUST, INC.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-left: 10pt; text-indent: -10pt"></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-left: 10pt; text-indent: -10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD>By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 10pt; text-indent: -10pt">/s/ Steven R. Mumma</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; width: 50%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 5%; padding-bottom: 1pt">Name:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 45%"> <U STYLE="text-decoration: none">Steven R. Mumma</U></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">Title:</TD>
    <TD STYLE="border-bottom: Black 1pt solid"><U STYLE="text-decoration: none">Chief Executive Officer</U></TD></TR>
</TABLE>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5in; text-indent: 4.3in">&nbsp;</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Confirmed and accepted as of the date first above mentioned:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-left: 10pt; text-indent: -10pt">MORGAN STANLEY &amp; CO. LLC</TD>
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 45%">/s/ Michael Borut</TD>
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; width: 50%; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Name:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">Michael Borut</TD>
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Title: </TD>
    <TD STYLE="border-bottom: Black 1pt solid">Executive Director</TD>
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; padding-bottom: 1pt">&nbsp;</TD></TR>
</TABLE>

<P STYLE="margin: 0"></P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt -1.5in; text-indent: 1.5in">As Representative of the Several Underwriters
named in Schedule I hereto</P>

<P STYLE="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="page-break-before: always; 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">Confirmed and accepted as of the date first above mentioned:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-left: 10pt; text-indent: -10pt">J.P. MORGAN SECURITIES LLC</TD>
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 45%">/s/ Robert Bottamedi</TD>
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; width: 50%; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Name:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">Robert Bottamedi</TD>
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Title:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">Executive Director</TD>
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; padding-bottom: 1pt">&nbsp;</TD></TR>
</TABLE>

<P STYLE="margin: 0"></P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left">As Representative of the Several Underwriters
named in Schedule I hereto</P>

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


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    <DIV STYLE="page-break-before: always; 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">Confirmed and accepted as of the date first above mentioned:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-left: 10pt; text-indent: -10pt">RBC CAPITAL MARKETS, LLC</TD>
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 45%">/s/ Scott G. Primrose</TD>
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; width: 50%; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Name:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">Scott G. Primrose</TD>
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Title:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">Authorized Signatory</TD>
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; padding-bottom: 1pt">&nbsp;</TD></TR>
</TABLE>

<P STYLE="margin: 0"></P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left">As Representative of the Several Underwriters
named in Schedule I hereto</P>

<P STYLE="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="page-break-before: always; 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">Confirmed and accepted as of the date first above mentioned:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-left: 10pt; text-indent: -10pt">UBS SECURITIES LLC</TD>
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%">By:</TD>
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; width: 45%; border-bottom: Black 1pt solid">/s/ Samuel Reinhart</TD>
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; width: 50%; padding-bottom: 1pt">&nbsp;</TD></TR>

<TR STYLE="vertical-align: top">
    <TD>Name:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">Samuel Reinhart</TD>
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Title:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">Managing Director</TD>
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">/s/ John Delgado</TD>
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; padding-bottom: 1pt">&nbsp;</TD></TR>

<TR STYLE="vertical-align: top">
    <TD>Name:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">John Delgado</TD>
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Title:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">Associate Director</TD>
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; padding-bottom: 1pt">&nbsp;</TD></TR>
</TABLE>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As Representative of the Several Underwriters named in Schedule
I hereto</P>

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


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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">Underwriting Agreement
dated October 10, 2019</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</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-size: 10pt; font-weight: bold">Underwriters</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center">Number of Firm<BR>
 Securities to<BR>
 be&nbsp;Purchased</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 76%; font-size: 10pt; text-align: left">Morgan Stanley &amp; Co. LLC</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 22%; font-size: 10pt; text-align: center">1,350,000</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">J.P. Morgan Securities LLC</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">1,350,000</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">RBC Capital Markets, LLC</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">1,350,000</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">UBS Securities LLC</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">1,350,000</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Keefe, Bruyette &amp; Woods, Inc.</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center">600,000</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-bottom: 2.5pt; padding-left: 0.25in">Total</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: center">6,000,000</TD></TR>
</TABLE>

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

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SCHEDULE 1(j)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"></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%; border-bottom: Black 1pt solid">Entity</TD>
    <TD STYLE="width: 50%; border-bottom: Black 1pt solid">Company Ownership</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Kiawah River View Investors LLC</TD>
    <TD>50.00%</TD></TR>
</TABLE>

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

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

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SCHEDULE 1(ww)</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">New York Mortgage Trust 2005-1</TD>
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; width: 50%"></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>New York Mortgage Trust 2005-2</TD>
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>New York Mortgage Trust 2005-3</TD>
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>NYM Preferred Trust I</TD>
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>NYM Preferred Trust II</TD>
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">&nbsp;</TD></TR>
</TABLE>


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

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

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

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

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




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

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

<!-- Field: Page; Sequence: 40 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Issuer General-Use Free Writing Prospectus</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0.5in"><B>Issuer Free Writing
Prospectus Filed<BR>
</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0.5in"><B>Pursuant to Rule 433<BR>
</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0.5in"><B>Relating to the Preliminary Prospectus<BR>
</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0.5in"><B>Supplement, dated
October 10, 2019<BR>
</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0.5in"><B>to Prospectus, dated
August 9, 2018<BR>
</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0.5in"><B>Registration Statement
No. 333-226726<BR>
</B></P>

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-weight: normal">7.875% Series E Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock<BR>
(Liquidation Preference $25.00 Per Share)</FONT></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Final Pricing Term Sheet<BR>
<FONT STYLE="font-weight: normal">October 10, 2019</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 20%"><B>Issuer:</B></TD>
    <TD STYLE="width: 80%">New York Mortgage Trust, Inc.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Securities Offered:</B></TD>
    <TD>7.875% Series E Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Shares Offered:</B></TD>
    <TD>6,000,000 shares</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Over-Allotment Option:</B></TD>
    <TD>900,000 shares</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Trade Date:</B></TD>
    <TD>October 10, 2019</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Settlement and Delivery Date:</B></TD>
    <TD>October 18, 2019 (T + 5)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Public Offering Price:</B></TD>
    <TD STYLE="text-align: justify">$25.00 liquidation preference per share; $150,000,000 in aggregate liquidation preference (assuming the over-allotment option is not exercised)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Underwriting Discount:</B></TD>
    <TD STYLE="text-align: justify">$0.7875 per share; $4,725,000 total (assuming the over-allotment option is not exercised)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Net Proceeds to the Issuer, Before Expenses:</B></TD>
    <TD STYLE="text-align: justify">$24.2125 per share; $145,275,000 total (assuming the over-allotment option is not exercised)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Dividend Rate:</B></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="background-color: white">(i)&nbsp;from and including the original issue date to, but excluding, </FONT>January 15, 2025 (the &ldquo;Fixed Rate Period&rdquo;)<FONT STYLE="background-color: white">, at a fixed rate equal to </FONT>7.875<FONT STYLE="background-color: white">% per annum of the $25.00 per share liquidation preference (equivalent to $</FONT>1.96875 <FONT STYLE="background-color: white">per annum per share) and (ii)&nbsp;from and including </FONT>January 15, 2025 (the &ldquo;Floating Rate Period&rdquo;)<FONT STYLE="background-color: white">, at a floating rate equal to three-month LIBOR as calculated on each dividend determination date plus a spread of </FONT>6.429<FONT STYLE="background-color: white">% per annum of the $</FONT>25.00 <FONT STYLE="background-color: white">per share liquidation preference</FONT></TD></TR>
</TABLE>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 20%"><B>Dividend Payment Date:</B></TD>
    <TD STYLE="width: 80%; text-align: justify">Quarterly cumulative dividends in arrears on the 15th day of each January, April, July and October, when and as authorized and declared, provided that if any dividend payment date is not a business day, then (i) in the Fixed Rate Period, the dividend which would otherwise have been payable on that dividend payment date will instead be paid on the immediately succeeding business day and (ii) in the Floating Rate Period, the dividend payment date will be the immediately succeeding business day. The first dividend is scheduled to be payable on January 15, 2020 (short first dividend period) in the amount of $0.47578 per share and will be paid to the persons who are the holders of record of the Series E Preferred Stock at the close of business on the corresponding record date</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Dividend Record Date:</B></TD>
    <TD STYLE="text-align: justify">The first day of the calendar month (whether or not a business day) in which the applicable payment date falls; the first dividend record date will be January 1, 2020</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Liquidation Preference:</B></TD>
    <TD>$25.00 per share</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Optional Redemption Date:</B></TD>
    <TD>January 15, 2025</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Conversion Rights:</B></TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Share Cap</U>: 8.27815</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>Exchange Cap</U>: Subject to certain adjustments, the aggregate
        number of shares of the Issuer&rsquo;s common stock (or equivalent Alternative Conversion Consideration, as applicable) issuable
        or deliverable, as applicable, in connection with the exercise of the Change of Control Conversion Right will not exceed the product
        of the Share Cap times the aggregate number of shares of the Series E Preferred Stock issued and outstanding at the Change of Control
        Conversion Date (or equivalent Alternative Conversion Consideration, as applicable).</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If the Common Stock Price is less than $3.02 (which is 50% of
        the per share closing price of our common stock reported on the Nasdaq Global Select Market on October 9, 2019), subject to adjustment
        in certain circumstances, the holders of the Series E Preferred Stock will receive a maximum of 8.27815 shares of our common stock
        per share of Series E Preferred Stock.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Proposed Nasdaq Capital Market Listing Symbol:</B></TD>
    <TD>NYMTM</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>CUSIP:</B></TD>
    <TD>649604873</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>ISIN:</B></TD>
    <TD>US6496048736</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

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

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<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: 20%"><B>Joint Book-Running Managers:</B></TD>
    <TD STYLE="width: 80%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Morgan Stanley &amp; Co. LLC</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">J.P. Morgan Securities LLC</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">RBC Capital Markets, LLC</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">UBS Securities LLC</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Keefe, Bruyette &amp; Woods, Inc.</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The issuer has filed a registration statement (including a base
prospectus dated August 9, 2018) and a preliminary prospectus supplement, dated October 10, 2019, with the Securities and Exchange
Commission (the &ldquo;SEC&rdquo;) for the offering to which this communication relates. Before you invest, you should read the
base prospectus in that registration statement and the preliminary prospectus supplement 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&rsquo;s website at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the
offering will arrange to send you the base prospectus and related preliminary prospectus supplement if you request them from Morgan
Stanley&nbsp;&amp; Co. LLC by calling toll-free (800) 584-6837 or by email at prospectus@morganstanley.com, J.P. Morgan Securities
LLC by calling collect (212) 834-4533, RBC Capital Markets, LLC by calling toll-free (866) 375-6829 or UBS Securities LLC by calling
toll-free (888) 827-7275.</P>

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

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<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>3
<FILENAME>tm19198075_ex5-1.htm
<DESCRIPTION>EXHIBIT 5.1
<TEXT>
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<P STYLE="margin: 0; text-align: right"><B>Exhibit 5.1</B></P>

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

<P STYLE="margin: 0"><IMG SRC="tm19198075_img001.jpg" ALT="">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">October 15, 2019</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">90 Park Avenue</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">New York, New York 10016</P>

<P STYLE="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">Re:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Registration Statement on Form S-3
(No. 333-226726)</U></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">We have served as Maryland counsel to New
York Mortgage Trust, Inc., a Maryland corporation (the &ldquo;Company&rdquo;), in connection with certain matters of Maryland law
arising out of the sale and issuance of up to 6,900,000 shares (the &ldquo;Shares&rdquo;) of the Company&rsquo;s 7.875% Series
E Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock, $0.01 par value per share (the &ldquo;Series E Preferred Stock&rdquo;),
including up to 900,000 Shares issuable upon the exercise of an option to purchase additional shares, covered by the above-referenced
Registration Statement and all amendments related thereto (collectively, 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;).</P>

<P STYLE="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: 72.25pt">In connection with our representation
of the Company, and as a basis for the opinion hereinafter set forth, we have examined originals, or copies certified or otherwise
identified to our satisfaction, of the following documents (hereinafter collectively referred to as the &ldquo;Documents&rdquo;):</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">1.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The Registration Statement and the related form of prospectus included therein, in the form in which it was transmitted
to the Commission under the 1933 Act;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The charter of the Company (the &ldquo;Charter&rdquo;), including the Articles Supplementary setting forth the terms of
the Series E Preferred Stock (the &ldquo;Articles Supplementary&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 0pt 0.5in">&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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The Amended and Restated 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 0pt 0.5in">&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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>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 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">5.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Resolutions adopted by the Board of Directors of the Company (the &ldquo;Board&rdquo;) and the Pricing Committee of the
Board (collectively, the &ldquo;Resolutions&rdquo;) authorizing (i) the sale and issuance of the Shares and (ii) the issuance of
the Conversion Shares (as defined below), 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 0pt 0.5in">&nbsp;&nbsp;</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">October 15, 2019</P>

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



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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">6.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The Underwriting Agreement, dated October 10, 2019 (the &ldquo;Underwriting Agreement&rdquo;), by and among the Company
and the several underwriters named in Schedule I thereto, for whom Morgan Stanley &amp; Co. LLC, J.P. Morgan Securities LLC, RBC
Capital Markets, LLC and UBS Securities LLC are acting as representatives;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">7.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>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 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">8.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">In expressing the opinion set forth below,
we have assumed the following:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">1.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Each individual executing any of the Documents, whether on behalf of such individual or another person, is legally competent
to do so.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Each individual executing any of the Documents on behalf of a party (other than the Company) is duly authorized to do so.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>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.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">October 15, 2019</P>

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



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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">5.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The Shares and the Conversion Shares will not be issued or transferred in violation of the restrictions on transfer and
ownership of shares of stock of the Company set forth in Article VII of the Charter or Section 10 of the Articles Supplementary.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">6.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Upon any issuance of the Conversion Shares, the total number of shares of common stock, $0.01 par value per share (the &ldquo;Common
Stock&rdquo;), of the Company, issued and outstanding will not exceed the total number of shares of Common Stock that the Company
is then authorized to issue under the Charter.</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">Based upon the foregoing, and subject to the
assumptions, limitations and qualifications stated herein, it is our opinion that:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company is a corporation duly incorporated and validly existing under 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">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
issuance of the Shares has been duly authorized and, when and if issued and delivered against payment therefor in accordance with
the Resolutions, the Registration Statement and the Underwriting Agreement, the Shares will be validly issued, fully paid and nonassessable.</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">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
shares of Common Stock into which the Shares are convertible (the &ldquo;Conversion Shares&rdquo;) upon conversion of the Shares
in accordance with the Articles Supplementary have been duly authorized and, when and if issued and delivered upon conversion of
the Shares in accordance with the Articles Supplementary, will be validly issued, fully paid and nonassessable.</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 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
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"></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; margin: 0pt 0; text-indent: 1in"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">October 15, 2019</P>

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

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



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">This opinion is being furnished to you for
submission to the Commission as an exhibit to the Company&rsquo;s Current Report on Form 8-K (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.</P>

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

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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 50%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 50%">Very truly yours,</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&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>6
<FILENAME>nymt-20191010_lab.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION LABEL LINKBASE
<TEXT>
<XBRL>
<?xml version="1.0" encoding="US-ASCII" standalone="no"?>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.PRE
<SEQUENCE>7
<FILENAME>nymt-20191010_pre.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE
<TEXT>
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<span style="display: none;">v3.19.3</span><table class="report" border="0" cellspacing="2" id="idp6659024976">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Cover<br></strong></div></th>
<th class="th"><div>Oct. 10, 2019</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ScheduleOfCapitalizationEquityLineItems', window );"><strong>Schedule of Capitalization, Equity [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="top.Show.showAR( this, 'defref_dei_DocumentType', window );">Document Type</a></td>
<td class="text">8-K<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_AmendmentFlag', window );">Amendment Flag</a></td>
<td class="text">false<span></span>
</td>
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<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentPeriodEndDate', window );">Document Period End Date</a></td>
<td class="text">Oct. 10,  2019<span></span>
</td>
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<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_CurrentFiscalYearEndDate', window );">Current Fiscal Year End Date</a></td>
<td class="text">--12-31<span></span>
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</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityFileNumber', window );">Entity File Number</a></td>
<td class="text">001-32216<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityRegistrantName', window );">Entity Registrant Name</a></td>
<td class="text">NEW YORK MORTGAGE TRUST, INC.<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityCentralIndexKey', window );">Entity Central Index Key</a></td>
<td class="text">0001273685<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityTaxIdentificationNumber', window );">Entity Tax Identification Number</a></td>
<td class="text">47-0934168<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityIncorporationStateCountryCode', window );">Entity Incorporation, State or Country Code</a></td>
<td class="text">MD<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressAddressLine1', window );">Entity Address, Address Line One</a></td>
<td class="text">90 Park Avenue<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressCityOrTown', window );">Entity Address, City or Town</a></td>
<td class="text">New York<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressStateOrProvince', window );">Entity Address, State or Province</a></td>
<td class="text">NY<span></span>
</td>
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<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressPostalZipCode', window );">Entity Address, Postal Zip Code</a></td>
<td class="text">10016<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_CityAreaCode', window );">City Area Code</a></td>
<td class="text">212<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LocalPhoneNumber', window );">Local Phone Number</a></td>
<td class="text">792-0107<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_WrittenCommunications', window );">Written Communications</a></td>
<td class="text">false<span></span>
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<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_SolicitingMaterial', window );">Soliciting Material</a></td>
<td class="text">false<span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_PreCommencementTenderOffer', window );">Pre-commencement Tender Offer</a></td>
<td class="text">false<span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_PreCommencementIssuerTenderOffer', window );">Pre-commencement Issuer Tender Offer</a></td>
<td class="text">false<span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityEmergingGrowthCompany', window );">Entity Emerging Growth Company</a></td>
<td class="text">false<span></span>
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<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=us-gaap_CommonStockMember', window );">Common Stock</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="top.Show.showAR( this, 'defref_us-gaap_ScheduleOfCapitalizationEquityLineItems', window );"><strong>Schedule of Capitalization, Equity [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="top.Show.showAR( this, 'defref_dei_Security12bTitle', window );">Title of 12(b) Security</a></td>
<td class="text">Common Stock, par value $0.01 per share<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">NYMT<span></span>
</td>
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<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NASDAQ<span></span>
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<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=nymt_A7.75SeriesBCumulativeRedeemablePreferredStockMember', window );">7.75% Series B Cumulative Redeemable Preferred Stock</a></td>
<td class="text">&#160;<span></span>
</td>
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<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ScheduleOfCapitalizationEquityLineItems', window );"><strong>Schedule of Capitalization, Equity [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="top.Show.showAR( this, 'defref_dei_Security12bTitle', window );">Title of 12(b) Security</a></td>
<td class="text">7.75% Series B Cumulative Redeemable Preferred Stock<span></span>
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<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">NYMTP<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NASDAQ<span></span>
</td>
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<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=nymt_A7.875SeriesCCumulativeRedeemablePreferredStockMember', window );">7.875% Series C Cumulative Redeemable Preferred Stock</a></td>
<td class="text">&#160;<span></span>
</td>
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<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ScheduleOfCapitalizationEquityLineItems', window );"><strong>Schedule of Capitalization, Equity [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="top.Show.showAR( this, 'defref_dei_Security12bTitle', window );">Title of 12(b) Security</a></td>
<td class="text">7.875% Series C Cumulative Redeemable Preferred Stock,<span></span>
</td>
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<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">NYMTO<span></span>
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</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NASDAQ<span></span>
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<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=nymt_A8.000SeriesDFixedtoFloatingRateCumulativeRedeemablePreferredStockMember', window );">8.000% Series D Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock</a></td>
<td class="text">&#160;<span></span>
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<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ScheduleOfCapitalizationEquityLineItems', window );"><strong>Schedule of Capitalization, Equity [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="top.Show.showAR( this, 'defref_dei_Security12bTitle', window );">Title of 12(b) Security</a></td>
<td class="text">8.000% Series D Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock,<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">NYMTN<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NASDAQ<span></span>
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</tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<td style="white-space:nowrap;">dei_AmendmentFlag</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Area code of city</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<td style="white-space:nowrap;">dei_CityAreaCode</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>End date of current fiscal year in the format --MM-DD.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<td style="white-space:nowrap;">dei_CurrentFiscalYearEndDate</td>
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<td>na</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The end date of the period reflected on the cover page if a periodic report. For all other reports and registration statements containing historical data, it is the date up through which that historical data is presented.  If there is no historical data in the report, use the filing date. The format of the date is CCYY-MM-DD.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:dateItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentType">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentType</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:submissionTypeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressAddressLine1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Address Line 1 such as Attn, Building Name, Street Name</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressAddressLine1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressCityOrTown">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Name of the City or Town</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressCityOrTown</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressPostalZipCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Code for the postal or zip code</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressPostalZipCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressStateOrProvince">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Name of the state or province.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressStateOrProvince</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:stateOrProvinceItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCentralIndexKey">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCentralIndexKey</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:centralIndexKeyItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityEmergingGrowthCompany">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate if registrant meets the emerging growth company criteria.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityEmergingGrowthCompany</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityFileNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityFileNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:fileNumberItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityIncorporationStateCountryCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Two-character EDGAR code representing the state or country of incorporation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityIncorporationStateCountryCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:edgarStateCountryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityRegistrantName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityRegistrantName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityTaxIdentificationNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityTaxIdentificationNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:employerIdItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LocalPhoneNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Local phone number for entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LocalPhoneNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_PreCommencementIssuerTenderOffer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 13e<br> -Subsection 4c<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_PreCommencementIssuerTenderOffer</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<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="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 14d<br> -Subsection 2b<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_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="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Title of a 12(b) registered security.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_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="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Name of the Exchange on which a security is registered.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection d1-1<br></p></div>
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    <dei:Security12bTitle contextRef="From2019-10-092019-10-10_custom_A8.000SeriesDFixedtoFloatingRateCumulativeRedeemablePreferredStockMember">8.000% Series D Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock,</dei:Security12bTitle>
    <dei:TradingSymbol contextRef="From2019-10-092019-10-10_custom_A8.000SeriesDFixedtoFloatingRateCumulativeRedeemablePreferredStockMember">NYMTN</dei:TradingSymbol>
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</SEC-DOCUMENT>
