<SEC-DOCUMENT>0001144204-17-044183.txt : 20170818
<SEC-HEADER>0001144204-17-044183.hdr.sgml : 20170818
<ACCEPTANCE-DATETIME>20170818161706
ACCESSION NUMBER:		0001144204-17-044183
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		10
CONFORMED PERIOD OF REPORT:	20170814
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20170818
DATE AS OF CHANGE:		20170818

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Great Ajax Corp.
		CENTRAL INDEX KEY:			0001614806
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				465211780
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-36844
		FILM NUMBER:		171041294

	BUSINESS ADDRESS:	
		STREET 1:		9400 SW BEAVERTON-HILLSDALE HIGHWAY
		STREET 2:		SUITE 131
		CITY:			BEAVERTON
		STATE:			OR
		ZIP:			97005
		BUSINESS PHONE:		503-295-5800

	MAIL ADDRESS:	
		STREET 1:		9400 SW BEAVERTON-HILLSDALE HIGHWAY
		STREET 2:		SUITE 131
		CITY:			BEAVERTON
		STATE:			OR
		ZIP:			97005
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>v473649_8k.htm
<DESCRIPTION>FORM 8-K
<TEXT>
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<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0">&nbsp;</P>

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

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 0; margin-bottom: 0"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>WASHINGTON, D.C. 20549</B></P>

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

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>FORM 8-K</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>TO SECTION 13 OR 15(d) OF THE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>SECURITIES EXCHANGE ACT OF 1934</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">Date of Report (Date of earliest event reported):
August 18, 2017 (August 14, 2017)</P>

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

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-size: 20pt"><B>GREAT AJAX
CORP.</B></FONT></P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 33%; text-align: center"><B>Maryland</B></TD>
    <TD STYLE="width: 34%; text-align: center"><B>001-36844</B></TD>
    <TD STYLE="width: 33%; text-align: center"><B>47-1271842</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">(State or other jurisdiction of <BR>
incorporation)</TD>
    <TD STYLE="text-align: center">(Commission File Number)</TD>
    <TD STYLE="text-align: center">(IRS Employer<BR>
Identification No.)</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>9400 SW Beaverton&mdash;Hillsdale Hwy</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>Suite 131</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>Beaverton, OR 97005</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">(Address of principal executive offices)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">Registrant&rsquo;s telephone number, including
area code:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>503-505-5670</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction
A.2. below):</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings">&uml;</FONT></TD><TD STYLE="text-align: justify">Written communications pursuant to Rule 425 under the Securities
Act (17 CFR 230.425)</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings">&uml;</FONT></TD><TD STYLE="text-align: justify">Soliciting material pursuant to Rule 14a-12 under the Exchange
Act (17 CFR 240.14a-12)</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings">&uml;</FONT></TD><TD STYLE="text-align: justify">Pre-commencement communications pursuant to Rule 14d-2(b)
under the Exchange Act (17 CFR 240.14d-2(b))</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings">&uml;</FONT></TD><TD STYLE="text-align: justify">Pre-commencement communications pursuant to Rule 13e-4(c)
under the Exchange Act (17 CFR 240.13e-4(c))</TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Indicate by check mark whether the registrant is an emerging growth
company as defined in Rule 405 of the Securities Act of 1933 (17 CFR &sect;230.405) or Rule 12b-2 of the Securities Exchange Act
of 1934 (17 CFR &sect;240.12b-2).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Emerging growth company <FONT STYLE="font-family: Wingdings">x</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">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. <FONT STYLE="font-family: Wingdings">x</FONT></P>

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

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

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


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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in; text-align: left"><B>Item 1.01.</B></TD><TD STYLE="text-align: justify"><B>Entry into a Material Definitive Agreement.</B></TD>
</TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 42.85pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 42.85pt; background-color: white">On August 18, 2017,
Great Ajax Corp. (the &ldquo;Company&rdquo;) completed the public offer and sale of $20,500,000 aggregate principal amount of its
7.25% Convertible Senior Notes due 2024 (the &ldquo;Notes&rdquo;) pursuant to a reopening of its existing series of such Notes.
The net proceeds to the Company from the sale of the Notes are approximately $20.5 million (after deduction of underwriting discounts
and commissions but before deduction of expenses).&nbsp;The Company will contribute the net proceeds to Great Ajax Operating Partnership
L.P. (the &ldquo;Operating Partnership&rdquo;) to acquire additional mortgage loans and mortgage-related assets consistent with
the Company&rsquo;s investment strategy and for general corporate purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 42.85pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 42.85pt; background-color: white">In connection with
the offer and sale of the Notes, the Company entered into an underwriting agreement, dated August 14, 2017 (the &ldquo;Underwriting
Agreement&rdquo;), by and among the Company, the Operating Partnership, Thetis Asset Management LLC and Raymond James &amp; Associates,
Inc. and JMP Securities LLC (the &ldquo;Representatives&rdquo;), on behalf of each of the underwriters listed therein (collectively,
the &ldquo;Underwriters&rdquo;). The Underwriting Agreement contains customary representations and warranties of the parties and
indemnification and contribution provisions whereby the Company and the Operating Partnership, on the one hand, and the Underwriters,
on the other hand, have agreed to indemnify each other against certain liabilities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 42.85pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 42.85pt; background-color: white">The Company issued
the Notes under a base indenture, dated April 19, 2017, as supplemented by the first supplemental indenture, dated April 25, 2017
(the &ldquo;Indenture&rdquo;), between the Company and Wilmington Savings Fund Society, FSB, as trustee (the &ldquo;Trustee&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 42.85pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 42.85pt; background-color: white">The Notes bear interest
at a rate of 7.25%&nbsp;per annum, payable quarterly in arrears on January&nbsp;15, April 15, July 15 and October 15 of each year,
beginning on October 15, 2017.&nbsp;The Notes will mature on April 30, 2024, unless earlier converted, redeemed or repurchased.&nbsp;During
certain periods and subject to certain conditions (as described in the Indenture) the Notes will be convertible by the holders
into shares of the Company&rsquo;s common stock. The Notes will have an initial conversion rate of 1.6290 shares of the Company's
common stock per $25.00 principal amount of the notes, subject to adjustment in certain circumstances as set forth in the Indenture.&nbsp;
Upon conversion, holders will receive, at the Company&rsquo;s discretion, cash, shares of the Company&rsquo;s common stock or a
combination thereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 42.85pt; background-color: white">Prior to April 30,
2022, the Notes will not be redeemable.&nbsp;On or after April 30, 2022, holders of the Notes may require the Company to repurchase
the Notes under certain circumstances, and the Company may redeem all or any portion of the Notes, at its option, subject to certain
conditions, at a redemption price payable in cash equal to 100% of the principal amount of the Notes to be redeemed, plus accrued
and unpaid interest to, but excluding, the redemption date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 42.85pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 42.85pt; background-color: white">The Indenture contains
customary terms and covenants, including that upon certain events of default occurring and continuing, either the Trustee or the
holders of not less than 25% in aggregate principal amount of the Notes then outstanding may declare the entire principal amount
of all the Notes, and the interest accrued on such Notes, if any, to be immediately due and payable. In the case of certain events
of bankruptcy, insolvency or reorganization relating to the Company or a principal subsidiary, the principal amount of the Notes
together with any accrued and unpaid interest thereon will automatically be and become immediately due and payable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 42.85pt; background-color: white">&nbsp;</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 42.85pt; background-color: white">The foregoing description
of the Indenture and the Notes does not purport to be complete and is qualified in its entirety by reference to the full text of
the Indenture and&nbsp;the form of Note, copies of which are filed as Exhibits 4.1 and 4.2, respectively, to the Company&rsquo;s
Current Report on Form 8-K filed with the Securities and Exchange Commission on April 25, 2017, and are incorporated herein by
reference.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in; text-align: left"><B>Item 2.03</B></TD><TD STYLE="text-align: justify"><B>Creation of a Direct Financial Obligation or an Obligation
under an Off-Balance Sheet Arrangement of a Registrant.</B></TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 42.85pt; background-color: white; text-align: left">The information set forth in Item&nbsp;1.01
above with respect to the Notes and the Indenture is hereby incorporated by reference into this Item&nbsp;2.03 insofar as it relates
to the creation of a direct financial obligation.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in; text-align: left"><B>Item 8.01</B></TD><TD STYLE="text-align: justify"><B>Other Events.</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 42.85pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 42.85pt; background-color: white">On August 14, 2017,
the Company issued press releases announcing the public offering and pricing of the Notes, respectively. The press releases are
attached hereto as Exhibit 99.1 and Exhibit 99.2, respectively, and are incorporated herein by reference.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in; text-align: left"><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: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 90%; border-collapse: collapse; margin-left: 0.25in">
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="width: 10%; border-bottom: Black 1pt solid; text-align: center"><B>Exhibit</B></TD>
    <TD NOWRAP STYLE="width: 1%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 89%; border-bottom: Black 1pt solid; text-align: center"><B>Description</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">1.1</TD>
    <TD>&nbsp;</TD>
    <TD>Underwriting Agreement, dated August 14, 2017, by and among the Company, the Operating Partnership, Thetis Asset Management LLC and the Representatives on behalf of the Underwriters named therein.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">4.1</TD>
    <TD>&nbsp;</TD>
    <TD>First Supplemental Indenture, dated as of April 25, 2017, by and between the Company and Wilmington Savings Fund Society, FSB, as trustee (incorporated by reference from the Company&rsquo;s Current Report on Form 8-K filed with the Securities and Exchange Commission on April 25, 2017).</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">4.2</TD>
    <TD>&nbsp;</TD>
    <TD>Form of 7.25% Convertible Senior Note (incorporated by reference from the Company&rsquo;s Current Report on Form 8-K filed with the Securities and Exchange Commission on April 25, 2017).</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">5.1</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Opinion of Morrison &amp; Foerster LLP.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">8.1</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Opinion of Morrison &amp; Foerster LLP regarding certain tax matters.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">23.1</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Consent of Morrison &amp; Foerster LLP (included in Exhibit 5.1)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">23.2</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Consent of Morrison &amp; Foerster LLP regarding certain tax matters (included in Exhibit 5.2)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">99.1</TD>
    <TD>&nbsp;</TD>
    <TD>Press Release announcing the public offering of the Notes, dated August 14, 2017.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">99.2</TD>
    <TD>&nbsp;</TD>
    <TD>Press Release announcing the pricing of the Notes, dated August 14, 2017.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Pursuant to the requirements of the Securities
Exchange Act of 1934, the Company 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: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold; text-indent: 0in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-indent: 0in">GREAT AJAX CORP.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; font-weight: bold; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="width: 6%; font-weight: bold; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="width: 44%; font-weight: bold; text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Mary Doyle</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Name:</TD>
    <TD>Mary Doyle</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Title:</TD>
    <TD>Chief Financial Officer</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 3.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Dated: August 18, 2017</P>

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


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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 90%; border-collapse: collapse; margin-left: 0.25in">
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="width: 10%; border-bottom: Black 1pt solid; text-align: center"><B>Exhibit</B></TD>
    <TD NOWRAP STYLE="width: 1%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 89%; border-bottom: Black 1pt solid; text-align: center"><B>Description</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">1.1</TD>
    <TD>&nbsp;</TD>
    <TD>Underwriting Agreement, dated August 14, 2017, by and among the Company, the Operating Partnership, Thetis Asset Management LLC and the Representatives on behalf of the Underwriters named therein.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">4.1</TD>
    <TD>&nbsp;</TD>
    <TD>First Supplemental Indenture, dated as of April 25, 2017, by and between the Company and Wilmington Savings Fund Society, FSB, as trustee (incorporated by reference from the Company&rsquo;s Current Report on Form 8-K filed with the Securities and Exchange Commission on April 25, 2017).</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">4.2</TD>
    <TD>&nbsp;</TD>
    <TD>Form of 7.25% Convertible Senior Note (incorporated by reference from the Company&rsquo;s Current Report on Form 8-K filed with the Securities and Exchange Commission on April 25, 2017).</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">5.1</TD>
    <TD>&nbsp;</TD>
    <TD>Opinion of Morrison &amp; Foerster LLP.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">8.1</TD>
    <TD>&nbsp;</TD>
    <TD>Opinion of Morrison &amp; Foerster LLP regarding certain tax matters.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">23.1</TD>
    <TD>&nbsp;</TD>
    <TD>Consent of Morrison &amp; Foerster LLP (included in Exhibit 5.1)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">23.2</TD>
    <TD>&nbsp;</TD>
    <TD>Consent of Morrison &amp; Foerster LLP regarding certain tax matters (included in Exhibit 5.2)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">99.1</TD>
    <TD>&nbsp;</TD>
    <TD>Press Release announcing the public offering of the Notes, dated August 14, 2017.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">99.2</TD>
    <TD>&nbsp;</TD>
    <TD>Press Release announcing the pricing of the Notes, dated August 14, 2017.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>


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<TYPE>EX-1.1
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<DESCRIPTION>EXHIBIT 1.1
<TEXT>
<HTML>
<HEAD>
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<P STYLE="margin: 0">&nbsp;</P>

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

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">7.25% Convertible Senior Notes due 2024</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">August 14, 2017</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0in">RAYMOND JAMES &amp; ASSOCIATES,
INC.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0in">c/o Raymond James &amp; Associates,
Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0in">880 Carillon Parkway<BR>
St. Petersburg, FL 33716</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0in">600 Montgomery Street</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0in">Suite 1100</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0in">San Francisco, CA 94111</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Great Ajax Corp., a Maryland
corporation (the &ldquo;<B>Company</B>&rdquo;), Great Ajax Operating Partnership LP, a Delaware limited partnership (the &ldquo;<B>Operating
Partnership</B>&rdquo;), and Thetis Asset Management LLC, a Delaware limited liability company (the &ldquo;<B>Manager</B>&rdquo;),
each confirms its agreement with each of the Underwriters listed on <U>Schedule&nbsp;I</U> hereto (collectively, the &ldquo;<B>Underwriters</B>&rdquo;),
for whom Raymond James &amp; Associates, Inc. and JMP Securities LLC are acting as Representatives (in such capacity, the &ldquo;<B>Representatives</B>&rdquo;),
with respect to the issuance and sale by the Company of $20,500,000 principal amount of its 7.25% convertible senior notes due
2024 (the &ldquo;<B>Notes</B>&rdquo;), and the purchase by the Underwriters, acting severally and not jointly, of the respective
principal amount of the Notes set forth opposite the names of each of the Underwriters listed in <U>Schedule I</U> hereto. The
Notes shall be convertible into shares of common stock, $0.01 par value per share, of the Company (the &ldquo;<B>Common Stock</B>&rdquo;),
per $25.00 principal amount of the Notes, as described in the Prospectus, defined below. The shares of Common Stock into which
the Notes may be converted are referred to herein as the &ldquo;<B>Conversion Shares</B>.&rdquo; The Notes and the Conversion Shares
hereinafter are referred to collectively as the &ldquo;<B>Securities</B>.&rdquo; The Notes will be issued pursuant to an indenture
(the &ldquo;<B>Base Indenture</B>&rdquo;) dated as of April 19, 2017 between the Company and Wilmington Savings Fund, FSB, as trustee
(the &ldquo;<B>Trustee</B>&rdquo;), as supplemented by a first supplemental indenture (the &ldquo;<B>First Supplemental Indenture</B>&rdquo;
and, together with the Base Indenture, the &ldquo;<B>Indenture</B>&rdquo;) dated April 25, 2017 between the Company and the Trustee.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Company has previously
issued $87,500,000 aggregate principal amount of its 7.25% Convertible Senior Notes due 2024 (the &ldquo;<B>Existing Notes</B>&rdquo;)
under the Indenture. The Securities constitute &ldquo;Additional Notes&rdquo; (within the meaning of Section 3.02 of the First
Supplemental Indenture) under the Indenture. Except as disclosed in the Registration Statement, the Prospectus and the Disclosure
Package (each as defined below), the Securities will have terms identical to the Existing Notes and will be treated as a single
series of debt securities with the Existing Notes for all purposes under the Indenture.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Company understands
that the Underwriters propose to make a public offering of the Notes as soon as the Underwriters deem advisable after this Underwriting
Agreement (the &ldquo;<B>Agreement</B>&rdquo;) has been executed and delivered.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Company has filed with
the Securities and Exchange Commission (the &ldquo;<B>Commission</B>&rdquo;), a registration statement on Form S-3 (No. 333-209513)
including a related base prospectus, for the registration of the Securities under the Securities Act of 1933, as amended, and the
rules and regulations thereunder (the &ldquo;<B>Securities Act</B>&rdquo;). The registration statement has been declared effective
under the Securities Act by the Commission. Such registration statement, as of any time, means such registration statement as amended
by any post-effective amendments thereto to such time, including the exhibits and any schedules thereto at such time, the documents
incorporated by reference therein at such time pursuant to Item 12 of Form S-3 under the Securities Act and the documents otherwise
deemed to be a part thereof as of such time pursuant to Rule 430B (&ldquo;<B>Rule 430B</B>&rdquo;) under the Securities Act (the
&ldquo;<B>Rule 430B Information</B>&rdquo;), is referred to herein as the &ldquo;<B>Registration Statement</B>;&rdquo; provided,
however, that the &ldquo;Registration Statement&rdquo; without reference to a time means such registration statement as amended
by any post-effective amendments thereto as of the time of the first contract of sale for the Notes, which time shall be considered
the &ldquo;new effective date&rdquo; of such registration statement with respect to the Notes within the meaning of paragraph (f)(2)
of Rule 430B of the Securities Act, including the exhibits and schedules thereto as of such time, the documents incorporated or
deemed incorporated by reference therein at such time pursuant to Item 12 of Form S-3 under the Securities Act and the Rule 430B
Information. Any registration statement filed pursuant to Rule&nbsp;462(b) of the Securities Act is hereinafter called the &ldquo;<B>Rule&nbsp;462(b)
Registration Statement</B>,&rdquo; and after such filing the term &ldquo;Registration Statement&rdquo; shall include the 462(b)
Registration Statement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The base prospectus in
the form in which it has most recently been filed with the Commission on or prior to the date of this Agreement is herein called
the &ldquo;<B>Base Prospectus</B><I>.</I>&rdquo; 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 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><I>.</I>&rdquo; 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 (including the Final Term Sheet, as defined herein) in accordance with the provisions of Rule 430B and Rule 424(b) of the
Securities Act. Such final prospectus supplement (including the Base Prospectus as so supplemented) in the form filed with the
Commission pursuant to Rule 424(b) is herein called the &ldquo;<B>Prospectus</B>.&rdquo; Any reference herein to the Base Prospectus,
any Preliminary Prospectus or the Prospectus shall be deemed to refer to include the documents incorporated by reference therein
pursuant to Item 12 of Form S-3 under the Securities Act as of the date of such prospectus.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">For purposes of this Agreement,
all references to the Registration Statement, the Rule 462(b) 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 or any successor system thereto <B>(</B>&ldquo;<B>EDGAR</B>&rdquo;).
All references in this Agreement to financial statements and schedules and other information which 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 which 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, and the rules and regulations thereunder (the &ldquo;<B>Exchange Act</B>&rdquo;),
and which is deemed to be incorporated by reference therein or otherwise deemed by the Rules and Regulations to be a part thereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The term &ldquo;<B>Disclosure
Package</B>&rdquo; means (i)&nbsp;the Preliminary Prospectus, as most recently amended or supplemented immediately prior to the
Initial Sale Time (as defined herein), (ii)&nbsp;the Issuer Free Writing Prospectuses (as defined below), if any, identified in
<U>Schedule&nbsp;II</U> hereto, (iii)&nbsp;any other Free Writing Prospectus (as defined below) that the parties hereto shall hereafter
expressly agree to treat as part of the Disclosure Package and (iv)&nbsp;the information set forth on <U>Schedule&nbsp;III</U>
(the &ldquo;<B>Final Term Sheet</B>&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The term &ldquo;<B>Issuer
Free Writing Prospectus</B>&rdquo; means any issuer free writing prospectus, as defined in Rule&nbsp;433 of the Securities Act.
The term &ldquo;<B>Free Writing Prospectus</B>&rdquo; means any free writing prospectus, as defined in Rule&nbsp;405 of the Securities
Act.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Notes</B><I>.
</I>Upon the basis of the warranties and representations and other terms and conditions herein set forth, at the purchase price
equal to 99.8% of their principal amount, the Company agrees to issue and sell to the Underwriters the Notes, and each Underwriter
agrees, severally and not jointly, to purchase from the Company the principal amount of the Notes set forth in <U>Schedule&nbsp;I</U>
opposite such Underwriter&rsquo;s name, plus any additional principal amount of the Notes which such Underwriter may become obligated
to purchase pursuant to the provisions of Section 9 hereof, subject in each case, to such adjustments among the Underwriters as
the Representatives in their sole discretion shall make to eliminate any sales or purchases of the Notes in denominations other
than $25.00.</P>

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


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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Notes</B>.
One or more global notes representing the Notes (collectively, the &ldquo;<B>Global Note</B>&rdquo;), shall be delivered by or
on behalf of the Company to the nominee of The Depository Trust Company (&ldquo;<B>DTC</B>&rdquo;) for the respective accounts
of the Underwriters, with any transfer taxes payable in connection with the sale of the Notes duly paid by the Company, against
payment by or on behalf of the Underwriters of the purchase price therefor by wire transfer of Federal (same-day) funds to the
account specified to the Representatives by the Company. The time and date of such delivery and payment shall be 10:00&nbsp;a.m.,
New York City time, at the office of Clifford Chance US LLP, 31 West 52<SUP>nd</SUP> Street, New York, New York 10019 (the &ldquo;<B>Designated
Office</B>&rdquo;), on August 18, 2017, or at such time or place on the same or such other date, not later than the fifth business
day thereafter, as shall be agreed to by the Representatives and the Company. The time and date at which such delivery and payment
are actually made is hereinafter called the &ldquo;<B>Closing Time</B>.&rdquo; The Global Note will be made available for inspection
by the Representatives not later than 1:00 P.M., New York City time, on the business day prior to the Closing Time.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Representations
and Warranties of the Company and the Operating Partnership</B>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Company and the Operating
Partnership, jointly and severally, represent and warrant to the Underwriters as of the date hereof, the Initial Sale Time (as
defined below), as of the Closing Time, and agrees with each Underwriter, that:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Company has the authorized capitalization as set forth in the Registration Statement, the Prospectus and the Disclosure Package
under the section captioned &ldquo;Capitalization&rdquo;; the outstanding shares of capital stock of the Company have been duly
and validly authorized and issued and are fully paid and nonassessable. All of the outstanding shares of capital stock, partnership
interests and membership interests, as the case may be, of the subsidiaries of the Company identified on <U>Schedule IV</U> hereto
(each, a &ldquo;<B>Subsidiary</B>&rdquo;) have been duly authorized and are validly issued, fully paid and nonassessable securities
thereof and, except as disclosed in the Registration Statement, the Prospectus and the Disclosure Package, all of the outstanding
shares of capital stock, partnership interest or membership interests, as the case may be, of the Subsidiaries are directly or
indirectly owned of record and beneficially by the Company; except as disclosed in the Registration Statement, the Prospectus and
the Disclosure Package, there are no outstanding (i)&nbsp;securities or obligations of the Company or any of the Subsidiaries convertible
into or exchangeable for any capital stock of the Company or any such Subsidiary, (ii)&nbsp;warrants, rights or options to subscribe
for or purchase from the Company or any such Subsidiary any such capital stock or any such convertible or exchangeable securities
or obligations, or (iii)&nbsp;obligations of the Company or any such Subsidiary to issue any shares of capital stock, any such
convertible or exchangeable securities or obligation, or any such warrants, rights or options; all issued and outstanding units
of partnership interest in the Operating Partnership (&ldquo;<B>Units</B>&rdquo;) owned by the Company are owned free and clear
of any perfected security interest or any other security interests, claims, liens or encumbrances;</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;each
of the Company and each of the Subsidiaries has been duly incorporated, formed or organized and is validly existing as a corporation,
general or limited partnership or limited liability company in good standing under the laws of its respective jurisdiction of incorporation,
formation or organization with full power and authority to own its respective properties and to conduct its respective businesses
as described in each of the Registration Statement, the Prospectus and the Disclosure Package, and, in the case of the Company
and the Operating Partnership, to execute and deliver the Transaction Documents (as defined below), as applicable, and to consummate
the transactions contemplated therein and to perform the obligations of the Company and the Operating Partnership, as applicable,
under the Amended and Restated Management Agreement, dated October 27, 2015, by and among the Company, the Operating Partnership
and the Manager (the &ldquo;<B>Management Agreement</B>&rdquo;);</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Company and each of the Subsidiaries is duly qualified or licensed and in good standing in each jurisdiction in which it conducts
its businesses or in which it owns or leases real property or otherwise maintains an office and in which the failure, individually
or in the aggregate, to be so qualified or licensed would have a material adverse effect on the assets, business, operations, earnings,
prospects, properties or condition (financial or otherwise) of the Company and the Subsidiaries taken as a whole, (any such effect
or change, where the context so requires, is hereinafter called a &ldquo;<B>Material Adverse Effect</B>&rdquo; or &ldquo;<B>Material
Adverse Change</B>&rdquo;); except as disclosed in the Registration Statement, the Prospectus and the Disclosure Package, no Subsidiary
is prohibited or restricted, directly or indirectly, from paying dividends to the Company, or from making any other distribution
with respect to such Subsidiary&rsquo;s capital stock or from repaying to the Company or any other Subsidiary any amounts which
may from time to time become due under any loans or advances to such Subsidiary from the Company or such other Subsidiary, or from
transferring any such Subsidiary&rsquo;s property or assets to the Company or to any other Subsidiary; other than as disclosed
in the Registration Statement, the Prospectus and the Disclosure Package, the Company and the Operating Partnership do not own,
directly or indirectly, any capital stock or other equity securities of any other corporation or any ownership interest in any
partnership, joint venture or other association;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Company and the Subsidiaries are in compliance in all material respects with all applicable laws, rules, regulations, orders, decrees
and judgments, including those relating to transactions with affiliates;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;neither
the Company nor any Subsidiary is in breach of or in default under (nor has any event occurred which with notice, lapse of time,
or both would constitute a breach of, or default under), (i)&nbsp;its respective charter, bylaws, agreement of limited partnership,
operating agreement or other similar organizational documents (the &ldquo;<B>Organizational Documents</B>&rdquo;), (ii)&nbsp;the
performance or observance of any obligation, agreement, covenant or condition contained in any license, indenture, mortgage, deed
of trust, loan or credit agreement or other agreement or instrument to which the Company or any Subsidiary is a party or by which
any of them or their respective properties is bound, or (iii)&nbsp;any federal, state, local or foreign law, regulation or rule
or any decree, judgment, permit or order (each, a &ldquo;<B>Law</B>&rdquo;) applicable to the Company or any Subsidiary, except,
in the case of clauses (ii) and (iii) above, for such breaches or defaults which would not, individually or in the aggregate, have
a Material Adverse Effect;</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
issuance and sale of the Notes, the execution, delivery and performance of this Agreement, the Indenture and the Notes (collectively,
the &ldquo;<B>Transaction Documents</B>&rdquo;) and the consummation of the transactions contemplated herein and thereunder (including
the issuance of the Conversion Shares upon conversion of the Notes) will not (A)&nbsp;conflict with, or result in any breach of,
or constitute a default under (nor constitute any event which with notice, lapse of time, or both would constitute a breach of,
or default under), (i)&nbsp;any provision of the Organizational Documents of the Company or any Subsidiary, (ii)&nbsp;any provision
of any license, indenture, mortgage, deed of trust, loan or credit agreement or other agreement or instrument to which the Company
or any Subsidiary is a party or by which any of them or their respective properties may be bound or affected, or under any Law
applicable to the Company or any Subsidiary, except in the case of this clause&nbsp;(ii) for such breaches or defaults which would
not, individually or in the aggregate, have a Material Adverse Effect; or (B)&nbsp;result in the creation or imposition of any
lien, charge, claim or encumbrance upon any property or asset of the Company or any Subsidiary;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;this
Agreement and the Management Agreement have been duly authorized, executed and delivered by the Company and the Operating Partnership
and each is a legal, valid and binding agreement of the Company and the Operating Partnership enforceable in accordance with its
terms, except as may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws affecting creditors&rsquo;
rights generally, and by general equitable principles, and except to the extent that the indemnification and contribution provisions
of Section&nbsp;10 hereof may be limited by federal or state securities laws and public policy considerations in respect thereof;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Commission has not issued any order preventing or suspending the use of any Preliminary Prospectus;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)
no approval, authorization, consent or order of or filing with any federal, state, local or foreign governmental or regulatory
commission, board, body, authority or agency is required in connection with the execution, delivery and performance of the Transaction
Documents by the Company or the Operating Partnership, as applicable, their consummation of the transactions contemplated herein
or thereunder (including the Company&rsquo;s sale and delivery of the Notes and the Company&rsquo;s issuance of the Conversion
Shares upon conversion thereof), other than (A)&nbsp;such as have been obtained, or will have been obtained at the Closing Time
under the Securities Act, the Trust Indenture Act (as defined below) and the Exchange Act, (B)&nbsp;such approvals as have been
obtained in connection with the approval of the listing of the Securities on the New York Stock Exchange (the &ldquo;<B>NYSE</B>&rdquo;)
(C) such as have been obtained or made under the rules and regulations of the Financial Industry Regulatory Authority (&ldquo;<B>FINRA</B>&rdquo;)
and (D)&nbsp;any necessary qualification under the securities or blue sky laws of the various jurisdictions in which the Securities
are being offered by the Underwriters;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;each
of the Company and the Subsidiaries has all necessary licenses, authorizations, consents and approvals and has made all necessary
filings required under any Law, and has obtained all necessary authorizations, consents and approvals from other persons, required
in order to conduct their respective businesses as described in the Registration Statement, Prospectus and the Disclosure Package,
except to the extent that any failure to have any such licenses, authorizations, consents or approvals, to make any such filings
or to obtain any such authorizations, consents or approvals would not, individually or in the aggregate, have a Material Adverse
Effect; neither the Company nor any of the Subsidiaries is required by any applicable law to obtain accreditation or certification
from any governmental agency or authority in order to provide the products and services which it currently provides or which it
proposes to provide as set forth in the Registration Statement, Prospectus and the Disclosure Package; neither the Company, nor
any of the Subsidiaries is in violation of, in default under, or has received any notice regarding a possible violation, default
or revocation of any such license, authorization, consent or approval or any federal, state, local or foreign law, regulation or
rule or any decree, order or judgment applicable to the Company or any of the Subsidiaries the effect of which could result in
a Material Adverse Change; and no such license, authorization, consent or approval contains a materially burdensome restriction
that is not adequately disclosed in each of the Registration Statement, the Prospectus and the Disclosure Package;</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Company meets the requirements for use of Form S-3 under the Securities Act; each of the Registration Statement and any Rule&nbsp;462(b)
Registration Statement has become effective under the Securities Act and no stop order suspending the effectiveness of the Registration
Statement or any Rule&nbsp;462(b) Registration Statement has been issued under the Securities Act and no proceedings for that purpose
have been instituted or are pending or, to the knowledge of the Company, are contemplated or threatened by the Commission; and
the Company has complied to the Commission&rsquo;s satisfaction with any request on the part of the Commission for additional information;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(l)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Preliminary Prospectus when filed and the Registration Statement as of each effective date (including each deemed effective date
with respect to the Underwriters pursuant to Rule 430B or otherwise under the Securities Act) and as of the date hereof, complied
or will comply, and the Prospectus and any further amendments or supplements to the Registration Statement, the Preliminary Prospectus
or the Prospectus will, when they become effective or are filed with the Commission, as the case may be, comply, in all material
respects with the requirements of the Securities Act and the Trust Indenture Act of 1939, as amended, and the rules and regulations
of the Commission thereunder (the &ldquo;<B>Trust Indenture Act</B>&rdquo;); the documents incorporated by reference in the Registration
Statement and the Prospectus, when they became effective or at the time they were or hereafter are filed with the Commission, complied
and will comply in all material respects with the requirements of the Exchange Act;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(m)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Registration Statement, as of each effective date (including each deemed effective date with respect to the Underwriters pursuant
to Rule 430B or otherwise under the Securities Act) and as of the date hereof and at the Closing Time, did not, and does not contain
an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the
statements therein not misleading; and the Preliminary Prospectus does not, and the Prospectus or any amendment or supplement thereto
will not, as of the applicable filing date, the date hereof and at the Closing Time contain an untrue statement of a material fact
or omit to state a material fact necessary to make the statements therein, in the light of the circumstances under which they were
made, not misleading; provided, however, that the Company makes no warranty or representation with respect to any statement contained
in or omitted from the Registration Statement, the Preliminary Prospectus or the Prospectus in reliance upon and in conformity
with the information concerning the Underwriters and furnished in writing by or on behalf of the Underwriters by the Representatives
to the Company expressly for use therein (that information being limited to that described in the last sentence of the first paragraph
of Section&nbsp;10(b) hereof); the documents incorporated by reference in the Registration Statement, the Prospectus and the Disclosure
Package, at the time the Registration Statement became effective or when such documents incorporated by reference were filed with
the Commission, as the case may be, when read together with the other information in the Registration Statement, the Prospectus
and the Disclosure Package, as the case may be, did not and will not include an untrue statement of a material fact or omit to
state a material fact required to be stated therein or necessary to make the statements therein not misleading;</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(n)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;as
of 6:30 p.m. (Eastern time) on August 14, 2017 (the &ldquo;<B>Initial Sale Time</B>&rdquo;), the Disclosure Package did not, and
at the time of each sale of Notes and at the Closing Time, the Disclosure Package will not, contain an untrue statement of a material
fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under
which they were made, not misleading; as of the issue date or date of first use and at all subsequent times through the Initial
Sale Time, each Issuer Free Writing Prospectus did not, and at the time of each sale of Notes and at the Closing Time, each such
Issuer Free Writing Prospectus will not, contain an untrue statement of a material fact or omit to state a material fact necessary
in order to make the statements therein, in the light of the circumstances under which they were made, not misleading; provided,
however, that the Company makes no warranty or representation with respect to any statement contained in or omitted from the Disclosure
Package in reliance upon and in conformity with the information concerning the Underwriters and furnished in writing by or on behalf
of the Underwriters by the Representatives to the Company expressly for use therein (that information being limited to that described
in the last sentence of the first paragraph of Section&nbsp;10(b) hereof);</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(o)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;each
Issuer Free Writing Prospectus (including the Final Term Sheet), if any, as of its issue date and at all subsequent times through
the completion of the public offer and sale of the Notes did not, does not and will not include any information that conflicted,
conflicts or will conflict with the information contained in the Registration Statement, Preliminary Prospectus or the Prospectus,
including any document incorporated by reference therein, and any preliminary or other prospectus deemed to be a part thereof that
has not been superseded or modified;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(p)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Company is eligible to use Free Writing Prospectuses in connection with this offering pursuant to Rules 164 and 433 under the Securities
Act; any Free Writing Prospectus that the Company is required to file pursuant to Rule&nbsp;433(d) under the Securities Act has
been, or will be, filed with the Commission in accordance with the requirements of the Securities Act; and each Free Writing Prospectus
that the Company has filed, or is required to file, pursuant to Rule&nbsp;433(d) under the Securities Act or that was prepared
by or on behalf of or used by the Company complies or will comply in all material respects with the requirements of the Securities
Act;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(q)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;except
for the Issuer Free Writing Prospectuses identified in <U>Schedule&nbsp;II</U> and <U>Schedule&nbsp;III</U> hereto, and any electronic
road show relating to the public offering of the Securities contemplated herein, the Company has not prepared, used or referred
to, and will not, without the prior consent of the Representatives, prepare, use or refer to, any Free Writing Prospectus;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(r)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Preliminary Prospectus, the Prospectus and any Issuer Free Writing Prospectuses (to the extent any such Issuer Free Writing Prospectus
was required to be filed with the Commission) delivered to the Underwriters for use in connection with the public offering of the
Securities contemplated herein have been and will be identical to the versions of such documents transmitted to the Commission
for filing via EDGAR, except to the extent permitted by Regulation S-T of the Securities Act;</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(s)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Company filed the Registration Statement with the Commission before using any Issuer Free Writing Prospectus; and each Issuer Free
Writing Prospectus, if any, was preceded or accompanied by the most recent Preliminary Prospectus satisfying the requirements of
Section&nbsp;10 under the Securities Act, which Preliminary Prospectus included an estimated price range;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(t)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;from
September 23, 2014 through the date hereof, the Company has been and is an &ldquo;<B>emerging growth company</B>&rdquo; as defined
in Section&nbsp;2(a)(19) of the Securities Act. The Company (i)&nbsp;has not alone engaged in any Testing-the-Waters Communications
other than Testing-the-Waters Communications with the consent of the Representatives with entities that are qualified institutional
buyers within the meaning of Rule&nbsp;144A under the Securities Act or institutions that are institutional accredited investors
within the meaning of Rule&nbsp;501 under the Securities Act and (ii)&nbsp;has not authorized anyone other than the Representatives
to engage in Testing-the-Waters Communications;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(u)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;there
are no actions, suits, proceedings, inquiries or investigations pending or, to the knowledge of the Company or the Operating Partnership,
threatened against the Company or any Subsidiary or any of their respective officers and directors or to which the properties,
assets or rights of any such entity are subject, at law or in equity, before or by any federal, state, local or foreign governmental
or regulatory commission, board, body, authority, arbitral panel or agency which could result in a judgment, decree, award or order
having a Material Adverse Effect;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
consolidated financial statements, including the notes thereto, included in each of the Registration Statement, the Prospectus
and the Disclosure Package present fairly the consolidated financial position of the Company and its subsidiaries as of the dates
indicated and their consolidated results of operations and changes in financial position and cash flows for the periods specified;
such financial statements have been prepared in conformity with generally accepted accounting principles as applied in the United
States (&ldquo;<B>GAAP</B>&rdquo;) and on a consistent basis during the periods involved and in accordance with Regulation S-X
promulgated by the Commission; the financial statement schedules, if any, included in the Registration Statement fairly present
the information shown therein and have been compiled on a basis consistent with the financial statements included in each of the
Registration Statement, the Prospectus and the Disclosure Package; no other financial statements or supporting schedules are required
to be included in the Registration Statement, the Prospectus or the Disclosure Package; the interactive data in eXtensible Business
Reporting Language incorporated by reference in the Registration Statement, the Disclosure Package and the Prospectus fairly presents
the information called for in all material respects and has been prepared in accordance with the Commission&rsquo;s rules and guidelines
applicable thereto; the Company&rsquo;s ratios of earnings to fixed charges included, or incorporated by reference, in the Registration
Statement, the Disclosure Package and the Prospectus have been calculated in compliance with Item 503(d) of Regulation S-K of the
Commission; all disclosures contained in the Registration Statement, the Disclosure Package or the Prospectus, or incorporated
by reference therein, regarding &ldquo;non-GAAP financial measures&rdquo; (as such term is defined by the rules and regulations
of the Commission) comply with Regulation G of the Exchange Act and Item&nbsp;10 of Regulation S-K of the Securities Act, to the
extent applicable;</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(w)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Moss
Adams LLP, whose reports on the consolidated financial statements of the Company and its subsidiaries are filed with the Commission
as part of each of the Registration Statement, the Prospectus and the Disclosure Package is, and was during the periods covered
by its reports, independent public accountants as required by the Securities Act and the Exchange Act and is registered with the
Public Company Accounting Oversight Board;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(x)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;subsequent
to the respective dates as of which information is given in each of the Registration Statement, the Prospectus and the Disclosure
Package, and except as may be otherwise stated in such documents, there has not been (A)&nbsp;any Material Adverse Change or any
development that could reasonably be expected to result in a Material Adverse Change, whether or not arising in the ordinary course
of business, (B)&nbsp;any transaction that is material to the Company and the Subsidiaries taken as a whole, contemplated or entered
into by the Company or any of the Subsidiaries, (C)&nbsp;any obligation, contingent or otherwise, directly or indirectly incurred
by the Company or any Subsidiary that is material to the Company and the Subsidiaries taken as a whole, or (D)&nbsp;any dividend
or distribution of any kind declared, paid or made by the Company on any class of its capital stock or by the Operating Partnership
on its Units;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(y)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Securities conform in all material respects to the descriptions thereof contained in the Registration Statement, the Prospectus
and the Disclosure Package; this Agreement and the Indenture conform in all material respects to the descriptions thereof contained
in the Registration Statement, the Prospectus and the Disclosure Package;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(z)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;except
as disclosed in the Registration Statement, the Prospectus and the Disclosure Package, there are no persons with registration or
other similar rights to have any equity or debt securities, including securities which are convertible into or exchangeable for
equity securities, registered pursuant to the Registration Statement or otherwise registered by the Company or the Operating Partnership
under the Securities Act, all of which registration or similar rights are fairly summarized in the Registration Statement, the
Prospectus and the Disclosure Package;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(aa)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Indenture has been duly authorized, executed and delivered by the Company and, on the Closing Time, was or will have been (i) duly
qualified under the Trust Indenture Act and (ii) duly executed and delivered by the Company and, assuming due authorization, execution
and delivery thereof by the Trustee, constitutes a legal, valid, and binding instrument of the Company enforceable against the
Company in accordance with its terms, except as may be limited by applicable bankruptcy, reorganization, insolvency, moratorium,
fraudulent conveyance or other similar laws affecting the rights of creditors now or hereafter in effect, and to equitable principles
that may limit the right to specific enforcement of remedies;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(bb)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Notes have been duly and validly authorized for issuance and sale by the Company, and, when issued and delivered to the Underwriters
against payment therefor pursuant to this Agreement and authenticated in accordance with the provisions of the Indenture, will
be entitled to the benefits of the Indenture, will be duly and validly issued and outstanding and will be valid and binding obligations
of the Company, enforceable against the Company in accordance with their terms, except as may be limited by applicable bankruptcy,
reorganization, insolvency, moratorium, fraudulent conveyance or other similar laws affecting the rights of creditors now or hereafter
in effect, and to equitable principles that may limit the right to specific enforcement of remedies;</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(cc)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Conversion Shares have been duly and validly authorized and reserved for issuance by the Company, and, when issued upon conversion
of the Notes in accordance with the terms of the Notes and the Indenture, will be fully paid and nonassessable, and the issuance
of the Conversion Shares will not be subject to any preemptive right, right of first refusal or other similar rights to subscribe
or purchase securities of the Company or any subsidiary of the Company;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(dd)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Common Stock, the Conversion Shares and the Existing Notes have been approved for listing on the NYSE; the Company has taken all
necessary actions to ensure that, upon and at all times since the NYSE shall have approved the Common Stock, the Conversion Shares
and the Existing Notes for listing, it is and will be in compliance with all applicable corporate governance requirements set forth
in the NYSE&rsquo;s listing standards that are then in effect; the Company has taken all necessary actions to ensure that the Notes
will be approved for listing on the NYSE, subject to official notice of issuance, the Company has taken all necessary actions to
ensure that, upon and at all times after the NYSE approves the Notes for listing, the Company is and will be in compliance with
all applicable corporate governance requirements set forth in the NYSE's listing standards that are then in effect;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(ee)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;neither
the Company nor the Subsidiaries, or any of their respective directors, officers, representatives or affiliates has taken, nor
will take, directly or indirectly, any action which is designed to or which has constituted or which might reasonably be expected
to cause or result in stabilization or manipulation of the price of any security of the Company to facilitate the sale or resale
of the Securities or to result in a violation of Regulation&nbsp;M under the Exchange Act;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(ff)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;neither
the Company nor any of the Subsidiaries or any of their respective affiliates (i)&nbsp;is required to register as a &ldquo;broker&rdquo;
or &ldquo;dealer&rdquo; in accordance with the provisions of the Exchange Act, or (ii)&nbsp;directly, or indirectly through one
or more intermediaries, controls or has any other association with any member firm of FINRA;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(gg)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
certificate signed by any officer of the Company or any Subsidiary delivered to the Representatives or to counsel for the Underwriters
pursuant to or in connection with this Agreement shall be deemed a representation and warranty by the Company or the Operating
Partnership to each Underwriter as to the matters covered thereby;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(hh)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
form of certificate used to evidence the Common Stock complies in all material respects with all applicable statutory requirements,
with any applicable requirements of the organizational documents of the Company and the requirements of the NYSE;</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;each
of the Company and the Subsidiaries have good and marketable title in fee simple to all real property, if any, and good title to
all personal property owned by them, in each case free and clear of all liens, security interests, pledges, charges, encumbrances,
mortgages and defects, except such as are disclosed in the Registration Statement, the Prospectus and the Disclosure Package or
such as do not materially and adversely affect the value of such property and do not interfere with the use made or proposed to
be made of such property by the Company and the Subsidiaries; and any real property and buildings held under lease by the Company
or any Subsidiary are held under valid, existing and enforceable leases, with such exceptions as are disclosed in the Registration
Statement, the Prospectus and the Disclosure Package or 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 Subsidiary;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(jj)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
descriptions in each of the Registration Statement, the Prospectus and the Disclosure Package of the legal or governmental proceedings,
contracts, leases and other legal documents therein described present fairly the information required to be shown, and there are
no legal or governmental proceedings, contracts, leases, or other documents of a character required to be described in the Registration
Statement, the Prospectus or the Disclosure Package or to be filed as exhibits to the Registration Statement which are not described
or filed as required; all agreements between the Company or any of the Subsidiaries and third parties expressly referenced in the
Registration Statement, Prospectus and the Disclosure Package are legal, valid and binding obligations of the Company or one or
more of the Subsidiaries, enforceable in accordance with their respective terms, except to the extent enforceability may be limited
by bankruptcy, insolvency, reorganization, moratorium or similar laws affecting creditors&rsquo; rights generally and by general
equitable principles;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(kk)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Company and each Subsidiary owns or possesses adequate licenses or other rights to use all patents, trademarks, service marks,
trade names, copyrights, software and design licenses, trade secrets, manufacturing processes, other intangible property rights
and know-how (collectively &ldquo;<B>Intangibles</B>&rdquo;) necessary to entitle the Company and each Subsidiary to conduct its
business as described in the Registration Statement, the Prospectus and the Disclosure Package, and neither the Company nor any
Subsidiary has received notice of infringement of or conflict with (and neither the Company nor any Subsidiary knows of any such
infringement of or conflict with) asserted rights of others with respect to any Intangibles which would have a Material Adverse
Effect;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(ll)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Company and each of the Subsidiaries have established and maintains disclosure controls and procedures (as such term is defined
in Rule&nbsp;13a-15(e) under the Exchange Act), which (i)&nbsp;are designed to ensure that material information relating to the
Company, including its consolidated subsidiaries, is made known to the Company&rsquo;s principal executive officer and its principal
financial officer by others within those entities, particularly during the periods in which the periodic reports required under
the Exchange Act are being prepared, and (ii)&nbsp;are effective in all material respects to perform the functions for which they
were established;</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(mm)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Company and each of the Subsidiaries maintain effective internal control over financial reporting (as defined under Rules 13a-15
and 15d-15 under the Exchange Act) and a system of internal accounting controls sufficient to provide reasonable assurance that
(i)&nbsp;transactions are executed in accordance with management&rsquo;s general or specific authorizations; (ii)&nbsp;transactions
are recorded as necessary to permit preparation of financial statements in conformity with GAAP and to maintain asset accountability;
(iii)&nbsp;access to assets is permitted only in accordance with management&rsquo;s general or specific authorization; (iv)&nbsp;the
recorded accountability for assets is compared with the 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 Prospectus and the Disclosure Package fairly presents the information called for in all material
respects and is prepared in accordance with the Commission&rsquo;s rules and guidelines applicable thereto; and since the date
of the last audited financial statements of the Company included in the Disclosure Package, the Registration Statement and the
Prospectus, the Company is not aware of (a)&nbsp;any significant deficiency or material weakness in the design or operation of
its internal controls over financial reporting which are reasonably likely to adversely affect the Company&rsquo;s ability to record,
process, summarize and report financial information to management and the Board of Directors, or (b)&nbsp;any fraud, whether or
not material, that involves management or other employees who have a significant role in the Company&rsquo;s internal control over
financial reporting;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(nn)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;each
of the Company and the Subsidiaries maintains insurance (issued by insurers of recognized financial responsibility) of the types
and in the amounts generally deemed adequate for their respective businesses and consistent with insurance coverage maintained
by similar companies in similar businesses, including, but not limited to, insurance covering real and personal property owned
or leased by the Company and the Subsidiaries against theft, damage, destruction, acts of vandalism and all other risks customarily
insured against, all of which insurance is in full force and effect;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(oo)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;except
as would not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect, (i)&nbsp;neither the
Company nor the Subsidiaries is in violation of any federal, state, local or foreign statute, law, rule, regulation, ordinance,
code, policy or rule of common law or any judicial or administrative interpretation thereof, including any judicial or administrative
order, consent, decree or judgment, relating to pollution or protection of human health, 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 the release of chemicals, pollutants, contaminants, wastes, toxic substances, hazardous substances, petroleum
or petroleum products, asbestos-containing materials or mold (collectively, &ldquo;<B>Hazardous Materials</B>&rdquo;) or to the
manufacture, processing, distribution, use, treatment, storage, disposal, transport or handling of Hazardous Materials (collectively,
&ldquo;<B>Environmental Laws</B>&rdquo;), (ii)&nbsp;each of the Company and the Subsidiaries has all permits, authorizations and
approvals required under any applicable Environmental Laws and are each in compliance with their requirements, (iii)&nbsp;there
are no pending or, to the knowledge of the Company or the Operating Partnership, threatened administrative, regulatory or judicial
actions, suits, demands, demand letters, claims, liens, notices of noncompliance or violation, investigations or proceedings relating
to any Environmental Law against the Company or the Subsidiaries, and (iv)&nbsp;to the knowledge of the Company or the Operating
Partnership, there are no events or circumstances that would reasonably be expected to form the basis of an order for clean-up
or remediation, or an action, suit or proceeding by any private party or governmental body or agency, against or affecting the
Company or the Subsidiaries relating to Hazardous Materials or any Environmental Laws;</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(pp)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;neither
the Company nor any Subsidiary is in violation of or has received notice of any violation with respect to any federal or state
law relating to discrimination in the hiring, promotion or pay of employees, nor any applicable federal or state wages and hours
law, nor any state law precluding the denial of credit due to the neighborhood in which a property is situated, the violation of
any of which would have a Material Adverse Effect;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(qq)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Company and each of 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, including the regulations and published interpretations thereunder
(&ldquo;<B>ERISA</B>&rdquo;); no &ldquo;reportable event&rdquo; (as defined in ERISA) has occurred with respect to any &ldquo;pension
plan&rdquo; (as defined in ERISA) for which the Company or any of the Subsidiaries would have any liability; the Company and each
of the Subsidiaries have not incurred and do not expect to incur liability under (i)&nbsp;Title IV of ERISA with respect to termination
of, or withdrawal from, any &ldquo;pension plan&rdquo; or (ii)&nbsp;Section&nbsp;412 or 4971 of the Internal Revenue Code of 1986,
as amended, including the regulations and published interpretations thereunder (&ldquo;<B>Code</B>&rdquo;); and each &ldquo;pension
plan&rdquo; for which the Company and each of its Subsidiaries would have any liability that is intended to be qualified under
Section&nbsp;401(a) of the Code is so qualified in all material respects and nothing has occurred, whether by action or by failure
to act, which would cause the loss of such qualification;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(rr)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;except
as otherwise disclosed in the Registration Statement, the Prospectus and the Disclosure Package, there are no outstanding loans,
extensions of credit or advances or guarantees of indebtedness by the Company or any of the Subsidiaries to or for the benefit
of any of the officers or directors of the Company or any of the Subsidiaries or any of the members of the families of any of them;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(ss)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;all
securities issued by the Company, any of the Subsidiaries or any trusts established by the Company or any Subsidiary, have been
or will be issued and sold in compliance with (i)&nbsp;all applicable federal and state securities laws, and (ii)&nbsp;the laws
of the applicable jurisdiction of incorporation of the issuing entity and, (iii)&nbsp;to the extent applicable to the issuing entity,
the requirements of the NYSE;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(tt)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in
connection with this offering, the Company has not offered and will not offer the Securities or any other securities convertible
into or exchangeable or exercisable for Common Stock in a manner in violation of the Securities Act; and the Company has not distributed
and will not distribute any offering material in connection with the offer and sale of the Securities except for the Preliminary
Prospectus, the Prospectus, any Issuer Free Writing Prospectus or the Registration Statement;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(uu)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;except
for the payments to the Underwriters provided for hereunder, the Company has not incurred any liability for any finder&rsquo;s
fees or similar payments in connection with the transactions herein contemplated;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(vv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;no
relationship, direct or indirect, exists between or among the Company or any of the Subsidiaries on the one hand, and the directors,
officers, stockholders, customers or suppliers of the Company or any of the Subsidiaries on the other hand, which is required by
the Securities Act to be described in the Registration Statement, the Prospectus or the Disclosure Package, which is not so described;</P>



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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(ww)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;neither
the Company nor any of the Subsidiaries is and, after giving effect to the offering and sale of the Notes or the issuance of the
Conversion Shares on conversion of the Notes, will be an &ldquo;investment company&rdquo; or an entity &ldquo;controlled&rdquo;
by an &ldquo;investment company&rdquo;, as such terms are defined in the Investment Company Act of 1940, as amended (the &ldquo;<B>Investment
Company Act</B>&rdquo;);</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(xx)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;neither
the issuance, sale and delivery of the Securities nor the application of the proceeds thereof by the Company as described in the
Prospectus will violate Regulation T, U, or X of the Board of Governors of the Federal Reserve System, as the same in effect on
the Closing Time;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(yy)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;there
are no existing or, to the knowledge of the Company or the Operating Partnership, threatened labor disputes with the employees
of the Company or any of the Subsidiaries which would have, individually or in the aggregate, a Material Adverse Effect; no labor
dispute exists between any officers of the Company or the Operating Partnership (each, a &ldquo;<B>Company-Focused Professional</B>&rdquo;),
on the one hand, and the employer of each such individual on the other hand;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(zz)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;neither
the Company nor the Operating Partnership nor, to the best of the Company&rsquo;s or the Operating Partnership&rsquo;s knowledge,
any employer of any Company-Focused Professional has been notified that any such Company-Focused Professional plans to terminate
his or her employment with his or her employer;&nbsp;neither the Company nor the Operating Partnership nor, to the best of the
Company&rsquo;s knowledge, any Company-Focused Professional 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, the Operating
Partnership or the Manager as described in the Registration Statement, the Prospectus and the Disclosure Package;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(aaa)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;there
is and has been no failure on the part of the Company and the Subsidiaries and any of the officers and directors of the Company
and the Subsidiaries, in their capacities as such, to comply in all material respects with the provisions of the Sarbanes-Oxley
Act of 2002 and the rules and regulations promulgated thereunder and with which the Company is required to comply, including Section&nbsp;402
related to loans and Sections 302 and 906 related to certifications;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(bbb)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;commencing
with its taxable year ended December 31, 2014, the Company has been organized and operated in conformity with the requirements
for qualification and taxation as a real estate investment trust (a &ldquo;<B>REIT</B>&rdquo;) under the Code; the present and
contemplated method of operation of the Company and the Subsidiaries does and will enable the Company to continue to meet the requirements
for qualification and taxation as a REIT under the Code for its taxable year ending December 31, 2017 and thereafter and all statements
regarding the Company&rsquo;s qualification and taxation as a REIT and descriptions of the Company&rsquo;s organization and method
of operation (inasmuch as they relate to the Company&rsquo;s qualification and taxation as a REIT) set forth in the Registration
Statement, the Prospectus and the Disclosure Package are accurate and fair summaries of the legal or tax matters described therein
in all material respects. The Operating Partnership is treated as a partnership and not as an association taxable as a corporation
for U.S. federal income tax purposes;</P>

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


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    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(ccc)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;each
of the Company and the Subsidiaries has timely filed all tax returns required to be filed (except in any case in which the failure
to so file would not result in a Material Adverse Effect)&nbsp;and has paid all taxes required to be paid and any other assessment,
fine or penalty levied against it, to the extent that any of the foregoing would otherwise be delinquent, except, in all cases,
for any such tax, assessment, fine or penalty that is being contested in good faith and except in any case in which the failure
to so pay would not result in a Material Adverse Effect;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(ddd)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;neither
the Company nor any of the Subsidiaries or any officer or director purporting to act on behalf of the Company or any of the Subsidiaries,
nor the Manager or its affiliates acting on behalf of the Company or any of the Subsidiaries, has at any time (i)&nbsp;made any
unlawful contributions to any candidate for political office, or failed to disclose fully any such contributions, in violation
of law, (ii)&nbsp;made any payment to any state, federal or foreign governmental officer or official, or other person charged with
similar public or quasi-public duties, other than payments required or allowed by applicable law, (iii)&nbsp;made any payment outside
the ordinary course of business to any investment officer or loan broker or person charged with similar duties of any entity to
which the Company or any of the Subsidiaries sells or from which the Company or any of the Subsidiaries buys loans or servicing
arrangements for the purpose of influencing such agent, officer, broker or person to buy loans or servicing arrangements from or
sell loans to the Company or any of the Subsidiaries, or (iv)&nbsp;engaged in any transactions, maintained any bank account or
used any corporate funds except for transactions, bank accounts and funds which have been and are reflected in the normally maintained
books and records of the Company and the Subsidiaries; neither the Company nor any of the Subsidiaries or, to the knowledge of
the Company or the Operating Partnership, any director, officer, agent, employee or affiliate of such entities is aware of or has
taken any action, directly or indirectly, that would result in a violation by such persons of the Foreign Corrupt Practices Act
of 1977, as amended, and the rules and regulations thereunder (the &ldquo;<B>FCPA</B>&rdquo;), including, without limitation, making
use of the mails or any means or instrumentality of interstate commerce corruptly in furtherance of an offer, payment, promise
to pay or authorization of the payment of any money, or other property, gift, promise to give, or authorization of the giving of
anything of value to any &ldquo;foreign official&rdquo; (as such term is defined in the FCPA) or any foreign political party or
official thereof or any candidate for foreign political office, in contravention of the FCPA and the Company and the Subsidiaries
and, to the knowledge of the Company and the Operating Partnership, their affiliates have conducted their businesses in compliance
with the FCPA;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(eee)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;neither
the Company nor any of its subsidiaries, nor, to the Company&rsquo;s or the Operating Partnership&rsquo;s knowledge, any of their
affiliates or any director, officer, agent or employee of, or other person associated with or acting on behalf of, the Company
or any of its subsidiaries, has violated the Bank Secrecy Act, as amended, the Uniting and Strengthening of America by Providing
Appropriate Tools Required to Intercept and Obstruct Terrorism Act (USA PATRIOT ACT) of 2001 or the rules and regulations promulgated
under any such law or any successor law;</P>

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


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    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(fff)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;neither
the Company nor the Subsidiaries, nor, to the Company&rsquo;s or the Operating Partnership&rsquo;s knowledge, any employee or agent
of the Company or the Subsidiaries, has made any payment of funds of the Company or the Subsidiaries or received or retained any
funds in violation of any law, rule or regulation, including without limitation the &ldquo;know your customer&rdquo; and anti-money
laundering laws of any jurisdiction (collectively, the &ldquo;<B>Money Laundering Laws</B>&rdquo;) and no action, suit or proceeding
by or before any court or governmental agency, authority or body or any arbitrator involving the Company or the Subsidiaries with
respect to the Money Laundering Laws is pending or, to the knowledge of the Company or the Operating Partnership, threatened; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(ggg)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;neither
the Company nor the Subsidiaries, nor, to the knowledge of the Company or the Operating Partnership, any director, officer, agent,
employee or affiliate of the Company or the Subsidiaries, nor the Manager or its affiliates acting on behalf of the Company or
the Operating Partnership, is currently subject to any U.S. sanctions administered by the United States Government, including,
without limitation, the Office of Foreign Assets Control of the U.S. Department of the Treasury the United Nations Security Council,
the European Union, Her Majesty&rsquo;s Treasury, or other relevant sanctions authority (collectively, &ldquo;<B>Sanctions</B>&rdquo;);
and the Company will not directly or indirectly use the proceeds of the offering of the Notes hereunder, 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 currently subject of Sanctions or in any other manner that will result in a violation by any person
(including any person participating in the transaction, whether as underwriter, advisor, investor or otherwise) of Sanctions. For
the past five years, the Company and its subsidiaries have not knowingly engaged in and are not now knowingly engaged in any dealings
or transactions with any person that at the time of the dealing or transaction is or was the subject or the target of Sanctions
or with any country subject to Sanctions.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Representations
and Warranties of the Manager</B>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Manager represents
and warrants to the Underwriters as of the date hereof, the Initial Sale Time, as of the Closing Time, and agrees with each Underwriter,
that:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;as
of the date of this Agreement, the Manager has no plan or intention to materially alter its investment policy, investment allocation
policy or exclusivity policy with respect to the Company as described in the Registration Statement, the Prospectus or the Disclosure
Package;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Manager has been duly incorporated, formed or organized and is validly existing as a corporation, general or limited partnership
or limited liability company in good standing under the laws of its respective jurisdiction of incorporation, formation or organization
with full power and authority to own its respective properties and to conduct its respective businesses as described in each of
the Registration Statement, the Prospectus and the Disclosure Package, and to execute and deliver this Agreement and to consummate
the transactions contemplated herein;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Manager is duly qualified or licensed and in good standing in each jurisdiction in which it conducts its businesses or in which
it owns or leases real property or otherwise maintains an office and in which the failure, individually or in the aggregate, to
be so qualified or licensed would have a material adverse effect on the assets, business, operations, earnings, prospects, properties
or condition (financial or otherwise) of the Manager (any such effect or change, where the context so requires, is hereinafter
called a &ldquo;<B>Manager Material Adverse Effect</B>&rdquo; or &ldquo;<B>Manager Material Adverse Change</B>&rdquo;);</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Manager is in compliance in all material respects with all applicable laws, rules, regulations, orders, decrees and judgments,
including those relating to transactions with affiliates;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Manager is not in breach of or in default under (nor has any event occurred which with notice, lapse of time, or both would constitute
a breach of, or default under), (i)&nbsp;its operating agreement, bylaws or other similar organizational documents (the &ldquo;<B>Manager
Organizational Documents</B>&rdquo;), (ii)&nbsp;the performance or observance of any obligation, agreement, covenant or condition
contained in any license, indenture, mortgage, deed of trust, loan or credit agreement or other agreement or instrument to which
the Manager is a party or by which any of it or its respective properties is bound (together with the Manager Organizational Documents,
the &ldquo;<B>Manager Agreements</B>&rdquo;), or (iii)&nbsp;any Law applicable to the Manager, except, in the case of clauses (ii)
and (iii) above, for such breaches or defaults which would not, individually or in the aggregate, have a Manager Material Adverse
Effect;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
execution, delivery and performance of this Agreement, and consummation of the transactions contemplated herein, and compliance
by the Manager with its obligations hereunder and the Management Agreement will not (A)&nbsp;conflict with, or result in any breach
of, or constitute a default under (nor constitute any event which with notice, lapse of time, or both would constitute a breach
of, or default under), (i)&nbsp;any provision of the Manager Organizational Documents, or (ii)&nbsp;any provision of any license,
indenture, mortgage, deed of trust, loan or credit agreement or other agreement or instrument to which the Manager is a party or
by which any of it or its respective properties may be bound or affected, or under any Law applicable to the Manager, except in
the case of this clause&nbsp;(ii) for such breaches or defaults which would not, individually or in the aggregate, have a Manager
Material Adverse Effect; or (B)&nbsp;result in the creation or imposition of any lien, charge, claim or encumbrance upon any property
or asset of the Manager;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;this
Agreement and the Management Agreement have been duly authorized, executed and delivered by the Manager and each is a legal, valid
and binding agreement of the Manager enforceable in accordance with its terms, except as may be limited by bankruptcy, insolvency,
reorganization, moratorium or similar laws affecting creditors&rsquo; rights generally, and by general equitable principles, and
except to the extent that the indemnification and contribution provisions of Section&nbsp;10 hereof may be limited by federal or
state securities laws and public policy considerations in respect thereof;</P>

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


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    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Manager has all necessary licenses, authorizations, consents and approvals and has made all necessary filings required under any
Law, and has obtained all necessary authorizations, consents and approvals from other persons, required in order to conduct its
business as described in the Registration Statement, Prospectus and the Disclosure Package, except to the extent that any failure
to have any such licenses, authorizations, consents or approvals, to make any such filings or to obtain any such authorizations,
consents or approvals would not, individually or in the aggregate, have a Manager Material Adverse Effect; the Manager is not required
by any applicable law to obtain accreditation or certification from any governmental agency or authority in order to provide the
products and services which it currently provides or which it proposes to provide as set forth in the Registration Statement, the
Prospectus and the Disclosure Package; the Manager is not in violation of, in default under, or has received any notice regarding
a possible violation, default or revocation of any such license, authorization, consent or approval or any federal, state, local
or foreign law, regulation or rule or any decree, order or judgment applicable to the Manager the effect of which could result
in a Manager Material Adverse Change; and no such license, authorization, consent or approval contains a materially burdensome
restriction that is not adequately disclosed in each of the Registration Statement, the Prospectus and the Disclosure Package;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Manager does not have any employees;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;none
of the Manager or any of its respective directors, officers, representatives or affiliates has taken, nor will take, directly or
indirectly, any action which is designed to or which has constituted or which might reasonably be expected to cause or result in
stabilization or manipulation of the price of any security of the Company to facilitate the sale or resale of the Securities or
to result in a violation at Regulation&nbsp;M under the Exchange Act;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Manager maintains a system of internal accounting controls sufficient to provide reasonable assurance that (A)&nbsp;the transactions
that may be effectuated by it on behalf of the Company pursuant to its duties set forth in the Management Agreement will be executed
in accordance with management&rsquo;s general or specific authorization and (B)&nbsp;access to the Company&rsquo;s assets is permitted
only in accordance with its management&rsquo;s general or specific authorization;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(l)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;there
are no actions, suits, proceedings, inquiries or investigations pending or, to the knowledge of the Manager, threatened against
the Manager or any of its respective officers and directors or to which the properties, assets or rights of any such entity are
subject, at law or in equity, before or by any federal, state, local or foreign governmental or regulatory commission, board, body,
authority, arbitral panel or agency which could result in a judgment, decree, award or order having a Manager Material Adverse
Effect; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(m)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Manager is not required to register as an investment adviser with the Commission under the Investment Advisers Act of 1940, as
amended (the &ldquo;<B>Advisers Act</B>&rdquo;), and is not prohibited by the Advisers Act, or the rules&nbsp;and regulations thereunder,
from performing its obligations under the Management Agreement as described in the Management Agreement, the Registration Statement,
the Prospectus and the Disclosure Package.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Certain
Covenants of the Company</B>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Company and the Operating
Partnership, jointly and severally, agree with each Underwriter:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
furnish such information as may be required and otherwise to cooperate in qualifying the Securities for offering and sale under
the securities or blue sky laws of such jurisdictions (both domestic and foreign) as the Representatives may designate and to maintain
such qualifications in effect as long as requested by the Representatives for the distribution of the Securities, provided that
the Company shall not be required to qualify as a foreign corporation or to consent to the service of process under the laws of
any such jurisdiction (except service of process with respect to the offering and sale of the Securities);</P>

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


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    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if,
at the time this Agreement is executed and delivered, it is necessary for a post-effective amendment to the Registration Statement
to be declared effective before the offering of the Securities may commence, the Company will endeavor to cause such post-effective
amendment to become effective as soon as possible and will advise the Representatives promptly and, if requested by the Representatives,
will confirm such advice in writing, when such post-effective amendment has become effective;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
prepare the Prospectus in a form approved by the Underwriters and file such Prospectus with the Commission pursuant to Rule&nbsp;424(b)
under the Securities Act not later than 10:00 p.m. (New York City time), on August 16, 2017 or on such other day as the parties
may mutually agree and to furnish promptly (and with respect to the initial delivery of such Prospectus, not later than 10:00 p.m.
New York City time) on the day following the execution and delivery of this Agreement or on such other day as the parties may mutually
agree to the Underwriters copies of the Prospectus (or of the Prospectus as amended or supplemented if the Company shall have made
any amendments or supplements thereto after the effective date of the Registration Statement) in such quantities and at such locations
as the Underwriters may reasonably request for the purposes contemplated by the Securities Act, which Prospectus and any amendments
or supplements thereto furnished to the Underwriters will be identical to the version transmitted to the Commission for filing
via EDGAR, except to the extent permitted by Regulation S-T of the Securities Act;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
prepare the Final Term Sheet containing a description of the Notes and the offering contemplated hereby, in a form approved by
the Underwriters and contained in <U>Schedule III</U> of this Agreement, and will file such term sheet pursuant to Rule 433(d)
under the Securities Act as promptly as possible, but in any case not later than the time required by such rule;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
advise the Representatives promptly and (if requested by the Representatives) to confirm such advice in writing, when any post-effective
amendment to the Registration Statement becomes effective under the Securities Act;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
furnish a copy of each proposed Free Writing Prospectus to the Representatives and counsel for the Underwriters and obtain the
consent of the Representatives prior to referring to, using or filing with the Commission any Free Writing Prospectus pursuant
to Rule&nbsp;433(d) under the Securities Act, other than the Issuer Free Writing Prospectuses, if any, identified in <U>Schedule&nbsp;II</U>
hereto;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
comply with the requirements of Rules 164 and 433 of the Securities Act applicable to any Issuer Free Writing Prospectus, including
timely filing with the Commission, legending and record keeping, as applicable;</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
advise the Representatives immediately, confirming such advice in writing, of (i)&nbsp;the receipt of any comments from, or any
request by, the Commission for amendments or supplements to the Registration Statement, the Preliminary Prospectus, the Prospectus
or any Issuer Free Writing Prospectus, or for additional information with respect thereto, (ii)&nbsp;the issuance by the Commission
of any stop order suspending the effectiveness of the Registration Statement or of any order preventing or suspending the use of
the Preliminary Prospectus, the Prospectus or any Issuer Free Writing Prospectus, or of the suspension of the qualification of
the Securities for offering or sale in any jurisdiction, or of the initiation or threatening of any proceedings for any of such
purposes and, if the Commission or any other government agency or authority should issue any such order, to make every reasonable
effort to obtain the lifting or removal of such order as soon as possible, (iii)&nbsp;any examination pursuant to Section&nbsp;8(e)
of the Securities Act concerning the Registration Statement, or (iv)&nbsp;if the Company becomes subject to a proceeding under
Section&nbsp;8A of the Securities Act in connection with the public offering of Securities contemplated herein; to advise the Representatives
promptly of any proposal to amend or supplement the Registration Statement, the Preliminary Prospectus, the Prospectus or any Issuer
Free Writing Prospectus and to file no such amendment or supplement to which the Representatives shall reasonably object in writing;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
the extent not available on EDGAR, to furnish to the Underwriters for a period of five years from the date of this Agreement (i)&nbsp;as
soon as available, copies of all annual, quarterly and current reports or other communications supplied to holders of the Securities,
(ii)&nbsp;as soon as practicable after the filing thereof, copies of all reports filed by the Company with the Commission, FINRA
or any securities exchange and (iii)&nbsp;such other information as the Underwriters may reasonably request regarding the Company
and the Subsidiaries;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
advise the Underwriters promptly of the happening of any event or development known to the Company within the time during which
a Prospectus relating to the Securities (or in lieu thereof the notice referred to in Rule&nbsp;173(a) under the Securities Act)
is required to be delivered under the Securities Act which, in the judgment of the Company or in the reasonable opinion of the
Representatives or counsel for the Underwriters, (i)&nbsp;would require the making of any change in the Registration Statement,
the Prospectus or the Disclosure Package so that the Registration Statement, the Prospectus or the Disclosure Package would not
include 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, (ii)&nbsp;as a result of
which any Issuer Free Writing Prospectus conflicted or would conflict with the information contained in the Registration Statement
relating to the Securities, or (iii)&nbsp;if it is necessary at any time to amend or supplement the Registration Statement, the
Prospectus or the Disclosure Package to comply with any law and, during such time, to promptly prepare and furnish to the Underwriters
copies of the proposed amendment or supplement before filing any such amendment or supplement with the Commission and thereafter
promptly furnish at the Company&rsquo;s own expense to the Underwriters and to dealers, copies in such quantities and at such locations
as the Representatives may from time to time reasonably request of an appropriate amendment or supplement to the Registration Statement,
the Prospectus or the Disclosure Package so that the Registration Statement, the Prospectus or the Disclosure Package as so amended
or supplemented will not, in the light of the circumstances when it (or in lieu thereof the notice referred to in Rule&nbsp;173(a)
under the Securities Act) is so delivered, be misleading or , in the case of any Issuer Free Writing Prospectus, conflict with
the information contained in the Registration Statement, or so that the Registration Statement, the Prospectus or the Disclosure
Package will comply with the law;</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
file promptly with the Commission any amendment or supplement to the Registration Statement, any Preliminary Prospectus, the Prospectus
or any Issuer Free Writing Prospectus that may, in the judgment of the Company or the Representatives, be required by the Securities
Act or requested by the Commission;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(l)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;prior
to filing with the Commission any amendment or supplement to the Registration Statement, any Preliminary Prospectus, the Prospectus
or any Issuer Free Writing Prospectus, to furnish a copy thereof to the Representatives and counsel for the Underwriters and obtain
the consent of the Representatives to the filing;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(m)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;during
the period referred to in paragraph (j) above, to file all such documents in the manner and within the time periods required by
the Exchange Act;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(n)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
apply the net proceeds of the sale of the Notes in accordance with its statements under the caption &ldquo;Use of Proceeds&rdquo;
in the Registration Statement, the Prospectus and the Disclosure Package;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(o)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
make generally available to its security holders and to deliver to the Representatives as soon as practicable, but in any event
not later than the end of the fiscal quarter first occurring after the first anniversary of the effective date of the Registration
Statement an earnings statement complying with the provisions of Section&nbsp;11(a) of the Securities Act (in form, at the option
of the Company, complying with the provisions of Rule&nbsp;158 of the Securities Act) covering a period of 12 months beginning
after the effective date of the Registration Statement;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(p)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;at
all times, reserve and keep available, free of preemptive rights, enough shares of Common Stock for the purpose of enabling the
Company to satisfy its obligations to issue the Conversion Shares upon conversion of the Notes;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(q)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
use its best efforts to maintain the listing of the Notes and the Conversion Shares on the NYSE and to file with the NYSE all documents
and notices required by the NYSE of companies that have securities that are listed on the NYSE;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(r)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
promptly notify the Representatives if the Company ceases to be an Emerging Growth Company at any time prior to the later of (i)&nbsp;the
completion of the distribution of the Securities within the meaning of the Securities Act and (ii)&nbsp;completion of the 60-day
restricted period referred to in Section&nbsp;5(t) hereof;</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(s)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
refrain, from the date hereof until 60 days after the date of the Prospectus, without the prior written consent of the Representatives,
from, directly or indirectly, (i)&nbsp;offering, pledging, selling, contracting to sell, selling any option or contract to purchase,
purchasing any option or contract to sell, granting any option for the sale of, or otherwise disposing of or transferring, (or
entering into any transaction or device which is designed to, or could be expected to, result in the disposition by any person
at any time in the future of), any share of Common Stock or any securities convertible into or exercisable or exchangeable for
Common Stock, or filing any registration statement under the Securities Act with respect to any of the foregoing, or (ii)&nbsp;entering
into any swap or any other agreement or any transaction that transfers, in whole or in part, directly or indirectly, the economic
consequence of ownership of the Common Stock, whether any such swap or transaction described in clause&nbsp;(i) or (ii) above is
to be settled by delivery of Common Stock or such other securities, in cash or otherwise. The foregoing sentence shall not apply
to (A)&nbsp;the Notes to be sold hereunder (B)&nbsp;the issuance of the Conversion Shares, (C) any shares of Common Stock issued
by the Company upon the exercise of an option outstanding on the date hereof and referred to in the Prospectus, (D) any shares
of Common Stock issued pursuant to the 2014 Director Equity Plan or the 2016 Equity Incentive Plan referred to in the Registration
Statement, the Prospectus and the Disclosure Package (E) the filing of any registration statement on Form S-8 (F) the filing of
any pre-effective amendments to the Form S-3 shelf registration statement (333-219923) filed by the Company on August 11, 2017,
or (G) the issuance of shares of Common Stock for a value not to exceed the amount set forth on <U>Schedule V</U> hereto, pursuant
to those certain At-the-Market Issuance Sales Agreements, each dated October 3, 2016, among the Company, the Manager, Great Ajax
Operating Partnership LP, Raymond James &amp; Associates, Inc., JMP Securities LLC and FBR Capital Markets &amp; Co;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(t)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;not
to, and to use its best efforts to cause its officers, directors and affiliates not to, (i)&nbsp;take, directly or indirectly prior
to termination of the underwriting syndicate contemplated by this Agreement, any action designed to stabilize or manipulate the
price of any security of the Company, or which may cause or result in, or which might in the future reasonably be expected to cause
or result in, the stabilization or manipulation of the price of any security of the Company, to facilitate the sale or resale of
any of the Securities, (ii)&nbsp;sell, bid for, purchase or pay anyone any compensation for soliciting purchases of the Securities
or (iii)&nbsp;pay or agree to pay to any person any compensation for soliciting any order to purchase any other securities of the
Company;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(u)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
cause each officer and director of the Company to furnish to the Representatives, prior to the Initial Sale Time, a letter or letters,
substantially in the form of <U>Exhibit A</U> hereto, pursuant to which each such person shall agree to the lock-up provisions
as set forth in <U>Exhibit A</U>;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;that
the Company will continue to use its best efforts to meet the requirements to qualify as a REIT under the Code; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(w)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;neither
the Company nor any of the Subsidiaries is and, after giving effect to the offering and sale of the Securities, will be an &ldquo;investment
company&rdquo; or an entity &ldquo;controlled&rdquo; by an &ldquo;investment company&rdquo;, as such terms are defined in the Investment
Company Act.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Payment
of Expenses</B>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company and the Operating Partnership, jointly and severally, agree to pay all costs and expenses incident to the performance of
their obligations under this Agreement, whether or not the transactions contemplated hereunder are consummated or this Agreement
is terminated, including expenses, fees and taxes in connection with (i)&nbsp;the preparation and filing of the Registration Statement,
each Preliminary Prospectus, the Prospectus, any Issuer Free Writing Prospectus and any amendments or supplements thereto, and
the printing and furnishing of copies of each thereof to the Underwriters and to dealers (including costs of mailing and shipment),
(ii)&nbsp;the preparation, issuance and delivery of any certificates for the Notes to the Underwriters, including any stamp or
other transfer taxes or duties payable upon the issuance of any of the Notes or the sale of the Notes to the Underwriters (iii)&nbsp;the
qualification of the Securities for offering and sale under state laws that the Company and the Representatives have mutually agreed
are appropriate and the determination of their eligibility for investment under state law as aforesaid and the printing and furnishing
of copies of any blue sky surveys or legal investment surveys to the Underwriters and to dealers, (iv)&nbsp;filing for review of
the public offering of the Securities by FINRA (including the reasonable legal fees and other disbursements of counsel for the
Underwriters relating thereto in the maximum amount of $5,000) and the approval of the Securities for book-entry transfer by DTC,
(v)&nbsp;the fees and expenses of the Trustee and any transfer agent or paying agent (including related fees and expenses of any
counsel to such parties), the fees and expenses of the transfer agent or registrar for the Conversion Shares and miscellaneous
expenses referred to in the Registration Statement, (vi)&nbsp;the fees and expenses incurred in connection with the listing of
the Securities on the NYSE, (vii)&nbsp;the costs and expenses of the Company in making road show presentations with respect to
the offering of the Securities, and (viii)&nbsp;the performance of the Company&rsquo;s other obligations hereunder. Upon the request
of the Representatives, the Company will provide funds in advance for filing fees.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company and the Operating Partnership, jointly and severally, agree with each Underwriter to pay (directly or by reimbursement)
all fees and expenses incident to the performance of the obligations of the Company and the Operating Partnership under this Agreement
which are otherwise specifically provided for herein.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
this Agreement shall be terminated by the Underwriters, or any of them, because of any failure or refusal on the part of the Company,
the Operating Partnership, or the Manager to comply with the terms or to fulfill any of the conditions of this Agreement, or if
for any reason the Company, the Operating Partnership or the Manager shall be unable to perform its or their obligations under
this Agreement, the Company or the Operating Partnership will reimburse the Underwriters or such Underwriters as have so terminated
this Agreement with respect to themselves, severally, for all out-of-pocket expenses (such as printing, facsimile, courier service,
direct computer expenses, accommodations, travel and the fees and disbursements of Underwriters&rsquo; counsel) and any other advisors,
accountants, appraisers, etc. reasonably incurred by such Underwriters in connection with this Agreement or the transactions contemplated
herein.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Conditions
of the Underwriters&rsquo; Obligations</B>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The obligations of the
Underwriters hereunder to purchase Notes at the Closing Time are subject to the accuracy of the representations and warranties
of the Company, the Operating Partnership and the Manager hereunder on the date hereof and at the Closing Time, the performance
by the Company, the Operating Partnership and the Manager of their respective obligations hereunder, and to the satisfaction of
the following further conditions at the Closing Time:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company shall furnish or cause to be furnished to the Underwriters at the Closing Time the opinion and negative assurance letter
of Morrison &amp; Foerster LLP, counsel for the Company, the Operating Partnership and the Manager, addressed to the Underwriters
and dated the Closing Time substantially in the form of <U>Exhibit&nbsp;B-1</U> hereto. In addition, the Company shall furnish
or caused to be furnished to the Underwriters at the Closing Time the opinion of Morrison &amp; Foerster LLP, tax counsel for the
Company regarding certain U.S. federal income tax matters, addressed to the Underwriters and dated the Closing Time and on each
substantially in the form of <U>Exhibit&nbsp;B-2</U> hereto.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Underwriters shall have received at the Closing Time, a favorable opinion and negative assurance letter from Clifford Chance US
LLP, counsel for the Underwriters, dated the Closing Time in form and substance satisfactory to the Underwriters.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Underwriters shall have received from Moss Adams LLP a &ldquo;comfort&rdquo; letter dated, respectively, as of the date hereof
and the Closing Time, addressed to the Representatives, in form and substance satisfactory to the Underwriters.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">In the event that the letters
referred to above set forth any changes in indebtedness, decreases in total assets or retained earnings or increases in borrowings,
it shall be a further condition to the obligations of the Underwriters that (A)&nbsp;such letters shall be accompanied by a written
explanation of the Company as to the significance thereof, unless the Representatives deems such explanation unnecessary, and (B)&nbsp;such
changes, decreases or increases do not, in the sole judgment of the Representatives, make it impractical or inadvisable to proceed
with the purchase and delivery of the Notes as contemplated by the Registration Statement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
amendment or supplement to the Registration Statement, the Prospectus or any document in the Disclosure Package shall have been
filed to which the Underwriters shall have objected in writing.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prior
to the Closing Time (i)&nbsp;no stop order suspending the effectiveness of the Registration Statement or any order preventing or
suspending the use of the Prospectus or any document in the Disclosure Package shall have been issued, and no proceedings for such
purpose shall have been initiated or threatened, by the Commission, and no suspension of the qualification of the Securities for
offering or sale in any jurisdiction, or the initiation or threatening of any proceedings for any of such purposes, has occurred;
(ii)&nbsp;all requests for additional information on the part of the Commission shall have been complied with to the reasonable
satisfaction of the Representatives; (iii)&nbsp;the Registration Statement shall not contain an untrue statement of a material
fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading;
and (iv)&nbsp;the Registration Statement, Prospectus and the Disclosure Package shall not contain an untrue statement of a material
fact or omit to state a material fact necessary to make the statements therein, in the light of the circumstances under which they
were made, not misleading.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
filings with the Commission required by Rule&nbsp;424 under the Securities Act to have been filed by the Closing Time shall have
been made within the applicable time period prescribed for such filing by such Rule.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Between
the time of execution of this Agreement and the Closing Time there shall not have been any Material Adverse Change or Manager Material
Adverse Change or any prospective Material Adverse Change or Manager Material Adverse Change, and (ii) no transaction which is
material and unfavorable to the Company shall have been entered into by the Company or any of the Subsidiaries, in each case, which
in the Representatives&rsquo; sole judgment, makes it impracticable or inadvisable to proceed with the public offering of the Securities
as contemplated by the Registration Statement.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Notes and the Conversion Shares shall have been approved for listing on the NYSE.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FINRA
shall not have raised any objection with respect to the fairness and reasonableness of the underwriting terms and arrangements.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Representatives shall have received lock-up agreements, signed by the persons listed on <U>Schedule&nbsp;VI</U> hereto, in the
form of <U>Exhibit A</U> attached hereto, and such letter agreements shall be in full force and effect.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company and the Operating Partnership will, at the Closing Time, deliver to the Underwriters a certificate of their Chief Executive
Officer and Chief Financial Officer, to the effect that:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
representations and warranties of the Company and the Operating Partnership in this Agreement are true and correct, as if made
on and as of the Closing, as applicable, and the Company has complied with all the agreements and satisfied all the conditions
on its part to be performed or satisfied at or prior to the Closing Time;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;no
stop order suspending the effectiveness of the Registration Statement or any post-effective amendment thereto and no proceedings
for that purpose have been instituted or are pending or threatened under the Securities Act;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
signers of such certificate have carefully examined the Registration Statement, the Prospectus, the Disclosure Package, any amendment
or supplement thereto, and this Agreement, and that when the Registration Statement became effective and at all times subsequent
thereto up to the Closing Time, the Registration Statement and the Prospectus and the Preliminary Prospectus, and any amendments
or supplements thereto, contained all material information required to be included therein by the Securities Act or the Exchange
Act and the applicable rules and regulations of the Commission thereunder, as the case may be, and in all material respects conformed
to the requirements of the Securities Act or the Exchange Act and the applicable rules and regulations of the Commission thereunder,
as the case may be; the Registration Statement and any amendments thereto, did not and, as of the Closing Time, does not contain
an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the
statements therein not misleading and the Registration Statement, the Prospectus and the Disclosure Package, and any amendments
or supplements thereto, did not and as of the Closing Time, do not include 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; and, since the effective date of the Registration Statement, there has occurred no event
required to be set forth in an amendment or supplement to the Registration Statement, the Prospectus or the Disclosure Package
which has not been so set forth; and</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;subsequent
to the respective dates as of which information is given in the Registration Statement, the Prospectus and the Disclosure Package,
there has not been (a)&nbsp;any Material Adverse Change, (b)&nbsp;any transaction that is material to the Company and the Subsidiaries
considered as one enterprise, except transactions entered into in the ordinary course of business, (c)&nbsp;any obligation, direct
or contingent, that is material to the Company and the Subsidiaries considered as one enterprise, incurred by the Company, the
Operating Partnership or the Subsidiaries, except obligations incurred in the ordinary course of business, (d)&nbsp;any change
in the capital stock or outstanding indebtedness of the Company or any Subsidiary that is material to the Company and the Subsidiaries
considered as one enterprise, (e)&nbsp;any dividend or distribution of any kind declared, paid or made on the capital stock of
the Company or of any Subsidiary, or (f)&nbsp;any loss or damage (whether or not insured) to the property of the Company or any
Subsidiary which has been sustained or will have been sustained which has a Material Adverse Effect.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(l)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At
the Closing Time, the Underwriters shall have received a certificate of the Chief Executive Officer of the Manager and the Chief
Financial Officer of the Manager, dated as of the Closing Time, to the effect that (i)&nbsp;since the date hereof, since the Initial
Sale Time or since the respective dates as of which information is given in the Registration Statement, the Prospectus or the Disclosure
Package, there has been no Manager Material Adverse Change in the condition, financial or otherwise, or in the earnings, business
affairs, properties, assets or business prospects of the Manager and its subsidiaries considered as one enterprise, whether or
not arising in the ordinary course of business, (ii) the representations and warranties in Section&nbsp;4&nbsp;hereof are true
and correct with the same force and effect as though expressly made at and as of the Closing Time and (iii)&nbsp;the Manager has
complied with all agreements and satisfied all conditions on its part to be performed or satisfied at or prior to the Closing Time.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(m)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company, the Operating Partnership and the Manager shall have furnished to the Underwriters such other documents and certificates
as to the accuracy and completeness of any statement in the Registration Statement, the Prospectus and the Disclosure Package,
the representations, warranties and statements of the Company and Manager contained herein, and the performance by the Company,
the Operating Partnership and Manager of their covenants contained herein, and the fulfillment of any conditions contained herein,
as of the Closing Time, as the Underwriters may reasonably request.</P>

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


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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The obligations of the
several Underwriters hereunder shall be subject to termination in the absolute discretion of the Representatives, at any time prior
to the Closing Time, (i)&nbsp;if any of the conditions specified in Section&nbsp;7 shall not have been fulfilled when and as required
by this Agreement to be fulfilled, or (ii)&nbsp;if there has been since the respective dates as of which information is given in
the Registration Statement, the Prospectus or the Disclosure Package, any Material Adverse Change or Manager Material Adverse Change,
or any development involving a prospective Material Adverse Change or Manager Material Adverse Change, or material change in management
of the Company, the Manager or any Subsidiary, whether or not arising in the ordinary course of business, or (iii)&nbsp;if there
has occurred any outbreak or escalation of hostilities or other national or international calamity or crisis or change in economic,
political or other conditions, the effect of which on the United States or international financial markets is such as to make it,
in the judgment of the Representatives, impracticable to market the Notes or enforce contracts for the sale of the Notes, or (iv)&nbsp;if
trading in any securities of the Company has been suspended by the Commission or by the NYSE, or if trading generally on the NYSE
or in the Nasdaq over-the-counter market has been suspended (including an automatic halt in trading pursuant to market-decline
triggers, other than those in which solely program trading is temporarily halted), or limitations on prices for trading (other
than limitations on hours or numbers of days of trading) have been fixed, or maximum ranges for prices for securities have been
required, by such exchange or FINRA or the over-the-counter market or by order of the Commission or any other governmental authority,
or (v)&nbsp;if there has been any downgrade in the rating of any of the Company&rsquo;s debt securities or preferred stock by any
&ldquo;nationally recognized statistical rating organization&rdquo; (as defined for purposes of Rule&nbsp;436(g) under the Securities
Act), or (vi)&nbsp;any federal, state, local or foreign statute, regulation, rule or order of any court or other governmental authority
has been enacted, published, decreed or otherwise promulgated which, in the reasonable opinion of the Representatives, materially
adversely affects or will materially adversely affect the business or operations of the Company or the Operating Partnership, or
(vii)&nbsp;any action has been taken by any federal, state, local or foreign government or agency in respect of its monetary or
fiscal affairs which, in the reasonable opinion of the Representatives, could reasonably be expected to have a material adverse
effect on the securities markets in the United States.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">If the Representatives
elect to terminate this Agreement as provided in this Section&nbsp;8, the Company and the Underwriters shall be notified promptly
by telephone, promptly confirmed by facsimile.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">If the sale to the Underwriters
of the Notes, as contemplated by this Agreement, is not carried out by the Underwriters for any reason permitted under this Agreement
or if such sale is not carried out because the Company shall be unable to comply in all material respects with any of the terms
of this Agreement, the Company shall not be under any obligation or liability under this Agreement (except to the extent provided
in Sections 6 and 10 hereof) and the Underwriters shall be under no obligation or liability to the Company under this Agreement
(except to the extent provided in Section&nbsp;8 hereof) or to one another hereunder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Increase
in Underwriters&rsquo; Commitments</B>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">If any Underwriter shall
default at the Closing Time in its obligation to take up and pay for the Notes to be purchased by it under this Agreement on such
date, the Representatives shall have the right, within 36 hours after such default, to make arrangements for one or more of the
non-defaulting Underwriters, or any other underwriters, to purchase all, but not less than all, of the Notes which such Underwriter
shall have agreed but failed to take up and pay for (the &ldquo;<B>Defaulted Notes</B>&rdquo;). Absent the completion of such arrangements
within such 36-hour period, (i)&nbsp;if the aggregate principal amount of Defaulted Notes does not exceed 10% of the aggregate
principal amount of the Notes to be purchased on such date, each non-defaulting Underwriter shall take up and pay for (in addition
to the principal amount of the Notes which it is otherwise obligated to purchase on such date pursuant to this Agreement) the portion
of the aggregate principal amount of the Notes agreed to be purchased by the defaulting Underwriter on such date in the proportion
that its underwriting obligations hereunder bears to the underwriting obligations of all non-defaulting Underwriters; and (ii)&nbsp;if
the aggregate principal amount of Defaulted Notes exceeds 10% of such total, the Representatives may terminate this Agreement by
notice to the Company, without liability of any party to any other party except that the provisions of Sections 6 and 10 hereof
shall at all times be effective and shall survive such termination.</P>

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


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    <!-- Field: /Page -->

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

<P STYLE="margin: 0; text-indent: 0.5in; text-align: justify">Without relieving any defaulting Underwriter from its obligations hereunder, the Company agrees with the
non-defaulting Underwriters that it will not sell any Notes hereunder on such date unless all of the Notes to be purchased on
such date are purchased on such date by the Underwriters (or by substituted Underwriters selected by the Representatives with
the approval of the Company or selected by the Company with the approval of the Representatives).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">If a new Underwriter or
Underwriters are substituted for a defaulting Underwriter in accordance with the foregoing provision, the Company or the non-defaulting
Underwriters shall have the right to postpone the Closing Time for a period not exceeding five business days in order that any
necessary changes in the Registration Statement and Prospectus and other documents may be effected.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The term &ldquo;<B>Underwriter</B>&rdquo;
as used in this Agreement shall refer to and include any Underwriter substituted under this Section&nbsp;9 with the same effect
as if such substituted Underwriter had originally been named in this Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Indemnity
and Contribution by the Company and the Underwriters</B>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company and the Operating Partnership, jointly and severally, agree to indemnify, defend and hold harmless each Underwriter and
any person who controls any Underwriter within the meaning of Section&nbsp;15 of the Securities Act or Section&nbsp;20 of the Exchange
Act, and the respective affiliates, 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 indemnified party
may incur arising 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)&nbsp;any breach of any representation, warranty or covenant of the Company or the Operating
Partnership contained herein, (B)&nbsp;an untrue statement or alleged untrue statement of a material fact contained in the Registration
Statement (or any amendment), any Issuer Free Writing Prospectus that the Company has filed or was required to file with the Commission
or is otherwise required retain, or the Prospectus (the term Prospectus for the purpose of this Section&nbsp;10 being deemed to
include any Preliminary Prospectus, the Prospectus and the Prospectus as amended or supplemented by the Company), (C)&nbsp;any
application or other document, or any amendment or supplement thereto, executed by the Company or the Operating Partnership or
based upon written information furnished by or on behalf of the Company filed in any jurisdiction (domestic or foreign) in order
to qualify the Securities under the securities or blue sky laws thereof or filed with the Commission or any securities association
or securities exchange (each an &ldquo;<B>Application</B>&rdquo;), (D)&nbsp;an 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,
(E)&nbsp;an omission or alleged omission from any such Issuer Free Writing Prospectus, Prospectus or any Application of a material
fact necessary to make the statements made therein, in the light of the circumstances under which they were made, not misleading,
(F)&nbsp;an untrue statement or alleged untrue statement of a material fact contained in any audio or visual materials used in
connection with the marketing of the Securities, including, without limitation, slides, videos, films and tape recordings; except,
in each case of (B), (D) and (E) above only, insofar as any such loss, expense, liability, damage or claim arises out of or is
based upon an untrue statement or alleged untrue statement or omission or alleged omission of a material fact contained in and
in conformity with the statements set forth in the first paragraph under the heading &ldquo;Underwriting&ndash;Commissions and
Discounts,&rdquo; the information in the first paragraph under the heading &ldquo;Underwriting&ndash;Stabilization&rdquo; and the
information under the heading &ldquo;Underwriting&ndash;Electronic Distribution&rdquo; in the Preliminary Prospectus, the Disclosure
Package and the Prospectus (to the extent such statements relate to the Underwriters). The indemnity agreement set forth in this
Section&nbsp;10(a) shall be in addition to any liability which the Company or the Operating Partnership may otherwise have.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">If any action is brought
against an Underwriter or controlling person in respect of which indemnity may be sought against the Company or the Operating Partnership
pursuant to subsection (a) above, such Underwriter shall promptly notify the Company in writing of the institution of such action,
and the Company shall assume the defense of such action, including the employment of counsel and payment of expenses; provided,
however, that any failure or delay to so notify the Company will not relieve the Company of any obligation hereunder, except to
the extent that its ability to defend is actually impaired by such failure or delay. Such Underwriter or controlling person shall
have the right to employ its or their own counsel in any such case, but the fees and expenses of such counsel shall be at the expense
of such Underwriter or such controlling person unless the employment of such counsel shall have been authorized in writing by the
Company in connection with the defense of such action, or the Company shall not have employed counsel to have charge of the defense
of such action within a reasonable time or such indemnified party or parties shall have reasonably concluded (based on the advice
of counsel) that there may be defenses available to it or them which are different from or additional to those available to the
Company, (in which case neither the Company shall have the right to direct the defense of such action on behalf of the indemnified
party or parties or the named parties in any such proceeding (including any impleaded parties included by the Company and the indemnified
person)) or representation by both parties by the same counsel would be inappropriate due to a conflict or potential differing
interests between such parties, in any of which events such fees and expenses shall be borne by the Company and paid as incurred
(it being understood, however, that the Company shall be liable for the expenses of more than one separate firm of attorneys for
the Underwriters or controlling persons in any one action or series of related actions in the same jurisdiction (other than local
counsel in any such jurisdiction) representing the indemnified parties who are parties to such action). Anything in this paragraph
to the contrary notwithstanding, the Company shall not be liable for any settlement of any such claim or action effected without
its consent.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
Underwriter agrees, severally and not jointly, to indemnify, defend and hold harmless the Company, the Company&rsquo;s directors,
the Company&rsquo;s officers that signed the Registration Statement, any person who controls the Company within the meaning of
Section&nbsp;15 of the Securities Act or Section&nbsp;20 of the Exchange Act, and the Operating Partnership from and against any
loss, expense, liability, damage or claim (including the reasonable cost of investigation) which the Company, the Operating Partnership
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)&nbsp;an untrue statement or alleged untrue statement of a material fact contained
in the Registration Statement (or any amendment), any Issuer Free Writing Prospectus that the Company has filed or was required
to file with the Commission, or the Prospectus, or any Application, (B)&nbsp;an 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)&nbsp;an omission or alleged omission from any such Issuer Free Writing Prospectus, Prospectus or any Application 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, Issuer Free Writing Prospectus, Prospectus or Application in reliance upon and in conformity with
information furnished in writing by the Underwriters through the Representatives to the Company or the Operating Partnership expressly
for use therein. The statements set forth in the first paragraph under the heading &ldquo;Underwriting&ndash;Commissions and Discounts,&rdquo;
the information in the first paragraph under the heading &ldquo;Underwriting&ndash;Short Positions&rdquo; and the information under
the heading &ldquo;Underwriting&ndash;Electronic Distribution&rdquo; in the Preliminary Prospectus, the Disclosure Package and
the Prospectus (to the extent such statements relate to the Underwriters) constitute the only information furnished by or on behalf
of any Underwriter through the Representatives to the Company or the Operating Partnership for purposes of this Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">If any action is brought
against the Company, the Operating Partnership, the Manager or any such person in respect of which indemnity may be sought against
any Underwriter pursuant to the foregoing paragraph, the Company, the Operating Partnership, the Manager or such person shall promptly
notify the Representatives in writing of the institution of such action and the Representatives, on behalf of the Underwriters,
shall assume the defense of such action, including the employment of counsel and payment of expenses. The Company, the Operating
Partnership, the Manager or such person shall have the right to employ its own counsel in any such case, but the fees and expenses
of such counsel shall be at the expense of the Company, the Operating Partnership, the Manager or such person unless the employment
of such counsel shall have been authorized in writing by the Representatives in connection with the defense of such action or the
Representatives shall not have employed counsel to have charge of the defense of such action within a reasonable time or such indemnified
party or parties shall have reasonably concluded (based on the advice of counsel) that there may be defenses available to it or
them which are different from or additional to those available to the Underwriters (in which case the Representatives shall not
have the right to direct the defense of such action on behalf of the indemnified party or parties), in any of which events such
fees and expenses shall be borne by such Underwriter and paid as incurred (it being understood, however, that the Underwriters
shall not be liable for the expenses of more than one separate firm of attorneys in any one action or series of related actions
in the same jurisdiction (other than local counsel in any such jurisdiction) representing the indemnified parties who are parties
to such action). Anything in this paragraph to the contrary notwithstanding, no Underwriter shall be liable for any settlement
of any such claim or action effected without the written consent of the Representatives.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the indemnification provided for in this Section&nbsp;10 is unavailable or insufficient to hold harmless an indemnified party under
subsections (a), (b) and (c) of this Section&nbsp;10 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)&nbsp;in such
proportion as is appropriate to reflect the relative benefits received by the Company, the Operating Partnership and the Underwriters
from the offering of the Notes or (ii)&nbsp;if (but only if) the allocation provided by clause&nbsp;(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&nbsp;(i)
above but also the relative fault of the Company and of the Underwriters 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. The relative
benefits received by the Company, the Operating Partnership and the Underwriters shall be deemed to be in the same proportion as
the total proceeds from the offering (net of underwriting discounts and commissions but before deducting expenses) received by
the Company or the Operating Partnership bear to the underwriting discounts and commissions received by the Underwriters. The relative
fault of the Company, the Operating Partnership and of the Underwriters 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, the Operating Partnership or by the Underwriters and the parties&rsquo; relative intent, knowledge, access
to information and opportunity to correct or prevent such statement or omission. 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: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company, the Operating Partnership and the Underwriters agree that it would not be just and equitable if contribution pursuant
to this Section&nbsp;10 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.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Notwithstanding the provisions
of this Section&nbsp;10, no Underwriter shall be required to contribute any amount in excess of the underwriting discounts and
commissions applicable to the Notes purchased by such Underwriter pursuant to this Agreement. No person guilty of fraudulent misrepresentation
(within the meaning of Section&nbsp;11(f) of the Securities Act) shall be entitled to contribution from any person who was not
guilty of such fraudulent misrepresentation. The Underwriters&rsquo; obligations to contribute pursuant to this Section&nbsp;10
are several in proportion to their respective underwriting commitments and not joint.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Survival</B>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The provisions of this
Section 11, the indemnity and contribution agreements contained in Section&nbsp;10 and the covenants, warranties and representations
of the Company, the Operating Partnership and the Manager contained in Sections 3, 4 and 5 of this Agreement shall remain in full
force and effect regardless of any investigation made by or on behalf of any Underwriter, or any person who controls any Underwriter
within the meaning of Section&nbsp;15 of the Securities Act or Section&nbsp;20 of the Exchange Act, and the respective directors,
officers, employees and agents of each Underwriter or by or on behalf of the Company, the Operating Partnership and the Manager
and any of their directors and officers or any person who controls the Company, the Operating Partnership and the Manager within
the meaning of Section&nbsp;15 of the Securities Act or Section&nbsp;20 of the Exchange Act, and shall survive any termination
of this Agreement or the sale and delivery of the Securities. The Company, the Operating Partnership and the Manager and each Underwriter
agree promptly to notify the others of the commencement of any litigation or proceeding against it and, in the case of the Company,
against any of the Company&rsquo;s officers and directors, in connection with the sale and delivery of the Securities, or in connection
with the Registration Statement or Prospectus.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Duties</B>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Nothing in this Agreement
shall be deemed to create a partnership, joint venture or agency relationship between the parties. The Underwriters undertake to
perform such duties and obligations only as expressly set forth herein. Such duties and obligations of the Underwriters&nbsp;with
respect to the Securities shall be determined solely by the express provisions of this Agreement, and the Underwriters&nbsp;shall
not be liable except for the performance of such duties and obligations with respect to the Securities as are specifically set
forth in this Agreement. The Company acknowledges and agrees that: (i)&nbsp;the purchase and sale of the Securities pursuant to
this Agreement, including the determination of the public offering price of the Notes and any related discounts and commissions,
is an arm&rsquo;s-length commercial transaction between the Company and the several 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; (ii)&nbsp;in connection with each transaction contemplated hereby and the process leading to such transaction each Underwriter
is and has been acting solely as a principal and is not the financial advisor, agent or fiduciary of the Company, the Operating
Partnership or the Manager and their respective affiliates, stockholders, creditors or employees or any other party; (iii)&nbsp;no
Underwriter has assumed or will assume an advisory, agency or fiduciary responsibility in favor of the Company, the Operating Partnership
or the Manager with respect to any of the transactions contemplated hereby or the process leading thereto (irrespective of whether
such Underwriter has advised or is currently advising the Company, the Operating Partnership or the Manager on other matters);
and (iv)&nbsp;the several Underwriters and their respective affiliates may be engaged in a broad range of transactions that involve
interests that differ from those of the Company, the Operating Partnership or the Manager and that the several Underwriters have
no obligation to disclose any of such interests. The Company, the Operating Partnership and the Manager acknowledge that the Underwriters
disclaim any implied duties (including any fiduciary duty), covenants or obligations arising from the Underwriters&rsquo; performance
of the duties and obligations expressly set forth herein. The Company, the Operating Partnership and the Manager hereby waives
and releases, to the fullest extent permitted by law, any claims that the Company, the Operating Partnership or the Manager may
have against the several Underwriters with respect to any breach or alleged breach of agency or fiduciary duty in connection with
the offering of the Securities pursuant to this Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">13.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Notices</B>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Except as otherwise herein
provided, all statements, requests, notices and agreements shall be in writing and, if to the Underwriters, shall be mailed via
overnight delivery service or hand delivered via courier to the Representatives c/o Raymond James &amp; Associates, Inc., 880 Carillon
Parkway, St. Petersburg, FL 33716, Attention: John Critchlow, Facsimile Number: (727) 567-8058 or c/o JMP Securities LLC, 600 Montgomery
Street, Suite 1100, San Francisco, CA 94111, Attention: Walter Conroy, Fascimile Number: (415) 835-8920; or if to the Company or
the Manager, shall be sufficient in all respects if delivered to the Company or the Manager at the offices of the Company at Great
Ajax Corp.; 9400 Beaverton-Hillsdale Hwy, Suite 131; Beaverton, Oregon 97005.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">14.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Governing
Law; Headings</B>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">THIS AGREEMENT SHALL BE
GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO CONFLICTS OF LAWS PRINCIPLES.
The section headings in this Agreement have been inserted as a matter of convenience of reference and are not a part of this Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">15.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Parties
at Interest</B>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Agreement herein set
forth has been and is made solely for the benefit of the Underwriters, the Company, the Operating Partnership, the Manager and
the controlling persons, directors and officers referred to in Sections 10 and 11 hereof, and their respective successors, assigns,
executors and administrators. No other person, partnership, association or corporation (including a purchaser, as such purchaser,
from any of the Underwriters) shall acquire or have any right under or by virtue of this Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">16.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Counterparts
and Facsimile Signatures</B>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">This Agreement may be signed
by the parties in counterparts<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </FONT>(including by facsimile
or other standard form of electronic transmission) which together shall constitute one and the same agreement among the parties,
and each such signature shall constitute an original signature for all purposes hereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">If the foregoing correctly
sets forth the understanding among the Company, the Operating Partnership, the Manager and the Underwriters, please so indicate
in the space provided below for the purpose, whereupon this Agreement shall constitute a binding agreement among the Company, the
Operating Partnership, the Manager and the Underwriters.</P>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">Very truly yours,</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="text-transform: uppercase">Great Ajax Corp.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 51%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 4%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 45%; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify">&nbsp;/s/ Lawrence Mendelsohn</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0">Name:
        Lawrence Mendelsohn</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>Title: CEO</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="text-transform: uppercase">Great Ajax Operating Partnership LP</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 51%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 4%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 45%; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify">&nbsp;/s/ Lawrence Mendelsohn</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 13.5pt; text-align: justify; text-indent: -13.5pt">Name:
        Lawrence Mendelsohn</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">Title:&nbsp;&nbsp;&nbsp;&nbsp;Manager</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="text-transform: uppercase">Thetis Asset Management LLC</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 51%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 4%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 45%; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify">&nbsp;/s/ Lawrence Mendelsohn</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 13.5pt; text-align: justify; text-indent: -13.5pt">Name:
        Lawrence Mendelsohn</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">Title:&nbsp;&nbsp;&nbsp;&nbsp;Manager</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

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

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


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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">RAYMOND JAMES &amp; ASSOCIATES, INC.</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; text-align: justify">By:</TD>
    <TD STYLE="width: 45%; border-bottom: Black 1pt solid; text-align: justify">&nbsp;/s/ Peter Pergola</TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0">Name:
        Peter Pergola</P></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">Title: Vice President</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">For itself and as Representative of the other<BR>
Underwriters named on <U>Schedule&nbsp;I</U> hereto.</P>

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

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

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


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

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<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="text-transform: uppercase">JMP Securities LLC</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; text-align: justify">By:</TD>
    <TD STYLE="width: 45%; text-align: justify">&nbsp;/s/ Thomas Kilian</TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0; border-top: black 1pt solid">Name:
        Thomas Kilian</P></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">Title: COO, Investment Banking</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">For itself and as Representative of the other<BR>
Underwriters named on <U>Schedule&nbsp;I</U> hereto.</P>

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

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

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


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<TYPE>EX-5.1
<SEQUENCE>3
<FILENAME>v473649_ex5-1.htm
<DESCRIPTION>EXHIBIT 5.1
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin-top: 0; text-align: right; margin-bottom: 0"><B>Exhibit 5.1</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 40%; font-size: 10pt"><IMG SRC="v473649_ex5-1logo.jpg" ALT="">&nbsp;</TD>
    <TD STYLE="width: 30%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase">250 West 55<SUP>th</SUP> street<BR>
        New York, NY 10019-9601</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase">Telephone: 212.468.8000</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase">Facsimile: 212.468.7900</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase">www.mofo.com</P></TD>
    <TD STYLE="width: 30%">
        <P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0">morrison &amp; foerster llp</P>
        <P STYLE="font: small-caps 7pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0">new york, san francisco,<BR>
        los angeles, palo alto,<BR>
        sacramento, san diego,<BR>
        denver, northern virginia,<BR>
        washington, d.c.</P>
        <P STYLE="font: small-caps 7pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0">tokyo, london, brussels,<BR>
beijing, shanghai, hong kong</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">August 18, 2017</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">9400 SW Beaverton-Hillsdale Hwy, Suite 131</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Beaverton, Oregon 97005</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left">Re:</TD><TD STYLE="text-align: justify">Great Ajax Corp.</TD>
</TR></TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We have acted as counsel to Great Ajax Corp.,
a Maryland corporation (the &ldquo;Company&rdquo;), in connection with the issuance and sale by the Company of $20,500,000 aggregate
principal amount of its 7.25% convertible senior notes due 2024 (the &ldquo;Notes&rdquo;), under that certain indenture, dated
April 19, 2017 (the &ldquo;Base Indenture&rdquo;), between the Company and Wilmington Savings Fund Society, FSB, as trustee (the
&ldquo;Trustee&rdquo;), as supplemented by the first supplemental indenture, dated April 25, 2017 between the Company and the Trustee
(the &ldquo;Supplemental Indenture,&rdquo; and, together with the Base Indenture, the &ldquo;Indenture&rdquo;), and pursuant to
a Registration Statement on Form S-3 (Registration Statement No.&nbsp;333-209513) (the &ldquo;Registration Statement&rdquo;), filed
with the Securities and Exchange Commission (the &ldquo;Commission&rdquo;) under the Securities Act of 1933, as amended (the &ldquo;Act&rdquo;),
the prospectus, dated April 12, 2016 (the &ldquo;Base Prospectus&rdquo;), and the prospectus supplement, dated August 14, 2017,
filed with the Commission pursuant to Rule 424(b) of the Rules and Regulations promulgated under the Act (the &ldquo;Prospectus
Supplement&rdquo;), and the Underwriting Agreement, dated as of August 14, 2017 (the &ldquo;Underwriting Agreement&rdquo;), among
the Company, Great Ajax Operating Partnership L.P, Thetis Asset Management LLC and Raymond James &amp; Associates, Inc. and JMP
Securities LLC, as representatives of the underwriters named therein. The Base Prospectus and the Prospectus Supplement are collectively
referred to as the &ldquo;Prospectus.&rdquo; The Notes are convertible, in accordance with their terms and the terms of the Indenture,
into cash, shares of common stock, $0.01 par value per share, of the Company (&ldquo;Common Stock&rdquo;), or a combination of
cash and shares of Common Stock, at the Company&rsquo;s option.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In connection with this opinion, we have examined
originals or copies, certified or otherwise identified to our satisfaction, of: (i) the charter of the Company; (ii) the Amended
and Restated Bylaws of the Company, as amended through the date hereof; (iii) resolutions of the board of directors of the Company
relating to the issuance and sale of the Notes and the authorization and reservation of the shares of Common Stock underlying the
Notes; (iv) resolutions of the pricing committee of the board of directors of the Company relating to the authorization of issuance
and sale of the Notes (v) the Registration Statement; and (vi) the Prospectus. In addition, we have examined originals or copies,
certified or otherwise identified to our satisfaction, of certain other corporate records, documents, instruments and certificates
of public officials and of the Company, and we have made such inquiries of officers of the Company and public officials and considered
such questions of law as we have deemed necessary for purposes of rendering the opinions set forth herein.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: left; margin-bottom: 0"><IMG SRC="v473649_ex5-1logo.jpg" ALT=""></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">August 18, 2017</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In connection with this opinion, we have assumed
the genuineness of all signatures and the authenticity of all items submitted to us as originals and the conformity with originals
of all items submitted to us as copies. In making our examination of documents executed by parties other than the Company, we have
assumed that each other party has the power and authority to execute and deliver, and to perform and observe the provisions of,
such documents and has duly authorized, executed and delivered such documents, and that such documents constitute the legal, valid
and binding obligations of each such party. We also have assumed the integrity and completeness of the minute books of the Company
presented to us for examination. With respect to certain factual matters, we have relied upon certificates of officers of the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Based upon, subject to and limited by the foregoing,
we are of the opinion that, as of the date hereof:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Notes have been duly authorized by all necessary corporate action of the Company and duly executed and delivered on behalf of the
Company against payment therefor in accordance with the terms of the Indenture and the Underwriting Agreement and, upon due authentication
by the Trustee in accordance with the terms of the Indenture, will constitute legally valid and binding obligations of the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(ii) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
shares of Common Stock issuable upon conversion of the Notes have been duly and validly authorized by all necessary corporate action
of the Company and reserved for issuance upon conversion of the Notes and, upon issuance upon conversion of the Notes in accordance
with the terms of the Notes and the Indenture, will be validly issued, fully paid and nonassessable.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We do not express any opinion herein concerning
any law other than the Maryland General Corporation Law, the New York Business Corporation Law and the federal laws of the United
States of America, as in effect on the date hereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We hereby consent to the filing of this opinion
letter as Exhibit 5.1 to the Company&rsquo;s Current Report on Form 8-K to be filed with the Commission on August 18, 2017, which
will be incorporated by reference in the Registration Statement, and to the reference to us under the caption &ldquo;Legal Matters&rdquo;
in the Prospectus, which is a part of the Registration Statement. In giving such consent, we do not hereby admit that we are acting
within the category of persons whose consent is required under Section 7 of the Act or the rules or regulations of the Commission
thereunder.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">/s/ Morrison &amp; Foerster LLP</P>

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


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<TYPE>EX-8.1
<SEQUENCE>4
<FILENAME>v473649_ex8-1.htm
<DESCRIPTION>EXHIBIT 8.1
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>Exhibit 8.1</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 40%; font-size: 10pt"><IMG SRC="v473649_ex8-1logo.jpg" ALT="">&nbsp;</TD>
    <TD STYLE="width: 30%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase">250 West 55th Street</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase">&nbsp;New York, NY 10019-9601</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase">Telephone: 212.468.8000</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase">Facsimile: 212.468.7900</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase">www.mofo.com</P></TD>
    <TD STYLE="width: 30%">
        <P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0">morrison &amp; foerster llp</P>
        <P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0">beijing, berlin, brussels,<BR>
denver, hong kong, london,<BR>
los angeles, new york,<BR>
northern virginia, palo alto,<BR>
san diego, san francisco, shanghai,<BR>
singapore, tokyo, washington, d.c.</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">August 18, 2017</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">9400 SW Beaverton-Hillsdale Hwy, Suite 131</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Beaverton, OR 97005</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%; font-size: 10pt">Re:</TD>
    <TD STYLE="width: 93%; font-size: 10pt">Great Ajax Corp.&mdash;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">Status as a Real Estate Investment Trust;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">Information in Prospectus under Headings</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><U>Material U.S. Federal Income Tax Considerations</U> and <U>Additional U.S. Federal Income Tax Considerations</U></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">We have acted as counsel to Great Ajax Corp.,
a Maryland corporation (the &ldquo;Company&rdquo;), in connection with the issuance and sale by the Company of $20,500,000 principal
amount of its 7.25% convertible senior notes due 2024 (the &ldquo;Notes&rdquo;), pursuant to the terms of an underwriting agreement,
dated August 14, 2017 (the &ldquo;Underwriting Agreement&rdquo;), among the Company, Great Ajax Operating Partnership LP, a Delaware
limited partnership (the &ldquo;Operating Partnership&rdquo;), Thetis Asset Management LLC, a Delaware limited liability company
(the &ldquo;Manager&rdquo;), and the Underwriters listed on Schedule I thereto (collectively, the &ldquo;Underwriters&rdquo;),
for whom Raymond James &amp; Associates, Inc. and JMP Securities LLC are acting as the Representatives. Capitalized terms not defined
herein shall have the meanings ascribed to them in the Underwriting Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">You have requested our opinion as to certain
federal income tax matters regarding the Company. Although you may disclose to any and all persons, without limitation of any kind,
the federal tax treatment and federal tax structure of the Company and all materials of any kind that were provided to you by us
relating to such tax treatment and tax structure, you may not authorize any other person or entity to rely on this opinion, or
otherwise make this opinion available for the benefit of any other person or entity, without our prior written consent.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">In our capacity as counsel to the Company and
for purposes of rendering this opinion, we have examined and relied upon the following, with your consent: (i) the Registration
Statement, the Disclosure Package and the Prospectus (each as defined in the Underwriting Agreement), and (ii) a certificate executed
by duly appointed officers of the Company (the &ldquo;Officer&rsquo;s Certificate&rdquo;) setting forth certain factual representations,
dated August 18, 2017. We have also relied on the conclusion reached in the private letter ruling, dated February 9, 2016, that
the Company received from the Internal Revenue Service. In addition, we have examined and relied upon such other documents as we
have considered relevant to our analysis. In our examination of such documents, we have assumed the authenticity of original documents,
the accuracy of copies, the genuineness of signatures, and the legal capacity of signatories. We have also assumed that all parties
to such documents have acted, and will act, in accordance with the terms of such documents.</P>

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


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">Our opinion is based on (a) our understanding
of the facts as represented to us in the Officer&rsquo;s Certificate and (b) the assumption that (i) the Company and its subsidiaries
have valid legal existences under the laws of the states in which they were formed and have operated in accordance with the laws
of such states, (ii) the Company is operated, and will continue to be operated, in the manner described in the Officer&rsquo;s
Certificate, (iii) the facts contained in the Registration Statement, the Disclosure Package and the Prospectus are true and complete
in all material respects, (iv) all representations of fact contained in the Officer&rsquo;s Certificate are true and complete and
(v) any representation of fact in the Officer&rsquo;s Certificate that is made &ldquo;to the knowledge of&rdquo; or similarly qualified
is correct without such qualification. While we have made such inquiries and investigations as we have deemed necessary, we have
not undertaken an independent inquiry into or verification of all such facts either in the course of our representation of the
Company or for the purpose of rendering this opinion. While we have reviewed all representations made to us to determine their
reasonableness, and nothing has come to our attention that would cause us to question the accuracy of such representations, there
is no assurance that they are or will ultimately prove to be accurate.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">We note that the tax consequences addressed
herein depend upon the actual occurrence of events in the future, which events may or may not be consistent with any representations
made to us for purposes of this opinion. In particular, the qualification and taxation of the Company as a &ldquo;real estate investment
trust&rdquo; (&ldquo;REIT&rdquo;) for federal income tax purposes depends upon the Company&rsquo;s ability to meet on a continuing
basis certain distribution levels, diversity of stock ownership, and the various qualification tests imposed by the Internal Revenue
Code of 1986 (as amended, the &ldquo;Code&rdquo;). To the extent that the facts differ from those represented to or assumed by
us herein, our opinion should not be relied upon.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">Our opinion herein is based on existing law
as contained in the Code, final and temporary Treasury Regulations promulgated thereunder, administrative pronouncements of the
Internal Revenue Service (the &ldquo;IRS&rdquo;) and court decisions as of the date hereof. The provisions of the Code and the
Treasury Regulations, IRS administrative pronouncements and case law upon which this opinion is based could be changed at any time,
perhaps with retroactive effect. In addition, some of the issues under existing law that could significantly affect our opinion
have not yet been authoritatively addressed by the IRS or the courts, and our opinion is not binding on the IRS or the courts.
Hence, there can be no assurance that the IRS will not challenge, or that the courts will agree with, our conclusions.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">Based upon, and subject to, the foregoing and
the next paragraphs below, we are of the opinion that, as of the date hereof:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: -0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">1.</TD><TD>Commencing with its taxable year ended December 31, 2014, the Company has been organized and has operated in conformity with
the requirements for qualification and taxation as a REIT under the Code, and its current and proposed method of operation will
enable it to continue to meet the requirements for qualification and taxation as a REIT for its taxable year ending December 31,
2017 and thereafter.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">2.</TD><TD>We have reviewed the statements included or incorporated by reference in the Disclosure Package and the Prospectus under the
heading &ldquo;Material U.S. Federal Income Tax Considerations&rdquo; as modified and supplemented by the statements in the Preliminary
Prospectus and Prospectus under the heading &quot;Additional U.S. Federal Income Tax Considerations&quot; and, insofar as such
statements pertain to matters of law or legal conclusions, they are correct in all material respects.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">This opinion is furnished to you solely for
use in connection with the issuance of the Notes pursuant to the Prospectus Supplement. We hereby consent to the filing of this
opinion as an exhibit to a Current Report on Form 8-K of the Company to be filed with the Commission on or about August 18, 2017,
which will be incorporated by reference in the Registration Statement. We also consent to the reference to our firm name wherever
appearing in the Prospectus Supplement. In giving this consent, we do not admit that we come within the category of persons whose
consent is required under Section 7 of the Securities Act or the rules and regulations of the Commission thereunder, nor do we
thereby admit that we are experts with respect to any part of the Prospectus Supplement within the meaning of the term &ldquo;experts&rdquo;
as used in the Securities Act or the rules and regulations of the Commission promulgated thereunder. We undertake no obligation
to update any opinion expressed herein after the date of this letter. This opinion letter may not be distributed, quoted in whole
or in part or relied upon for any purpose by any other person, or otherwise reproduced in any document, or filed with any governmental
agency without our express prior written consent.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 50%">Very truly yours,</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>/s/ Morrison &amp; Foerster LLP</TD></TR>
</TABLE>


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<TYPE>EX-99.1
<SEQUENCE>5
<FILENAME>v473649_ex99-1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>Exhibit 99.1</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="v473649_ex99-1logo.jpg" ALT=""><B>&nbsp;</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Great Ajax Corp. Announces Public Offering
of Convertible Notes</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>NEW YORK, NY &ndash; August 14, 2017 &ndash;</B> Great Ajax Corp.
(NYSE: AJX) (&ldquo;Great Ajax&rdquo; or the &ldquo;Company&rdquo;) today announced that it is commencing an underwritten public
offering of Convertible Senior Notes due 2024 (the &ldquo;Notes&rdquo;). The Notes represent an additional offering of the Company's
7.25% Convertible Senior Notes due 2024, of which $87.5 million in aggregate principal amount were previously issued. The Company
intends to use the net proceeds from this offering to acquire additional mortgage loans and mortgage-related assets consistent
with its investment strategy and for general corporate purposes. Raymond James &amp; Associates, Inc. and JMP Securities LLC are
serving as joint book-running managers for the public offering.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">The Notes will pay interest quarterly at a rate of 7.25% per annum
and will mature on April 30, 2024. The Notes will have an initial conversion rate of 1.6290 shares of the Company's common stock
per $25.00 principal amount of the Notes. The conversion rate is subject to adjustment upon the occurrence of certain events, but
will not be adjusted for any accrued and unpaid interest. During certain periods and subject to certain conditions, the Notes will
be convertible by holders into shares of the Company&rsquo;s common stock. Upon conversion, holders will receive, at the Company&rsquo;s
discretion, cash, shares of the Company&rsquo;s common stock or a combination thereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">The Company may redeem all or any portion of the Notes, at its option,
on or after April 30, 2022, subject to certain conditions, at a redemption price payable in cash equal to 100% of the principal
amount of the Notes to be redeemed, plus accrued and unpaid interest. Additionally, under certain conditions, holders may require
the Company to purchase the Notes for cash at a purchase price equal to 100% of the principal amount of the Notes to be purchased,
plus accrued and unpaid interest.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">A registration statement relating to these Notes has been declared
effective by the Securities and Exchange Commission (the &ldquo;SEC&rdquo;). The offering will be made only by means of a preliminary
prospectus supplement and accompanying prospectus, which have been filed with the&nbsp;SEC.&nbsp; A copy of the prospectus supplement
and accompanying prospectus may be obtained free of charge at the SEC&rsquo;s website at www.sec.gov or from the underwriters
by contacting: Raymond James &amp; Associates, Inc., 880 Carillon Parkway, St. Petersburg, FL 33716, Attention: Equity Syndicate
(telephone: 800-248-8863 or email: <U>prospectus@raymondjames.com</U>), or JMP Securities LLC, 600 Montgomery Street, Suite 1100,
San Francisco, CA 94111, Attention: Syndicate Department.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">This press release shall not constitute an offer to sell or the
solicitation of an offer to buy any of the Company&rsquo;s securities, nor shall there be any sale of the Company&rsquo;s securities
in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities
laws of any such state.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>About Great Ajax Corp.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Great Ajax Corp. is a Maryland corporation that focuses primarily
on acquiring, investing in and managing mortgage loans secured by single-family residences and, to a lesser extent, single-family
properties themselves. The Company also invests in loans secured by multi-family residential and smaller commercial mixed use retail/residential
properties, as well as in the properties directly. The Company is externally managed by Thetis Asset Management LLC. The Company&rsquo;s
mortgage loans and other real estate assets are serviced by Gregory Funding LLC, an affiliated entity. The Company has elected
to be taxed as a real estate investment trust under the Internal Revenue Code of 1986, as amended.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Forward-Looking Statements </B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><I>This press release contains certain forward-looking statements.
Words such as &ldquo;believes,&rdquo; &ldquo;intends,&rdquo; &ldquo;expects,&rdquo; &ldquo;projects,&rdquo; &ldquo;anticipates,&rdquo;
and &ldquo;future&rdquo; or similar expressions are intended to identify forward-looking statements. These forward-looking statements
are subject to the inherent uncertainties in predicting future results and conditions, many of which are beyond the control of
Great Ajax, including, without limitation, the risk factors and other matters set forth in the prospectus supplement and the accompanying
prospectus and the Company's Annual Report on Form 10-K for the year ended December 31, 2016 filed with the SEC and in its other
filings with the SEC. Great Ajax undertakes no obligation to publicly update or revise any forward-looking statements, whether
as a result of new information, future events or otherwise, except as may be required by law.</I></P>

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Mary.Doyle@aspencapital.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">503-444-4224</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Source: Great Ajax Corp.</P>

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


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<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>6
<FILENAME>v473649_ex99-2.htm
<DESCRIPTION>EXHIBIT 99.2
<TEXT>
<HTML>
<HEAD>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>Exhibit 99.2</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="v473649_ex99-2logo.jpg" ALT=""><B>&nbsp;</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Great Ajax Corp. Announces Pricing of Public
Offering of Convertible Notes</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>NEW YORK, NY &ndash; August 14, 2017 &ndash;</B> Great Ajax Corp.
(NYSE: AJX) (&ldquo;Great Ajax&rdquo; or the &ldquo;Company&rdquo;) today announced that it priced an underwritten public offering
of $20,500,000 aggregate principal amount of its 7.25% Convertible Senior Notes due 2024 (the &ldquo;Notes&rdquo;) at a price of
$25.70, a premium of $0.70 over the $25.00 par value per Note. The Notes represent an additional offering of the Company's 7.25%
Convertible Senior Notes due 2024, of which $87.5 million in aggregate principal amount were previously issued. The Company intends
to use the net proceeds from this offering to acquire additional mortgage loans and mortgage-related assets consistent with its
investment strategy and for general corporate purposes. Raymond James &amp; Associates, Inc. and JMP Securities LLC served as joint
book-running managers for the public offering. The offering is expected to close on August 18, 2017 and is subject to customary
closing conditions.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">The expected gross proceeds are $21,074,000 before underwriting
discounts and commissions and estimated offering expenses payable by the Company. The Notes will pay interest quarterly at a rate
of 7.25% per annum and will mature on April 30, 2024. The Notes will have an initial conversion rate of 1.6290 shares of the Company's
common stock per $25.00 principal amount of the Notes. The conversion rate is subject to adjustment upon the occurrence of certain
events, but will not be adjusted for any accrued and unpaid interest. During certain periods and subject to certain conditions,
the Notes will be convertible by holders into shares of the Company&rsquo;s common stock. Upon conversion, holders will receive,
at the Company&rsquo;s discretion, cash, shares of the Company&rsquo;s common stock or a combination thereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">The Company may redeem all or any portion of the Notes, at its option,
on or after April 30, 2022, subject to certain conditions, at a redemption price payable in cash equal to 100% of the principal
amount of the Notes to be redeemed, plus accrued and unpaid interest.&nbsp; Additionally, under certain conditions, holders may
require the Company to purchase the Notes for cash at a purchase price equal to 100% of the principal amount of the Notes to be
purchased, plus accrued and unpaid interest.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">A registration statement relating to the Notes has been declared
effective by the Securities and Exchange Commission (the &ldquo;SEC&rdquo;). The offering was made only by means of a preliminary
prospectus supplement and accompanying prospectus, which have been filed with the&nbsp;SEC.&nbsp; A copy of the prospectus supplement
and accompanying prospectus may be obtained free of charge at the SEC&rsquo;s website at www.sec.gov or from the underwriters
by contacting: Raymond James &amp; Associates, Inc., 880 Carillon Parkway, St. Petersburg, FL 33716, Attention: Equity Syndicate
(telephone: 800-248-8863 or email:&nbsp;<U>prospectus@raymondjames.com</U>), or JMP Securities LLC, 600 Montgomery Street, Suite
1100, San Francisco, CA 94111, Attention: Syndicate Department.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">This press release shall not constitute an offer to sell or the
solicitation of an offer to buy any of the Company&rsquo;s securities, nor shall there be any sale of the Company&rsquo;s securities
in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities
laws of any such state.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>About Great Ajax Corp.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Great Ajax Corp. is a Maryland corporation that focuses primarily
on acquiring, investing in and managing mortgage loans secured by single-family residences and, to a lesser extent, single-family
properties themselves. The Company also invests in loans secured by multi-family residential and smaller commercial mixed use retail/residential
properties, as well as in the properties directly. The Company is externally managed by Thetis Asset Management LLC. The Company&rsquo;s
mortgage loans and other real estate assets are serviced by Gregory Funding LLC, an affiliated entity. The Company has elected
to be taxed as a real estate investment trust under the Internal Revenue Code of 1986, as amended.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Forward-Looking Statements </B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><I>This press release contains certain forward-looking statements.
Words such as &ldquo;believes,&rdquo; &ldquo;intends,&rdquo; &ldquo;expects,&rdquo; &ldquo;projects,&rdquo; &ldquo;anticipates,&rdquo;
and &ldquo;future&rdquo; or similar expressions are intended to identify forward-looking statements. These forward-looking statements
are subject to the inherent uncertainties in predicting future results and conditions, many of which are beyond the control of
the Company, including, without limitation, the risk factors and other matters set forth in the prospectus supplement and the accompanying
prospectus and the Company's Annual Report on Form 10-K for the year ended December 31, 2016 filed with the SEC and in its other
filings with the SEC. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether
as a result of new information, future events or otherwise, except as may be required by law.</I></P>

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Mary.Doyle@aspencapital.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">503-444-4224</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Source: Great Ajax Corp.</P>

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


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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
