Document:

Exhibit 10.1

 

 

MANAGEMENT
AGREEMENT

 

by and
between

 

HUNT
COMPANIES FINANCE TRUST

 

and

 

OREC
INVESTMENT MANAGEMENT, LLC

 

Dated
as of January 3, 2020

 

This MANAGEMENT
AGREEMENT is dated as of January 3, 2020 (the “Effective Date”), by and between Hunt Companies Finance Trust,
a Maryland corporation (the “Company”), and OREC Investment Management, LLC, a Delaware limited liability company
(the “Manager”).

 

W I T
N E S S E T H:

 

WHEREAS,
the Company was formed as a Maryland corporation and elected to, and intends to continue to, be treated as a real estate investment
trust for U.S. federal income tax purposes;

 

WHEREAS,
the Company and Oak Circle Capital Partners LLC (“Oak Circle”) entered into the Management Agreement, dated
as of May 16, 2012 (the “Original Management Agreement”);

 

WHEREAS,
on January 18, 2018, the Company and Oak Circle entered into a Termination Agreement to mutually terminate the Original Management
Agreement;

 

WHEREAS,
the Company and Hunt Investment Management, LLC (“HIM”) entered into a Management Agreement, dated as of January
18, 2018 (the “Existing Management Agreement”);

 

WHEREAS,
as of May 29, 2018, the Company changed its name from Five Oaks Investment Corp. to Hunt Companies Finance Trust;

 

WHEREAS,
immediately prior to the execution of this Agreement, the Company and HIM entered into a Termination Agreement to mutually terminate
the Existing Management Agreement; and

 

WHEREAS,
the Company and the Manager desire enter into this Agreement on the terms and conditions set forth herein.

 

NOW THEREFORE,
in consideration of the premises and agreements hereinafter set forth, the parties hereto hereby agree as follows:

 

     

     

    

Section
1.Definitions. (a) The following terms shall have the meanings set forth in this ‎Section 1:

 

“Advisers
Act” means the United States Investment Advisers Act of 1940, as amended.

 

“Affiliate”
means, with respect to any Person, (a) any other Person directly or indirectly controlling, controlled by or under common control
with such Person, (b) any executive officer or general partner of such Person and (c) any legal entity for which such Person acts
as an executive officer or general partner; provided, that it is acknowledged and agreed that (x) ORIX shall not be deemed
an Affiliate of the Manager for purposes of the Related Party Transaction and Allocation Policies or ‎Section
2(n) and (y) the Company and its Subsidiaries shall not be deemed an Affiliate of ORIX.

 

“Agreement”
means this Management Agreement, as amended, restated, supplemented or otherwise modified from time to time.

 

“Automatic
Renewal Term” has the meaning set forth in ‎Section
12(b) hereof. ‎Section 12(b).

 

“Bankruptcy”
means, with respect to any Person, (a) the filing by such Person of a voluntary petition seeking liquidation, reorganization,
arrangement or readjustment, in any form, of its debts under Title 11 of the United States Code or any other federal, state or
foreign insolvency law, or such Person’s filing an answer consenting to or acquiescing in any such petition, (b) the making
by such Person of any assignment for the benefit of its creditors, (c) the expiration of sixty (60) days after the filing of an
involuntary petition under Title 11 of the United States Code, an application for the appointment of a receiver for a material
portion of the assets of such Person, or an involuntary petition seeking liquidation, reorganization, arrangement or readjustment
of its debts under any other federal, state or foreign insolvency law, provided, that the same shall not have been vacated,
set aside or stayed within such sixty (60)-day period or (d) the entry against such Person of a final and non-appealable order
for relief under any bankruptcy, insolvency or similar law now or hereinafter in effect.

 

“Base
Management Fee” means the base management fee, calculated and payable quarterly in arrears, in an amount equal to one
point five percent (1.50%) per annum (0.375% per quarter) of the Company’s Stockholders’ Equity.

 

“Board
of Directors” means the board of directors of the Company.

 

“Business
Day” means any day when commercial banks are generally open for business in New York, New York.

 

“Claim”
has the meaning set forth in ‎‎Section 10(c) hereof.

 

“Code”
means the United States Internal Revenue Code of 1986, as amended.

 

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“Common
Shares” means the shares of common stock, par value $0.01, of the Company.

 

“Company”
has the meaning set forth in the introductory paragraph of this Agreement.

 

“Company
Account” has the meaning set forth in ‎‎Section
5 hereof.

 

“Company
Indemnified Party” has the meaning set forth in ‎Section
10(b) hereof.

 

“Conduct
Policies” has the meaning set forth in ‎Section
2(s) hereof.

 

“Confidential
Information” means all non-public information, written or oral, obtained by a party in connection with the services
rendered hereunder. Notwithstanding the foregoing, Confidential Information shall not include any information which is, and shall
no longer include any information once it becomes, generally available to the public (other than as a result of a violation of
this Agreement), or available to the Manager or the Company, as applicable, on a non-confidential basis from a source other than
the other party, its members, officers, employees, agents or representatives that is not prohibited from disclosing such information
to the applicable party by a legal or fiduciary obligation.

 

“Core
Earnings” means the net income (loss) attributable to the holders of Common Shares or, without duplication, owners of
the Company’s Subsidiaries, computed in accordance with GAAP, including realized losses not otherwise included in GAAP net
income (loss) and excluding (i) non-cash equity compensation expense, (ii) the Incentive Compensation, (iii) depreciation
and amortization, (iv) any unrealized gains or losses or other similar non-cash items that are included in net income for the
applicable reporting period, regardless of whether such items are included in other comprehensive income or loss, or in net income,
and (v) one-time events pursuant to changes in GAAP and certain material non-cash income or expense items after discussions between
the Manager and the Board and approval by Special Board Approval.

 

“Custodian”
means Well Fargo Bank, National Association, or a successor custodian approved by the Board of Directors.

 

“Effective
Date” has the meaning set forth in the introductory paragraph of this Agreement.

 

“Effective
Termination Date” has the meaning set forth in ‎‎Section
12(c) hereof.

 

“Excess
Funds” has the meaning set forth in ‎Section 2(t)
hereof.

 

“Exchange
Act” means the United States Securities Exchange Act of 1934, as amended.

 

“Existing
Management Agreement” has the meaning set forth in the recitals to this Agreement.

 

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“GAAP”
means generally accepted accounting principles in effect in the United States on the date such principles are applied.

 

“Governing
Instruments” means, with regard to any entity, the trust instrument in the case of a trust, the articles of incorporation
or certificate of incorporation and bylaws in the case of a corporation, the certificate of limited partnership (if applicable)
and the partnership agreement in the case of a general or limited partnership, the certificate of formation and operating agreement
in the case of a limited liability company, or similar governing documents, in each case as amended.

 

“HIM”
has the meaning set forth in the recitals to this Agreement.

 

“Incentive
Compensation” means the incentive fee calculated and payable with respect to each fiscal quarter commencing with the
quarter in which the Effective Date occurs (or part thereof that this Agreement is in effect) in arrears in an amount, not less
than zero, equal to:

 

(i)       for
the first full fiscal quarter following the Effective Date, the product of (A) 20% and (B) the excess of (1) Core Earnings of
the Company for such fiscal quarter, over (2) the product of (x) the Stockholders’ Equity as of the end of such fiscal quarter,
and (y) 8% per annum (2% per quarter);

 

(ii)       for
each of the second, third and fourth full fiscal quarters following the Effective Date, the excess of (A) the product of (1) 20%
and (2) the excess of (x) Core Earnings of the Company for the fiscal quarter(s) following the Effective Date, over (y) the product
of (I) the Stockholders’ Equity in the fiscal quarter(s) following the Effective Date, and (II) 8% per annum (2% per quarter),
over (B) the sum of any Incentive Compensation paid to the Manager with respect to the prior fiscal quarter(s) following the Effective
Date (other than the most recent fiscal quarter); and

 

(iii)       for
each fiscal quarter thereafter, the excess of (A) the product of (1) 20% and (2) the excess of (x) Core Earnings of the Company
for the previous twelve (12)-month period, over (y) the product of (I) the Stockholders’ Equity in the previous twelve (12)-month
period, and (II) 8% per annum, over (B) the sum of any Incentive Compensation paid to the Manager with respect to the first three
fiscal quarters of such previous twelve (12)-month period.

 

Incentive
Compensation shall be pro-rated for partial periods, to the extent necessary, based on the number of days elapsed or remaining
in such period, as the case may be (including any fiscal quarter during which the Effective Date occurs and any fiscal quarter
during which the effective date of the termination of this Agreement occurs).

 

“Indemnified
Party” has the meaning set forth in ‎Section 10(b)
hereof.

 

“Independent
Director” means a member of the Board of Directors who is not an officer or employee of the Manager or any Affiliate
thereof and who otherwise is “independent” in accordance with the rules of the NYSE or such other securities exchange
on which the Common Shares may be listed.

 

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“Initial
Term” has the meaning set forth in ‎‎Section
12 hereof.

 

“Investment
Company Act” means the United States Investment Company Act of 1940, as amended.

 

“Investment
Policies” means the Company’s investment policies, a copy of which is attached hereto as Exhibit A, as the same
may be amended, restated, modified, supplemented or waived by the Manager, subject to Special Board Approval as specified therein.

 

“IRS”
has the meaning set forth in Section 8(c) hereof.

 

“Losses”
has the meaning set forth in ‎Section 10 hereof.

 

“Manager”
has the meaning set forth in the introductory paragraph of this Agreement.

 

“Manager
Change of Control” means the occurrence of any of the following: (a) the sale, lease or transfer, in one or a series
of related transactions, of all or substantially all of the assets of the Manager, taken as a whole, to any Person other than
one or more Affiliates of the Manager, the Company or a Subsidiary; (b) the acquisition by any Person or group (within the meaning
of Section 13(d)(3) or Section 14(d)(2) of the Exchange Act, or any successor provision), including any group acting for the purpose
of acquiring, holding or disposing of securities (within the meaning of Rule 13d-5(b)(1) under the Exchange Act), other than one
or more Affiliates of the Manager, the Company or a Subsidiary, in a single transaction or in a related series of transactions,
by way of merger, consolidation or other business combination or purchase of beneficial ownership (within the meaning of Rule
13d-3 under the Exchange Act, or any successor provision) of fifty percent (50%) or more of the total voting power of the voting
securities of the Manager; or (c) a transfer of a controlling block of the Manager’s securities as defined in the definition
of “assignment” in the Advisers Act and the rules and regulations of the SEC thereunder.

 

“Manager
Indemnified Party” has the meaning set forth in ‎Section
10 hereof.

 

“Manager
Permitted Disclosure Parties” means (a) officers, directors, employees, agents, representatives, advisors of the Manager
and its Affiliates who need to know the Company’s Confidential Information for the purpose of rendering services hereunder
or in furtherance of Hunt’s asset management or capital markets businesses, (b) appraisers, lenders or other financing
sources, co-originators, custodians, administrators, brokers, commercial counterparties or any similar entity and others in the
ordinary course of the Company’s business, (c) appraisers, lenders or other financing sources, custodians, administrators,
brokers, advisors or any similar entity in connection with Hunt’s debt securities or offerings and (d) existing or prospective
investors in Hunt and their advisors to the extent such persons reasonably request Confidential Information and are subject to
an undertaking of confidentiality, non-disclosure and non-use.

 

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“Nonrenewal
Termination” has the meaning set forth in ‎Section
12(c) hereof.

 

“Notice
of Proposal to Negotiate” has the meaning set forth in ‎‎Section
12(c) hereof.

 

“NYSE”
means the New York Stock Exchange, Inc., together with its successors.

 

“Oak
Circle” has the meaning set forth in the recitals to this Agreement.

 

“Original
Management Agreement” has the meaning set forth in the recitals to this Agreement.

 

“ORIX”
means ORIX Corporation, a corporation under the laws of Japan.

 

“Person”
means any natural person, corporation, partnership, association, limited liability company, estate, trust, joint venture, unincorporated
association, any federal, state, county or municipal government or any bureau, department or agency thereof or any other legal
entity and any fiduciary acting in such capacity on behalf of the foregoing.

 

“Portfolio
Management Services” has the meaning set forth in ‎‎Section
2(b) hereof.

 

“Reimbursement
Cap” means the maximum amount of reimbursable expenses that the Company shall be obligated to reimburse the Manager
for during any fiscal year pursuant to ‎Section 8 this Agreement,
which shall be equal to 1.5% of the average Stockholders’ Equity for the applicable fiscal year, as finally determined in
accordance with ‎Section 8(d).

 

“REIT”
means a “real estate investment trust” as defined under the Code.

 

“Related
Party Transaction and Allocation Policies” means (a) the allocation policies and procedures of the Manager and OREC
Affiliates (as defined in the Related Party Transaction Policies and Procedures of Hunt Companies Finance Trust) and (b) the related
party transaction policies and procedures of the Company, in each case, in effect from time to time, and with respect to such
policies and procedures of the Manager and OREC Affiliates, as the same may be amended, restated, supplemented or modified from
time to time by the Manager, subject to Special Board Approval, and with respect to such policies and procedures of the Company,
as the same may be amended, restated, supplemented or modified from time to time by Special Board Approval, subject to prior consultation
with the Manager.

 

“SEC”
means the United States Securities and Exchange Commission.

 

“Securities
Act” means the United States Securities Act of 1933, as amended.

 

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“Shareholder”
means any holder of shares of Common Stock or other equity or voting securities of the Company.

 

“Special
Board Approval” means the approval of a majority of the Independent Directors.

 

“Stockholders’
Equity” means: (a) the sum of the net proceeds from any issuances of the Company’s equity securities (excluding
preferred securities solely for purposes of Incentive Compensation but including preferred securities for all other purposes of
this Agreement) since inception (allocated on a pro rata daily basis for such issuances during the fiscal quarter of any such
issuance; plus (b) the Company’s retained earnings at the end of such fiscal quarter (without taking into account
any non-cash equity compensation expense or other non-cash items described below incurred in current or prior periods); less
(c) any amount that the Company pays for repurchases of its Common Shares; and (d) excluding (i) any unrealized gains,
losses or other non-cash items that have impacted the Company’s Stockholders’ Equity as reported in the Company’s
financial statements prepared in accordance with GAAP, regardless of whether such items are included in other comprehensive income
or loss, or in net income, and (ii) adjustments relating to one-time events pursuant to changes in GAAP and certain other non-cash
charges after discussions between the Manager and the Independent Directors and after obtaining Special Board Approval.

 

“Subsidiary”
means any subsidiary of the Company; any partnership, the general partner of which is the Company or any subsidiary of the Company;
any limited liability company, the managing member of which is the Company or any subsidiary of the Company; and any corporation
or other entity of which a majority of (i) the voting power of the voting equity securities or (ii) the outstanding equity interests
is owned, directly or indirectly, by the Company or any subsidiary of the Company.

 

“Support
Amount” has the meaning set forth in Section 8(c) hereof.

 

“Support
Cap” has the meaning set forth in Section 8(c) hereof.

 

“Termination
Fee” means a termination fee equal to three (3) times the sum of (a) the average annual Base Management Fee and
(b) the average annual Incentive Compensation, in each case, earned by the Manager during the twenty-four (24)-month period immediately
preceding the effective date of termination, calculated as of the end of the most recently completed fiscal quarter before the
effective date of termination.

 

“Termination
Notice” has the meaning set forth in ‎Section 12(c)
hereof.

 

“Treasury
Regulations” means the Procedures and Administration Regulation promulgated by the U.S. Department of Treasury under
the Code, as amended.

 

(b)       As
used herein, accounting terms relating to the Company, if any, not defined in ‎Section 1 and accounting terms partly defined
in ‎Section 1, to the extent not defined, shall have the respective meanings given to them under GAAP. As used herein, “fiscal
quarters” shall mean the period from January 1 to March 31, April 1 to June 30, July
1 to September 30 and October 1 to December 31 of the applicable year. As used herein, “fiscal year” shall mean the
period from January 1 to December 31 of the applicable year.

 

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(c)       The
words “hereof,” “herein” and “hereunder” and words of similar import when used in this Agreement
shall refer to this Agreement as a whole and not to any particular provision of this Agreement, and Section references are to
this Agreement unless otherwise specified.

 

(d)       The
meanings given to terms defined herein shall be equally applicable to both the singular and plural forms of such terms. The words
“include,” “includes” and “including” shall be deemed to be followed by the phrase “without
limitation.”

 

Section 2.Appointment
and Duties of the Manager. (a) The Company hereby appoints the Manager to manage the assets and day-to-day operations
of the Company and its Subsidiaries, subject at all times to the supervision and direction of the Board of Directors, applicable
law, the further terms and conditions set forth in this Agreement and such further limitations or parameters as may be imposed
from time to time by the Board of Directors. The Manager hereby accepts such appointment and agrees to perform each of its duties
set forth herein in accordance with the terms hereof; provided that the Company compensates the Manager for its services
hereunder in accordance with ‎‎Section 7 and reimburses the Manager for costs and expenses in accordance with ‎Section
8. The appointment of the Manager shall be exclusive to the Manager, except to the extent that the Manager elects, in accordance
with the terms of this Agreement, to cause the duties of the Manager as set forth herein to be performed by third parties and/or
any of its Affiliates.

 

(b)       The
Manager, in its capacity as manager of the assets and the day-to-day operations of the Company and its Subsidiaries, at all times,
will be subject to the supervision of the Company’s Board of Directors and will have only such functions and authority as
the Company may delegate to it, including the functions and authority identified herein and delegated to the Manager hereby. The
Manager will be responsible for providing general management services to the Company relating to the day-to-day operations of
the Company and its Subsidiaries and the Manager agrees to perform (or cause to be performed) investment advisory services and
activities relating to the assets and operations of the Company and the Subsidiaries as may be appropriate, which shall include
the following:

 

(i)       serving
as the Company’s consultant with respect to the periodic review of its Investment Policies, which review shall occur no
less often than annually, any modifications to which shall be approved by Special Board Approval, and other policies and recommendations
with respect thereto for approval by the Board of Directors;

 

(ii)       serving
as the Company’s consultant with respect to the identification, investigation, evaluation, analysis, underwriting, selection,
purchase, origination, negotiation, structuring, monitoring and disposition of the Company’s and the Subsidiaries’
assets;

 

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(iii)       serving
as the Company’s consultant with respect to decisions regarding any financings, securitizations and hedging activities undertaken
by the Company or any Subsidiary, including (1) assisting the Company or any Subsidiary in developing criteria for debt and equity
financing that is specifically tailored to the Company’s or such Subsidiary’s investment objectives, (2) advising
the Company and the Subsidiaries with respect to obtaining appropriate short-term financing arrangements for assets and pursuing
particular financing arrangements for each individual asset, if necessary, and (3) advising the Company and the Subsidiaries with
respect to pursuing and structuring long-term financing alternatives for assets and pursuing particular financing arrangements
for each asset, if necessary, in each case, consistent with the Investment Policies;

 

(iv)       serving
as the Company’s consultant with respect to arranging for the issuance of mortgage-backed securities from pools of mortgage
loans or mortgage-backed securities owned by the Company or any Subsidiary;

 

(v)       representing
and making recommendations to the Company in connection with the commitment to purchase and finance, the purchase and finance,
the commitment to sell and the sale of assets;

 

(vi)       negotiating
and entering into, on behalf of the Company or any Subsidiary, credit finance agreements, repurchase agreements, securitization
agreements, agreements relating to borrowings under programs established by the U.S. government, commercial paper, interest rate
swap agreements, warehouse facilities and all other agreements and instruments required for the Company or any Subsidiary to conduct
its business;

 

(vii)       advising
the Company on, preparing, negotiating and entering into, on behalf of the Company or any Subsidiary, applications and agreements
relating to programs established by the U.S. government;

 

(viii)       with
respect to prospective purchases, sales or exchanges of assets, conducting negotiations on behalf of the Company and its Subsidiaries
with sellers, purchasers and brokers and, if applicable, their respective agents and representatives;

 

(ix)       evaluating
and recommending to the Company or any Subsidiary hedging strategies, and engaging in hedging activities on behalf of the Company
or any Subsidiary that are consistent with such strategies, as so modified from time to time, and with the Company’s qualification
as a REIT and with the Investment Policies;

 

(x)       making
available to the Company or any Subsidiary the Manager’s knowledge and experience with respect to mortgage loans, mortgage-related

 

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securities,
real estate, real estate securities, other real estate-related assets, including securities, non-real estate-related assets and
real estate operating companies;

 

(xi)       investing
and re-investing, on behalf of the Company or any Subsidiary, any funds of the Company (including in short-term investments) and
advising the Company as to its capital structure and capital-raising activities;

 

(xii)       monitoring
the performance of the Company’s and any Subsidiary’s assets and providing periodic reports with respect thereto to
the Board of Directors, including comparative information with respect to such performance and budgeted or projected results;

 

(xiii)       engaging
and supervising, on behalf of the Company or any Subsidiary, independent contractors, advisors, consultants, attorneys, accountants,
auditors, and other service providers (which may include Affiliates of the Manager) that provide various services with respect
to the Company, including real estate, investment banking, mortgage brokerage, securities brokerage, appraisal, engineering, environmental,
seismic, insurance, legal, accounting, transfer agent, registrar, leasing, due diligence and such other services as may be required
relating to the operations and assets of the Company and its Subsidiaries, including potential investments;

 

(xiv)       coordinating
and managing the operations of any joint venture or co-investment interests held by the Company or any Subsidiary and conducting
all matters with the joint venture or co-investment partners;

 

(xv)       providing
executive and administrative personnel, office space and office services required in rendering services to the Company and its
Subsidiaries;

 

(xvi)       performing
and supervising the performance of administrative functions necessary in the management of the Company and its Subsidiaries as
may be agreed upon by the Manager and the Board of Directors, including services in respect of any of the equity incentive plans,
the collection of revenues and the payment of the Company’s or any Subsidiary’s debts and obligations and maintenance
of appropriate information technology services to perform such administrative functions;

 

(xvii)       furnishing
reports and statistical and economic research to the Company regarding the activities and services performed for the Company by
the Manager;

 

(xviii)       counseling
the Company in connection with policy decisions to be made by the Board of Directors;

 

(xix)       engaging
one or more sub-advisors with respect to the management of the Company, including, where deemed appropriate by the

 

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Manager,
Affiliates of the Manager, provided that any such engagement shall be in accordance with ‎Section 2(e);

 

(xx)       communicating
on behalf of the Company and the Subsidiaries with the holders of any equity or debt securities as required to satisfy the reporting
and other requirements of any governmental bodies or agencies, trading markets or exchanges, and to maintain productive relations
with such holders;

 

(xxi)       counseling,
or causing the Company to retain a third party advisor, regarding the maintenance of its exclusions and, if applicable, exemptions
from status as an investment company under the Investment Company Act, monitoring compliance with the requirements for maintaining
any such exclusion or exemption and using commercially reasonable efforts to cause the Company to maintain its exclusion or exemption
from such status;

 

(xxii)       assisting
the Company in complying with all regulatory requirements applicable to it in respect of its business activities, including preparing
or causing to be prepared all financial statements required under applicable regulations and all reports and documents, if any,
required under the Exchange Act, the Securities Act and by the NYSE or such other securities exchange on which the Common Shares
may be listed;

 

(xxiii)       counseling,
or causing the Company to retain a third party advisor, regarding the maintenance of the Company’s qualification as a REIT
and monitoring compliance with the various REIT qualification tests and other rules set out in the Code and Treasury Regulations
promulgated thereunder applicable to REITs;

 

(xxiv)       causing
the Company to retain qualified accountants and legal counsel, as applicable, to (1) assist in developing appropriate accounting
procedures, compliance procedures and testing systems with respect to financial reporting obligations and compliance with the
provisions of the Code applicable to REITs, and any of the Subsidiaries and (2) conduct quarterly compliance reviews with respect
thereto;

 

(xxv)       taking
all necessary actions to enable the Company and any Subsidiary to make required tax filings and reports, including soliciting
Shareholders’ or interest holders in any such Subsidiary for required information to the extent necessary under the Code
and Treasury Regulations promulgated thereunder applicable to REITs;

 

(xxvi)       causing
the Company to qualify to do business in all jurisdictions in which such qualification is required or advisable and to obtain
and maintain all appropriate licenses;

 

(xxvii)       using
commercially reasonable efforts to cause the Company to comply with all applicable laws;

 

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(xxviii)       handling
and resolving on the Company’s or any Subsidiary’s behalf all claims, disputes or controversies (including all litigation,
arbitration, settlement or other proceedings or negotiations) in which the Company, such Subsidiary, or the Manager may be involved
or to which the Company, such Subsidiary or the Manager may be subject arising out of the day-to-day operations of the Company
or any Subsidiary (other than with the Manager or its Affiliates), subject to such limitations or parameters as may be imposed
from time to time by the Board of Directors;

 

(xxix)       placing,
or arranging for the placement of, all securities orders to implement the Manager’s investment determinations for the Company
and the Subsidiaries, either directly with the issuer or with a broker or dealer (including any affiliated broker or dealer);

 

(xxx)       using
commercially reasonable efforts to cause expenses incurred by or on behalf of the Company or any Subsidiary to be commercially
reasonable or commercially customary and within any budgeted parameters, expense guidelines or limitations set by the Board of
Directors from time to time;

 

(xxxi)       selecting
the name of the Company and any Subsidiary subject to the prior consent of the Board of Directors, which consent shall not be
unreasonably withheld; and

 

(xxxii)       performing
such other services as may be required from time to time for the Manager to perform the general management services and other
activities relating to the day-to-today operations and administration of the Company and the Subsidiaries, including assets and
potential investments, as the Board of Directors reasonably requests and/or the Manager deems appropriate under the particular
circumstances.

 

Without limiting the foregoing,
the Manager will perform portfolio investment management services (the “Portfolio Management Services”) on
behalf of the Company and the Subsidiaries. Such services will include, but not be limited to, consulting with the Company and
the Subsidiaries on the purchase and sale of, and other investment opportunities in connection with, the portfolio of assets;
the collection of information and the submission of reports pertaining to the Company’s and any Subsidiary’s assets,
interest rates and general economic conditions; periodic review and evaluation of the performance of the portfolio of assets;
acting as liaison between the Company and the Subsidiaries and banking, mortgage banking, investment banking and other parties
with respect to the purchase, financing and disposition of assets; and other customary functions related to portfolio management,
but may not include, as determined by the Manager, the administration or servicing of any mortgages, loans or other investments
of the Company, which function may be performed by a third-party provider and the costs associated with any such administration
or servicing shall be paid by the Company.

 

(c)       For
the period and on the terms and conditions set forth in this Agreement, the Company hereby constitutes, appoints and authorizes
the Manager as its true and

 

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lawful
agent and attorney-in-fact and as the true and lawful agent and attorney-in-fact of any Subsidiary, in its or such Subsidiary’s,
as applicable, name, place and stead, to negotiate, execute, deliver and enter into such credit agreements, repurchase agreements,
securitization agreements, agreements relating to borrowings under temporary programs established by the U.S. government, commercial
paper, interest rate swap agreements, warehouse facilities, brokerage agreements, custodial agreements and such other agreements,
instruments, certificates, authorizations and other documentation on their behalf, on such terms and conditions as the Manager,
acting in its sole and absolute discretion, deems necessary or appropriate in connection with the performance of its services
hereunder. This power of attorney is deemed to be coupled with an interest.

 

(d)       The
Manager may, at the sole cost and expense of the Company (to the extent such costs and expenses are reimbursable by the Company
under ‎Section 8(b)), enter into agreements with other parties, including its Affiliates, for the purpose of engaging one
or more parties for and on behalf of the Company and any Subsidiary to provide property management, asset management, securitization,
leasing, development and/or other services the Manager deems necessary or advisable in connection with the management and operations
of the Company or any Subsidiary (including Portfolio Management Services) pursuant to agreement(s) with terms which are then
customary for agreements regarding the provision of services to companies that have assets similar in type, quality and value
to the assets of the Company; provided, that (i) any such agreements entered into with Affiliates of the Manager shall
be (A) on terms no more favorable to such Affiliates than would be obtained from a third party on an arm’s-length basis
and (B) to the extent the same do not fall within the provisions of the Investment Policies, approved by Special Board Approval
and (ii) with respect to Portfolio Management Services, any such agreements shall be subject to Special Board Approval, and the
Manager shall remain liable for the performance of such Portfolio Management Services.

 

(e)       To
the extent that the Manager deems necessary or advisable, the Manager may, from time to time, retain for and on behalf, and at
the sole cost and expense of the Company (to the extent such costs and expenses are reimbursable by the Company under ‎Section
8(b)), one or more additional entities for the provision of sub-advisory services to the Manager in order to enable the Manager
to provide the services to the Company specified by this Agreement; provided, that any such agreement (i) shall be on terms
and conditions substantially identical to the terms and conditions of this Agreement or otherwise not adverse to the Company,
(ii) shall not result in an increased Base Management Fee or expenses payable by the Company or any Subsidiary, and (iii) shall
be approved by Special Board Approval. The Manager will remain responsible for any sub-advisory services delegated to a third
party.

 

(f)       The
Manager may retain, for and on behalf of the Company and/or any Subsidiary and at the sole cost and expense of the Company (to
the extent such costs and expenses are reimbursable by the Company under ‎Section 8(b)), such services of accountants, legal
counsel, appraisers, insurers, brokers, transfer agents, registrars, financial printers, developers, investment banks, financial
advisors, internal audit service providers, due diligence firms, underwriting review firms, banks and other lenders,

 

    13 

     

    

surveyors,
engineers, environmental and seismic consultants, information technology consultants, tax advisors and preparers, other consultants,
agents, contractors, vendors, advisors and others as the Manager deems necessary or advisable in connection with the management
and operations of the Company. Notwithstanding anything contained herein to the contrary, the Manager shall have the right to
cause any such services to be rendered by its employees or Affiliates. Except as otherwise provided herein, the Company and any
Subsidiary shall pay or reimburse the Manager or its Affiliates performing such services for the cost thereof; provided,
that such costs and reimbursements are no greater than those which would be payable to outside professionals or consultants engaged
to perform such services pursuant to agreements negotiated on an arm’s-length basis.

 

(g)       The
Manager may effect transactions by or through the agency of another Person with it or its Affiliates which have an arrangement
under which that party or its Affiliates will from time to time provide to or procure for the Manager and/or its Affiliates goods,
services or other benefits (including, but not limited to, research and advisory services; economic and political analysis, including
valuation and performance measurement; market analysis; data and quotation services; computer hardware and software incidental
to the above goods and services; clearing and custodian services and investment related publications), the nature of which is
such that provision can reasonably be expected to benefit the Company as a whole and may contribute to an improvement in the performance
of the Company or the Manager or its Affiliates in providing services to the Company on terms that no direct payment is made but
instead the Manager and/or its Affiliates undertake to place business with that party.

 

(h)       In
executing portfolio transactions and selecting brokers or dealers, the Manager will use its commercially reasonable efforts to
seek on behalf of the Company the best overall terms available. In assessing the best overall terms available for any transaction,
the Manager shall consider factors that it deems relevant in its sole discretion, including the breadth of the market in the security,
the price of the security, the financial condition and execution capability of the broker or dealer, and the reasonableness of
the commission, if any, both for the specific transaction and on a continuing basis. In evaluating the best overall terms available,
and in selecting the broker or dealer to execute a particular transaction, the Manager may also consider whether such broker or
dealer furnishes research and other information or services to the Manager.

 

(i)       The
Manager has no duty or obligation to seek in advance competitive bidding for the most favorable commission rate applicable to
any particular purchase, sale or other transaction, or to select any broker-dealer on the basis of its purported or “posted”
commission rate, but will endeavor to be aware of the current level of charges of eligible broker-dealers and to minimize the
expense incurred for effecting purchases, sales and other transactions to the extent consistent with the interests and policies
of the Company. Although the Manager will generally seek competitive commission rates, it is not required to pay the lowest commission
or commission equivalent, provided, that such decision is made in good faith to promote the best interests of the Company.

 

(j)       The
Manager shall refrain from any action that, in its good faith judgment, (i) is not in compliance with the Investment Policies,
(ii) would adversely affect the

 

    14 

     

    

qualification
of the Company as a REIT under the Code or the status of the Company or any Subsidiary as an entity excluded or exempted from
investment company status under the Investment Company Act, or (iii) would violate any law, rule or regulation of any governmental
body or agency having jurisdiction over the Manager, the Company or any Subsidiary or of any exchange on which the securities
of the Company may be listed or that would otherwise not be permitted by the Governing Instruments of the Company or such Subsidiary.
If the Manager is ordered to take any action by the Board of Directors, the Manager shall seek to promptly notify the Board of
Directors if it is the Manager’s judgment that such action would adversely affect such status or violate any such law, rule
or regulation or the Governing Instruments in any material respect. Notwithstanding the foregoing, the Manager, its Affiliates
and their respective managers, officers, directors, employees and members and any Person providing sub-advisory services to the
Manager shall not be liable to the Company, any Subsidiary, the Board of Directors, any Shareholder or interest holder in any
Subsidiary for any act or omission by such Person, except as expressly provided in ‎Section 10 of this Agreement and subject
to the limitations thereof.

 

(k)       The
Company (including the Board of Directors), and each Subsidiary, agrees to take all actions reasonably required to permit and
enable the Manager to carry out its duties and obligations under this Agreement, including all steps reasonably necessary to allow
the Manager to file any registration statement or other filing required to be made under the Securities Act, the Exchange Act,
rules of the NYSE or such other securities exchange on which the Common Shares may be listed, the Code or other applicable law,
rule or regulation on behalf of the Company and any applicable Subsidiary in a timely manner. The Company and each Subsidiary
further agrees to use commercially reasonable efforts to make available to the Manager all resources, information and materials
reasonably requested by the Manager to enable the Manager to satisfy its obligations hereunder, including its obligations to deliver
financial statements and any other information or reports with respect to the Company and each Subsidiary. If the Manager is not
able to provide a service, or in the reasonable judgment of the Manager it is not prudent to provide a service, without the approval
of the Board of Directors, as applicable, then the Manager shall be excused from providing such service (and shall not be in breach
of this Agreement) until the applicable approval has been obtained, which the Manager shall use commercially reasonable efforts
to seek promptly upon determining an approval is required.

 

(l)       The
Manager shall use commercially reasonable efforts to require each seller or transferor of assets to the Company or any Subsidiary
to make such representations and warranties regarding such assets as may, in the judgment of the Manager, be necessary and appropriate.
In addition, the Manager shall use commercially reasonable efforts to take other action as it deems necessary or appropriate with
regard to the protection of the assets of the Company and each Subsidiary.

 

(m)       The
Board of Directors shall periodically review the Investment Policies and the Company’s portfolio of assets but will not
review each proposed asset, except as provided in ‎Section 2(n) below. If two-thirds of the Independent Directors determine
in such periodic review of transactions that a particular transaction does not comply with the

 

    15 

     

    

Investment
Policies, then two-thirds of the Independent Directors will consider what corrective action, if any, can be taken. The Manager
shall be permitted to rely upon the direction of the Secretary of the Company to evidence the approval of the Board of Directors
or the Independent Directors with respect to a proposed asset.

 

(n)       Except
with respect to transactions executed in accordance with the Related Party Transaction and Allocation Policies of the Company,
neither the Company nor any Subsidiary shall invest in any security structured or issued by the Manager or any Affiliate thereof
unless (i) such investment is made in accordance with the Investment Policies; (ii) such investment is approved in advance by
Special Board Approval; and (iii) such investment is made in accordance with applicable laws.

 

(o)       Reporting
Requirements.

 

(i)       As
frequently as the Manager may deem reasonably necessary or advisable, or at the direction of the Board of Directors, the Manager
shall prepare, at the sole cost and expense of the Company (to the extent such costs and expenses are reimbursable by the Company
under ‎Section 8(b)), or cause to be prepared, (x) with respect to any asset, reports and other information with respect
to such asset as may be reasonably requested by the Company or (y) reports and other information as may be reasonably requested
by the Board of Directors with respect to transactions entered into by the Company that are subject to the Related Party Transaction
and Allocation Policies.

 

(ii)       The
Manager shall prepare, at the sole cost and expense of the Company (to the extent such costs and expenses are reimbursable by
the Company under ‎‎Section 8(b)), or cause to be prepared, all reports, financial or otherwise, with respect to
the Company reasonably required by the Board of Directors in order for the Company to comply with its Governing Instruments, or
any other materials required to be filed with any governmental body or agency, and shall prepare, at the sole cost and expense
of the Company (to the extent such costs and expenses are reimbursable by the Company under ‎Section 8(b)), or cause
to be prepared, all materials and data necessary to complete such reports and other materials including an annual audit of the
Company’s books of account by a nationally recognized independent accounting firm.

 

(iii)       The
Manager shall prepare, at the sole cost and expense of the Company (to the extent such costs and expenses are reimbursable by
the Company under ‎Section 8(b)), or cause to be prepared, regular reports for the Board of Directors to enable the
Board of Directors to review the Company’s and any Subsidiary’s acquisitions, portfolio composition and characteristics,
credit quality, performance and compliance with the Investment Policies and policies approved by the Board of Directors.

 

(p)       Managers,
officers, directors, members, employees and agents of the Manager or Affiliates of the Manager may serve as directors, officers,
agents, nominees or signatories for the Company or any of its Subsidiaries, to the extent permitted by its

 

    16 

     

    

Governing
Instruments, as from time to time amended, or by any resolutions duly adopted by the Board of Directors pursuant to the Company’s
Governing Instruments or, to the extent applicable, the governing body of any Subsidiary, pursuant to the Governing Instruments
of any Subsidiary. When executing documents or otherwise acting in such capacities for the Company or any Subsidiary, such Persons
shall indicate in what capacity they are executing on behalf of the Company or such Subsidiary. Without limiting the foregoing,
while this Agreement is in effect, the Manager shall supply the Company with a management team, including a Chief Executive Officer
and a Chief Financial Officer or similar positions, along with appropriate support personnel, to provide the management services
to be provided by the Manager to the Company hereunder, who shall devote such of their time to the management of the Company as
is necessary and appropriate, commensurate with the level of activity of the Company from time to time.

 

(q)       The
Manager shall maintain reasonable and customary “errors and omissions” insurance coverage and other customary insurance
coverage.

 

(r)       The
Manager shall provide, at the sole cost and expense of the Company (to the extent such costs and expenses are reimbursable by
the Company under ‎Section 8(b)), or cause to be provided, such internal audit, compliance and control services as may be
required for the Company to comply with applicable law (including the Securities Act and the Exchange Act), regulation (including
SEC regulations) and the rules and requirements of the NYSE or such other securities exchange on which the Common Shares may be
listed and as otherwise reasonably requested by the Company or the Board of Directors from time to time.

 

(s)       The
Manager acknowledges receipt of the Company’s Code of Business Conduct and Ethics and Policy Against Insider Trading (collectively,
the “Conduct Policies”) and agrees that it will require its officers and employees who provide services to
the Company to comply with such Conduct Policies in the performance of such services hereunder or such comparable policies as
shall in substance hold officers and employees of the Manager to at least the standards of conduct set forth in the Conduct Policies.

 

(t)       Notwithstanding
anything contained in this Agreement to the contrary, except as expressly provided in ‎Section 10 of this Agreement, the Manager
shall not be required to expend money (“Excess Funds”) in connection with any expenses that are required to
be paid for or reimbursed by the Company (or any Subsidiary) pursuant to ‎‎Section 8 in excess of that contained in any
applicable Company Account or otherwise made available by the Company (or any Subsidiary) to be expended by the Manager hereunder.
For the avoidance of doubt, failure of the Manager to expend Excess Funds out-of-pocket shall not give rise (or be a contributing
factor) to the right of the Company under ‎Section 12(c) of this Agreement to terminate this Agreement due to the Manager’s
unsatisfactory performance.

 

    17 

     

    

(u)       In
performing its duties under this ‎Section 2, the Manager shall be entitled to rely reasonably on qualified experts and professionals
(including accountants, legal counsel and other professional service providers) hired by the Manager.

 

Section 3.Additional
Activities of the Manager. (a) Except as otherwise provided in this ‎‎Section 3, the Investment Policies or the Related
Party Transaction and Allocation Policies, nothing in this Agreement shall (i) prevent the Manager or any of its Affiliates, or
any of its or their respective managers, officers, directors, employees or members from engaging in other businesses or from rendering
services of any kind to any other Person or entity, whether or not the investment objectives or policies of any such other Person
or entity are similar to those of the Company, including the management of ORIX which has or may employ investment objectives
or strategies that overlap, in whole or in part, with the investment objectives or strategies of the Company, (ii) in any way
bind or restrict the Manager or any of its Affiliates, or any of its or their managers, officers, directors, employees or members
from buying, selling or trading any securities or commodities for their own accounts or for the account of others for whom the
Manager or any of its Affiliates, or any of its or their managers, officers, directors, employees or members may be acting, or
(iii) prevent the Manager or any of its Affiliates from receiving fees or other compensation or profits from such activities described
in this ‎Section 3 which shall be for the Manager’s (and/or its Affiliates’) sole benefit. While information and
recommendations supplied to the Company shall, in the Manager’s reasonable and good faith judgment, be appropriate under
the circumstances and in light of the investment objectives and policies of the Company, they may be different from the information
and recommendations supplied by the Manager or any Affiliate of the Manager to others (including ORIX and its investors). The
Company shall have the benefit of the Manager’s good faith and professional judgment and its commercially reasonable efforts
in rendering services hereunder and, in furtherance of the foregoing, the Manager shall not undertake activities that, in its
good faith judgment, will adversely affect the performance of its obligations under this Agreement.

 

(b)       In
connection with the services of the Manager hereunder, the Company and the Board of Directors acknowledge and/or agree that (i)
as part of ORIX’s regular businesses, personnel of the Manager and its Affiliates may from time-to-time work on other projects
and matters, and that conflicts may arise with respect to the allocation of personnel between the Company, on the one hand, and
ORIX and/or the Manager and such other Affiliates, on the other hand, (ii) subject to the Related Party Transaction and Allocation
Policies of the Manager, there may be circumstances where investments that are consistent with the Company’s investment
objectives or policies may be shared with or allocated to ORIX (in lieu of the Company), (iii) subject to the Related Party Transaction
and Allocation Policies of the Manager, ORIX may invest, from time-to-time, in investments in which the Company may also invest
(including at a different level of an issuer’s capital structure (e.g., an investment by ORIX in an equity or mezzanine
interest with respect to the same entity in which the Company owns a debt interest or vice versa) or in a different tranche of
fundraising with respect to an issuer in which the Company has an interest) and while the Manager will seek to resolve any such
conflicts in an equitable manner, such transactions shall not be required to be presented to the Board of Directors for approval,
and there can be no assurance that any such conflicts will be

 

    18 

     

    

resolved
in favor of the Company, (iv) subject to the Related Party Transaction and Allocation Policies, the Manager and its Affiliates
may from time-to-time receive fees from other issuers or entities for the arranging, underwriting, syndication or refinancing
of investments or other additional fees, including acquisition fees, loan servicing fees, special servicing fees and administrative
fees and fees or advisory or asset management fees, and while such fees may give rise to conflicts of interest the Company will
not receive the benefit of any such fees, and (v) the terms and conditions of the governing agreements of ORIX (including with
respect to the economic, reporting, and other rights afforded to investors in ORIX) are materially different from the terms and
conditions applicable to the Company and its Shareholders, and neither the Company nor any such Shareholder (in such capacity)
shall have the right to receive the benefit of any such different terms applicable to investors in ORIX as a result of an investment
in the Company or otherwise.

 

(c)       Where
investments that are consistent with the Company’s investment objectives or policies are shared with ORIX, the Manager may,
but is not obligated to aggregate sales and purchase orders of securities and other investments of the Company with similar orders
being made simultaneously for ORIX, if in the Manager’s judgment, such aggregation is likely to result generally in an overall
economic benefit to the Company. The determination of such economic benefit to the Company by the Manager is subjective and represents
the Manager’s evaluation that the Company is benefited by relatively better purchase or sales prices, lower commission expenses,
increased access to investment opportunities, beneficial timing of transactions or a combination of these and other factors.

 

(d)       It
is understood and/or agreed for greater certainty that while conflicts of interests may arise from time-to-time in connection
with the investment activities of the Company and ORIX (including as more fully described in ‎Section 3(b) above) and that
the Manager will seek to resolve any such conflicts of interest in an equitable manner, only those transactions set forth in ‎Section
2(n) or as provided in the Related Party Transaction and Allocation Policies of the Company shall be required to be approved by
Special Board Approval; provided, that the foregoing shall not limit the ability of the Manager, in its discretion, to
present additional matters involving the Company to the Independent Directors from time-to-time for review, advice and/or approval
to the extent the Manager reasonably determines that doing so is appropriate under the circumstances (including as a result of
a determination that such matters give rise to material conflicts of interest that are appropriate to be reviewed and/or approved
by Special Board Approval); provided, further, that if (x) Special Board Approval is obtained with respect to any
matter or transaction presented for their approval despite a conflict of interest after the Manager has disclosed all material
facts relating to such conflict of interest or (y) the Manager acts in a manner, or pursuant to standards or procedures, approved
by Special Board Approval with respect to such conflicts of interest that arise or may arise from time to time, then none of the
Manager, ORIX or any of their Affiliates shall have any liability to the Company or any Shareholders by reason of such conflict
of interest for actions in respect of such matter taken in good faith by any of them, including actions in the pursuit of their
own interests.

 

    19 

     

    

(e)       At
the reasonable request of the Board of Directors, the Manager shall review the Related Party Transaction and Allocation Policies
of the Manager and its Affiliates with the Board of Directors and respond to reasonable questions regarding such Related Party
Transaction and Allocation Policies as it relates to the provision of Manager’s services under this Agreement. At the reasonable
request of the Manager, the Board of Directors shall review the Related Party Transaction and Allocation Policies of the Company
with the Manager and respond to reasonable questions regarding such Related Party Transaction and Allocation Policies as it relates
to the provision of Manager’s services under this Agreement.

 

Section 4.Agency.
The Manager shall act as agent of the Company in making, acquiring, financing and disposing of assets, disbursing and collecting
the funds of the Company, paying the debts and fulfilling the obligations of the Company, supervising the performance of professionals
engaged by or on behalf of the Company and handling, prosecuting and settling any claims of or against the Company, the Board
of Directors, holders of the Company’s securities or representatives or properties of the Company.

 

Section 5.Bank
Accounts. At the direction of the Board of Directors, the Manager may establish and maintain one or more bank accounts in
the name of the Company or any Subsidiary (any such account, a “Company Account”), and may collect and deposit
(or cause the Company to collect and deposit) into any such account or accounts, and disburse funds from any such account or accounts,
under such terms and conditions as the Board of Directors may approve, and the Manager shall from time to time render appropriate
accountings of such collections and payments to the Board of Directors and, upon request, to the auditors of the Company or any
Subsidiary.

 

Section 6.Records;
Confidentiality. (a) The Manager shall maintain appropriate books of accounts and records relating to services performed hereunder,
and such books of account and records shall be accessible for inspection by representatives of the Company or any Subsidiary at
any time during normal business hours upon reasonable advance notice.

 

(b)       The
Manager shall treat the Confidential Information as strictly confidential and, except to the extent necessary in the ordinary
course of performing its duties for the Company or otherwise approved by the Board of Directors, shall not directly or indirectly
otherwise than in furtherance of the Company’s business, use any Confidential Information for any purpose or disclose in
any manner any Confidential Information to any Person. Notwithstanding the foregoing, the Manager may disclose Confidential Information
to its Affiliates, any Manager Permitted Disclosure Parties, statistical rating agencies, attorneys, accountants, consultants,
advisors and other professionals in connection with their services on behalf of the Company (if such Persons are made aware of
the confidential nature of any such Confidential Information and directed to keep such information confidential), or in connection
with any governmental or regulatory filings of the Company, ORIX or their respective Affiliates, disclosure or presentations to
investors of the Company or ORIX (subject to compliance with Regulation FD) or any securities offerings or debt agreements of
ORIX, governmental agencies or officials having jurisdiction over the Company or the Manager, as requested or required by applicable
law,

 

    20 

     

    

legal
process or regulatory request or requirement (including SEC rules or regulations), or otherwise with the consent of the Company,
including pursuant to a separate agreement entered into between the Manager and/or ORIX and the Company. Nothing herein shall
prevent the Manager from disclosing Confidential Information (i) upon the order of any court or administrative agency, (ii) upon
the request or demand of, or pursuant to any law or regulation to, any regulatory agency or authority, (iii) to the extent reasonably
required in connection with the exercise of any remedy hereunder, or (iv) to its legal counsel or independent auditors; provided,
however, that with respect to clauses ‎(i) and ‎(ii), it is agreed that, so long as not legally prohibited, the
Manager shall as soon as reasonably practicable advise the Company of such order, request or demand in order to enable the Company,
if it so chooses, to apply for a protective order or similar relief. To the extent legally permitted, the Manager shall cooperate
in all reasonable respects with the Company’s attempts to secure such protective order or other relief and, if and to the
extent that the Company secures the same, the Manager shall comply with such protective order or other relief after notice thereof
from the Company.

 

(c)       The
Company shall treat the Confidential Information as strictly confidential and, except to the extent necessary in the ordinary
course of its business as contemplated by this Agreement or otherwise approved by the Manager, shall not directly or indirectly:
(i) otherwise than in furtherance of the Company’s business, use any Confidential Information for any purpose; or (ii) disclose
in any manner any Confidential Information to any Person. Notwithstanding the foregoing, the Company may disclose Confidential
Information to its Affiliates, statistical rating agencies, attorneys, accountants, consultants, advisors and other professionals
in connection with their services on behalf of the Company (if such Persons are made aware of the confidential nature of any such
Confidential Information and directed to keep such information confidential), or in the event and to the extent the Company becomes
legally compelled to do so pursuant to applicable law, rule, regulation or court order; provided, that the Company shall
as soon as reasonably practicable advise the Manager of such legal compulsion in order to enable the Manager, if it so chooses,
to apply for a protective order or similar relief. The Company shall cooperate in all reasonable respects with the Manager’s
attempts to secure such protective order or other relief and, if and to the extent that the Manager secures the same, the Company
shall comply with such protective order or other relief after notice thereof from the Manager.

 

(d)       The
provisions of this ‎Section 6 shall survive the expiration or earlier termination of this Agreement for a period of one (1)
year.

 

Section 7.Compensation.
(a) For the services rendered under this Agreement, the Company shall pay to the Manager the Base Management Fee and the Incentive
Compensation.

 

(b)       The
parties acknowledge that the Base Management Fee is intended in part to compensate the Manager for the costs and expenses (other
than reimbursable costs and expenses) of its Chief Executive Officer and investment management employees (and certain related
overhead and employee costs and expenses and other fees, costs and expenses not otherwise reimbursable under ‎Section 8 below)
incurred in providing to the Company the investment advisory services and certain general management services rendered under this
Agreement.

 

    21 

     

    

(c)       The
Manager under this Agreement will not receive any compensation for the period prior to the Effective Date.

 

(d)       The
Base Management Fee shall be payable in arrears in cash, in quarterly installments commencing with the fiscal quarter in which
this Agreement is executed. If applicable, the initial and final installments of the Management Fee shall be pro-rated based on
the number of days during the initial and final fiscal quarter, respectively, that this Agreement is in effect. The Manager shall
calculate each quarterly installment of the Base Management Fee, and deliver such calculation to the Company, within thirty (30)
days following the last day of each fiscal quarter. The Company shall pay the Manager each installment of the Base Management
Fee within five (5) Business Days after the date of delivery to the Company of such computations.

 

(e)       The
Incentive Compensation shall be payable in arrears in cash, in quarterly installments commencing with the first fiscal quarter
after the Effective Date occurs. The Manager shall compute each quarterly installment of the Incentive Compensation within forty-five
(45) days after the end of the fiscal quarter with respect to which such installment is payable. A copy of the computations made
by the Manager to calculate such installment shall thereafter promptly be delivered to the Board and, upon such delivery, payment
of such installment of the Incentive Compensation shown therein shall be due and payable no later than the date which is five
(5) Business Days after the date of delivery to the Board of such computations.

 

Section 8.Expenses
of the Company. (a) Subject to ‎Section 8(b), the Manager shall be responsible for the expenses related to any and all
personnel of the Manager and its Affiliates who provide services to the Company pursuant to this Agreement including annual base
salaries, bonus and other wages, any related payroll taxes, the cost of employee benefits of such personnel, and the cost of insurance
with respect to such personnel; provided, however, the Company shall reimburse the Manager or its Affiliates for
the allocable share of the compensation, including annual base salary, bonus and other wages, any related payroll taxes, the cost
of employee benefits of such personnel, and the cost of insurance with respect to such personnel, in each case paid to (i) the
Company’s Chief Financial Officer based on the percentage of his or her time spent on the Company’s affairs, (ii)
the Company’s General Counsel, based on the percentage of his or her time spent on the Company’s affairs, and (iii)
corporate finance, tax, accounting, internal audit, legal risk management, operations, compliance and other non-investment management
personnel of the Manager and its Affiliates who spend all or a portion of their time managing the Company’s or any Subsidiary’s
affairs based upon the percentage of time devoted by such personnel to the Company’s and/or any Subsidiary’s affairs
(provided, that, in any fiscal year, the Company shall not be required to reimburse the Manager for any such costs and
expenses in excess of the Reimbursement Cap). The Manager shall be responsible solely for the compensation paid by the Manager
to its personnel serving as the Company’s Chief Executive Officer, President, and Chief Investment Officer and each of the
Manager’s investment management professionals,

 

    22 

     

    

including
annual base salaries, bonus and other wages, any related payroll taxes, the cost of employee benefits of such personnel, and the
cost of insurance with respect to such personnel (other than key man insurance that is for the benefit of the Company).

 

(b)       The
Company shall pay all of its costs and expenses and shall reimburse the Manager or its Affiliates for expenses of the Manager
and its Affiliates incurred on behalf of the Company or any Subsidiary, excepting only those expenses that are specifically the
responsibility of the Manager pursuant to ‎Section 8 of this Agreement. Such costs and reimbursements shall be in amounts
which are no greater than those which would be payable to outside professionals or consultants engaged to perform such services
pursuant to agreements negotiated on an arm’s-length basis taking into account the specific facts and circumstances related
to any such engagement. Without limiting the generality of the foregoing, it is specifically agreed that the following costs and
expenses of the Company or any Subsidiary shall be paid by the Company and shall not be required to be paid by the Manager or
Affiliates of the Manager:

 

(i)       all
costs and expenses associated with the formation and capital raising activities of the Company or any Subsidiary, if any, including
the costs and expenses of the preparation of the Company’s registration statements, any and all costs and expenses of any
private or public offerings and any filing fees and costs of being a public company, including filings with the SEC, the Financial
Industry Regulatory Authority and the NYSE (or any other exchange or over-the-counter market), among other such entities;

 

(ii)       all
costs and expenses in connection with the acquisition, issuance, origination, disposition, development, modification, protection,
maintenance, financing, negotiation, structuring, trading, settling, refinancing, hedging, administration and ownership of the
Company’s or any Subsidiary’s assets or investments (including costs and expenses incurred for transactions that are
not subsequently completed), including costs and expenses incurred in contracting with third parties, including Affiliates of
the Manager, to provide such services, and any legal fees, accounting fees, consulting fees, custodial expenses, clearing and
settlement charges, deposits, loan servicing fees, trustee fees, appraisal fees, insurance premiums, commitment fees, brokerage
fees, guaranty fees, ad valorem taxes, costs of diligence, foreclosure, maintenance, repair and improvement of property and premiums
for insurance on property owned or leased by the Company or any Subsidiary, and other investment costs fees and expenses actually
incurred in connection with the pursuit, making, holding, originating, settling, monitoring or disposing of actual or potential
assets or investments;

 

(iii)       all
legal, audit, accounting, consulting, underwriting, brokerage, listing, filing, custodian, transfer agent, trustee, rating agency,
registration and other fees and charges, printing, engraving and other expenses and taxes incurred in connection with the issuance,
distribution, transfer, registration and stock exchange listing of the Company’s or any Subsidiary’s equity securities
or debt securities;

 

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(iv)       reimbursements
of costs and expenses (to the extent such costs and expenses would otherwise be reimbursable if incurred by the Manager or its
Affiliates under this ‎Section 8(b)) of a sub-advisor engaged in accordance with this Agreement;

 

(v)       all
costs and expenses in connection with legal, accounting, due diligence (including due diligence costs for assets or investments
that are not subsequently acquired), securitization, property management, brokerage, leasing and other services that outside professionals
or outside consultants perform or otherwise would perform on the Company’s behalf and that are performed by the Manager
or an Affiliate thereof, in accordance with the provisions of ‎Section 2;

 

(vi)       all
costs and expenses relating to communications to holders of equity securities or debt securities issued by the Company or any
Subsidiary and the other third party services utilized in maintaining relations with holders of such securities and in complying
with the continuous reporting and other requirements of governmental bodies or agencies (including the SEC), including any costs
of computer services in connection with this function, the costs payable by the Company to any transfer agent and registrar in
connection with the listing and/or trading of the Company’s securities on any exchange, the cost of printing and mailing
certificates for such securities and proxy solicitation materials and reports to holders of the Company’s or any Subsidiary’s
securities and the cost of any reports to third parties required under any indenture to which the Company or any Subsidiary is
a party;

 

(vii)       all
costs and expenses of money borrowed by the Company or any Subsidiary, including principal, interest and the costs associated
with the establishment and maintenance of any credit facilities, warehouse loans, repurchase agreements and other indebtedness
of the Company or any Subsidiary (including commitment fees, accounting fees, legal fees, closing and other costs and expenses)
or any of the Company’s securities offerings;

 

(viii)       all
taxes and license fees applicable to the Company or any Subsidiary, including interest and penalties thereon;

 

(ix)       all
fees paid to and expenses of third-party advisors and independent contractors, consultants, managers and other agents (including
real estate underwriters, brokers and special servicers) engaged by the Company or any Subsidiary or by the Manager for the account
of the Company or any Subsidiary;

 

(x)       all
insurance costs incurred by the Company or any Subsidiary, including any costs to obtain liability or other insurance to indemnify
the Manager and underwriters of any securities of the Company;

 

    24 

     

    

(xi)       all
costs and expenses relating to the acquisition of, and maintenance and upgrades to, the portfolio accounting systems of the Company
or any Subsidiary;

 

(xii)       all
compensation and fees paid to directors of the Company or any Subsidiary (excluding those directors who are also officers or employees
of the Manager), all expenses of directors of the Company or any Subsidiary (including those directors who are also employees
of the Manager), the cost of directors’ and officers liability insurance and premiums for errors and omissions insurance,
and any other insurance deemed necessary or advisable by the Board of Directors for the benefit of the Company and its directors
and officers (including those directors who are also employees of the Manager);

 

(xiii)       all
third-party legal, compliance, accounting and auditing fees, costs and expenses and other similar services relating to the Company’s
or any Subsidiary’s operations (including all quarterly and annual audit or tax fees, costs and expenses, all outsourced
internal audit costs and including, for the avoidance of doubt, all costs and expenses of any third-party advisor or sub-advisor
retained regarding the maintenance of (A) the Company’s or its Subsidiaries’ exemption from regulation as an investment
company under the Investment Company Act or (B) the Company’s qualification as a REIT);

 

(xiv)       subject
to ‎Section 10 below, all third-party legal, expert and other fees and expenses of the Company, the Manager or any
Subsidiary relating to any actions, proceedings, lawsuits, demands, causes of action and claims, whether actual or threatened,
made by or against the Company, any Subsidiary, or the Manager (in connection with its services on behalf of the Company) or which
the Company, any Subsidiary or the Manager is authorized or obligated to pay under applicable law or its Governing Instruments
or by the Board of Directors;

 

(xv)       subject
to ‎Section 10 below, all costs and expenses related to any judgment or settlement of pending or threatened proceedings
(whether civil, criminal or otherwise) against the Company, any Subsidiary, the Manager, or against any director or officer of
the Company or any Subsidiary in his capacity as such for which the Company or any Subsidiary is required to indemnify such director
or officer by any court or governmental agency, or settlement of pending or threatened proceedings;

 

(xvi)       all
reasonable and documented travel and related costs and expenses of directors, officers and employees of the Company, any Subsidiary
or the Manager, incurred in connection with attending meetings of the Board of Directors, attending meetings of holders of securities
of the Company or any Subsidiary, or performing other business activities that relate to the Company or any Subsidiary, including
reasonable and documented travel and expenses incurred in connection with the purchase, consideration for purchase, financing,
refinancing, sale or other disposition of any asset or potential investment of the Company or any Subsidiary or establishment
and maintenance of any repurchase

 

    25 

     

    

agreements,
warehouse facilities, borrowings under programs established by the U.S. government, other secured and unsecured forms of borrowings
or any of the Company’s or any Subsidiary’s securities offerings;

 

(xvii)       all
costs and expenses of organizing, modifying or dissolving the Company or any Subsidiary and costs preparatory to entering into
a business or activity, or of winding up or disposing of a business activity of the Company or any Subsidiary, if any;

 

(xviii)       all
costs and expenses relating to payments of dividends or interest or distributions in cash or any other form made or caused to
be made by the Board of Directors to or on account of holders of the securities of the Company or any Subsidiary, including in
connection with any dividend reinvestment plan;

 

(xix)       all
costs and expenses related to (A) the design and maintenance of the Company’s or any Subsidiary’s web site or sites
and (B) the Company’s allocable share of all costs and expenses associated with any computer software, hardware, electronic
equipment or purchased information technology services from third party vendors or Affiliates of the Manager that is used for
the Company or any Subsidiary;

 

(xx)       all
costs and expenses incurred with respect to market information systems and publications, research publications and materials,
including financial analytics and market data, and settlement, clearing and custodial fees and expenses relating to any asset
of the Company or any Subsidiary;

 

(xxi)       all
costs and expenses incurred with respect to administering the Company’s incentive plans;

 

(xxii)       all
costs and expenses of maintaining compliance with all U.S. federal, state, and local income tax provisions and regulations and
any applicable regulatory body rules and regulations and regulatory reporting obligations;

 

(xxiii)       all
costs and expenses relating to any office or office facilities, including disaster backup recovery sites and facilities, maintained
for the Company or any Subsidiary separate from the offices of the Manager;

 

(xxiv)       rent
and other fees (including disaster recovery facilities costs and expenses) relating to office(s), telephone, utilities, office
furniture, equipment, machinery and other office, internal and overhead expenses of the Manager and its Affiliates required for
the Company’s or any Subsidiary’s operations; provided, however, that the Company shall only be responsible
for a proportionate share of such expenses, as determined by the Manager in good faith, where such expenses were not incurred
solely for the benefit of the Company;

 

    26 

     

    

(xxv)       all
other costs and expenses of the Company or any Subsidiary relating to the business and investment operations of the Company, including
the costs and expenses of acquiring, originating, owning, protecting, maintaining, financing, refinancing, developing, modifying
and disposing of assets; and

 

(xxvi)       all
other expenses actually incurred by the Manager or its Affiliates or their respective managers, officers, directors, employees,
members, representatives or agents, or any Affiliates thereof, that are reasonably necessary for the performance by the Manager
of its duties and obligations under this Agreement.

 

(c)       Notwithstanding
anything to the contrary set forth in this Agreement, the Manager shall be entitled to incur and pay costs and expenses on behalf
of the Company and/or any of its Subsidiaries, including any costs and expenses described in ‎Section 8(b). Costs and expenses
incurred by the Manager on behalf of the Company or any Subsidiary shall be reimbursed quarterly to the Manager.

 

The Manager
and the Company agree that the Manager shall support the Company by agreeing to limit the Manager’s right to reimbursement
under this Section 8 by reducing the Reimbursement Cap applicable for any fiscal year under this Agreement by an amount equal
to twenty-five percent (25%) of the Reimbursement Cap during each fiscal year (the “Support Amount”); provided,
that, the Support Amount shall not exceed Five Hundred and Sixty-Eight Thousand Dollars ($568,000) in any fiscal year; provided,
further, that, the Manager may, in its discretion, reduce the Support Amount for any applicable fiscal year to the extent
the Manager determines that such reduction is necessary or appropriate to limit (i) any adverse effect on the qualification of
the Company or any of its Subsidiaries as a REIT under the Code or (ii) the amount of any fees, penalties or taxes which may be
payable to the Internal Revenue Service (the “IRS”). The aggregate support provided by the Manager pursuant
to this Section 8(c) shall not exceed an amount equal to the aggregate taxes, penalties and interest paid by the Company to the
IRS (including the amount paid in accordance with Section 875(b)(5) of the Code plus any related penalties, interest and additional
amounts that may be paid by the Company to the IRS in connection therewith) for the Company’s failure to satisfy the 75%
gross income REIT test for the taxable year ended December 31, 2018, reduced by the amounts paid by HIM under the Support Agreement
by and between the Company and HIM, dated March 18, 2019 (the “Support Cap”). The Company and the Manager agree
that, subject to Special Board Approval, the form and nature of the support provided pursuant to this Agreement, but not the Support
Amount, may be adjusted to take another mutually acceptable form.

 

The Manager
shall prepare a written statement setting forth (x) in reasonable detail the costs and expenses of the Company and those incurred
by the Manager on behalf of the Company or any Subsidiary during each fiscal quarter and (y) the estimated Reimbursement Cap and
Support Amount for the applicable fiscal year based on such fiscal quarter, and shall use commercially reasonable efforts to deliver
such written statement to the Company within forty-five (45) days after the end of each fiscal quarter

 

    27 

     

    

(subject
to reasonable delays resulting from delays in receipt of information). The Company shall pay all amounts payable to the Manager
pursuant to this ‎Section 8 within ten (10) Business Days after the receipt of the written statement without demand, deduction,
offset or delay. Cost and expense reimbursement to the Manager shall be subject to adjustment at the end of each calendar year
in connection with the annual audit of the Company and in connection with ‎Section 8(d).

 

(d)       Within
forty-five (45) days after the end of each fiscal year, the Manager shall compute the Reimbursement Cap and Support Amount for
such fiscal year and provide a copy of such computation to the Board. If such computation shows an overpayment of reimbursable
expenses by the Company for the applicable fiscal year, then the Company will be entitled to a credit in the amount of such overpayment
against future Base Management Fees or Incentive Compensation.

 

(e)       Notwithstanding
the foregoing, the Manager may, at its option, elect not to seek reimbursement for all or a portion of certain expenses during
a given quarterly period, which determination shall not be deemed to construe a waiver of reimbursement of such or similar expenses
in any future periods.

 

(f)       The
provisions of this ‎‎Section 8 shall survive the expiration or earlier termination of this Agreement to the extent such
expenses have previously been incurred or are incurred in connection with such expiration or termination.

 

Section 9.Exit
Fees. (a) With respect to any investments of the Company providing for the payment of any exit fees by the borrowers thereunder,
the Company agrees to waive and hereby waives any such exit fees if such borrowers refinance the applicable investment with permanent
financing provided by the Manager or any of its Affiliates.

 

(b)       If
an exit fee under any of the Company’s investments is waived as a result of such borrower refinancing the applicable investment
with permanent financing by the Manager or any of its Affiliates pursuant to ‎Section 9, the cost and expense reimbursement
due to the Manager under ‎Section 8(c) for the fiscal quarter in which such exit fee was waived shall be reduced by an amount
equal to 50% of the amount of any such waived exit fee.

 

(c)       For
the avoidance of doubt, to the extent that any cost or expense reimbursements due to the Manager are reduced pursuant to ‎Section
9(b), the amount so reduced shall not be considered a cost or expense reimbursed to the Manager for purposes of the Reimbursement
Cap.

 

Section 10.Limits
of the Manager’s Responsibility; Indemnification. (a) The Manager assumes no responsibility under this Agreement other
than to render the services called for hereunder in good faith and shall not be responsible for any action of the Board of Directors
in following or declining to follow any advice or recommendations of the Manager. None of the Manager, ORIX, their Affiliates
or their respective managers, officers, directors, employees, trustees, control persons, partners,

 

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stockholders,
equityholders or members or any Person providing sub-advisory services to the Manager will be liable to the Company, any Subsidiary,
the Board of Directors, or any Shareholder or other equity holder of the Company or any equity holder or interest holder of any
Subsidiary for any acts or omissions performed under this Agreement, except for acts or omissions that constitute bad faith, willful
misconduct, gross negligence or reckless disregard of the Manager’s duties under this Agreement. The Company shall, to the
fullest extent permitted by applicable law, reimburse, indemnify and hold harmless the Manager, ORIX, their Affiliates and their
respective managers, officers, directors, employees, trustees, control persons, partners, stockholders, equity holders and members
and any Person providing sub-advisory services to the Manager (each, a “Manager Indemnified Party”), with respect
to all expenses, losses, damages, liabilities, demands, charges and claims of any nature whatsoever (including reasonable attorneys’
fees) (collectively “Losses”) in respect of or arising from any action or inaction performed under this Agreement
that does not constitute bad faith, willful misconduct, gross negligence or reckless disregard of the duties of the Manager under
this Agreement. For the avoidance of doubt, the Manager will not be liable for trade errors that may result solely from ordinary
negligence, including errors in investment decision making process and/or in the trade process.

 

(b)       The
Manager shall, to the full extent permitted by applicable law, reimburse, indemnify and hold harmless the Company (or any Subsidiary),
and the directors, officers and Shareholders (each, a “Company Indemnified Party”; a Manager Indemnified Party
and a Company Indemnified Party are each sometimes hereinafter referred to as an “Indemnified Party”) with
respect to (i) all Losses in respect of or arising from any action or inaction under this Agreement constituting bad faith, willful
misconduct, gross negligence or reckless disregard of the duties of the Manager under this Agreement or (ii) any claims by
the Manager’s or its Affiliate’s employees relating to the terms and conditions of their employment by the Manager
or its Affiliates.

 

(c)       In
case any such claim, suit, action or proceeding (a “Claim”) is brought against any Indemnified Party in respect
of which indemnification may be sought by such Indemnified Party pursuant hereto, the Indemnified Party shall give prompt notice
thereof to the indemnifying party, which notice shall include all documents and information in the possession of or under the
control of such Indemnified Party reasonably necessary for the evaluation and/or defense of such Claim and shall specifically
state that indemnification for such Claim is being sought under this ‎Section 10; provided, however, that in
the absence of material prejudice to the indemnifying party, the failure of the Indemnified Party to so notify the indemnifying
party shall not limit or affect such Indemnified Party’s rights to be indemnified pursuant to this ‎Section 10. Upon
receipt of such notice of Claim (together with such documents and information from such Indemnified Party), the indemnifying party
shall, at its sole cost and expense, in good faith defend any such Claim with counsel reasonably satisfactory to such Indemnified
Party, which counsel may, without limiting the rights of such Indemnified Party pursuant to the next succeeding sentence of this
‎Section 10(c), also represent the indemnifying party in such Claim. In the alternative, such Indemnified Party may elect
to conduct the defense of the Claim, if (1) such Indemnified Party reasonably determines that the conduct of its defense by the
indemnifying party could be materially prejudicial to its

 

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interests,
(2) the indemnifying party refuses to defend (or fails to give notice to the Indemnified Party within ten (10) days of receipt
of a notice of Claim that the indemnifying party assumes such defense), or (3) the indemnifying party shall have failed, in such
Indemnified Party’s reasonable judgment, to defend the Claim in good faith. The indemnifying party may settle any Claim
against such Indemnified Party without such Indemnified Party’s consent, provided, (1) such settlement is without
any Losses whatsoever to such Indemnified Party, (2) the settlement does not include or require any admission of liability or
culpability by such Indemnified Party and (3) the indemnifying party obtains an effective written release of liability or covenant
not to sue for such Indemnified Party from the party to the Claim with whom such settlement is being made, which release must
be reasonably acceptable to such Indemnified Party, and a dismissal with prejudice with respect to all claims made by the party
against such Indemnified Party in connection with such Claim. The applicable Indemnified Party shall reasonably cooperate with
the indemnifying party, at the indemnifying party’s sole cost and expense, in connection with the defense or settlement
of any Claim in accordance with the terms hereof. If such Indemnified Party is entitled pursuant to this ‎Section 10 to elect
to defend such Claim by counsel of its own choosing and so elects, then the Indemnified Party shall not enter into any settlement
of such Claim absent the consent of the indemnifying party if such indemnifying party would be liable therefor under this Agreement,
which consent shall not be unreasonably withheld or delayed. Except as provided in the immediately preceding sentence, no Indemnified
Party may pay or settle any Claim and seek reimbursement therefor under this ‎Section 10.

 

(d)       The
indemnification and payment or reimbursement of an Indemnified Party’s Losses provided in this Agreement shall not be deemed
exclusive of or limit in any way other rights to which such Indemnified Party seeking indemnification and payment or reimbursement
of Losses may be or may become entitled under any entity organizational document, regulation, insurance, agreement or otherwise.

 

(e)       The
provisions of this ‎Section 10 shall survive the expiration or earlier termination of this Agreement.

 

(f)       Nothing
contained herein shall be deemed a waiver of any right available to the Company under federal and state securities laws to the
extent such waiver would be inconsistent with such laws.

 

Section 11.No
Joint Venture. The Company and the Manager are not partners or joint venturers with each other and nothing herein shall be
construed to make them such partners or joint venturers or impose any liability as such on any of them.

 

Section 12.Term;
Termination without Cause. (a) Initial Term. This Agreement shall become effective on the Effective Date and shall
continue in operation, unless terminated in accordance with the terms hereof, until the third anniversary of the Effective Date
(the “Initial Term”).

 

(b)       Automatic
Renewal Terms. After the Initial Term, this Agreement shall be deemed renewed automatically each year for an additional one
(1) year period (an “Automatic Renewal Term”) unless this Agreement is terminated in accordance with ‎Section
12(c).

 

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(c)       Termination
of this Agreement. Notwithstanding any other provision of this Agreement to the contrary, upon the expiration of the Initial
Term or any Automatic Renewal Term and upon at least one hundred and eighty (180) days’ prior written notice to the Manager
or the Company, as applicable (the “Termination Notice”), either (A) the Company (without cause), upon the
affirmative vote of at least two-thirds of the Independent Directors or by a vote of the holders of at least two-thirds of the
Company’s outstanding Common Shares (other than those Common Shares held by the Manager or any Affiliate thereof), in each
case based upon (1) unsatisfactory performance by the Manager that is materially detrimental to the Company or (2) the determination
that the compensation payable to the Manager under this Agreement is not fair; or (B) the Manager (without cause) may decline
to renew this Agreement (any such nonrenewal, a “Nonrenewal Termination”); provided, that the Company
shall not have the right to terminate this Agreement under clause ‎(2) above if the Manager agrees to continue to provide
services under this Agreement at fees that at least two-thirds of the Independent Directors) determine to be fair pursuant to
the procedures set forth below. If the Company (but not the Manager) issues the Termination Notice, the Company shall be obligated
to pay the Manager the Termination Fee within ninety (90) days of the last day of the Initial Term or Automatic Renewal Term,
as applicable (the “Effective Termination Date”); provided, however, that in the event a Termination
Notice is given by the Company in connection with a determination that the compensation payable to the Manager is not fair, the
Manager shall have the right to renegotiate such compensation by delivering to the Company, no fewer than forty-five (45) days
prior to the prospective Effective Termination Date, written notice (any such notice, a “Notice of Proposal to Negotiate”)
of its intention to renegotiate its compensation under this Agreement. Thereupon, the Company (represented by the Independent
Directors) and the Manager shall endeavor to negotiate in good faith the revised compensation payable to the Manager under this
Agreement. If the Manager and the Company agree to the terms of the revised compensation to be payable to the Manager within forty-five
(45) days following the receipt of the Notice of Proposal to Negotiate, the Termination Notice shall be deemed of no force and
effect and this Agreement shall continue in full force and effect on the terms stated in this Agreement, except that the compensation
payable to the Manager hereunder shall be the revised compensation then agreed upon by the Company and the Manager. The Company
and the Manager agree to execute and deliver an amendment to this Agreement setting forth such revised compensation promptly upon
reaching an agreement regarding the same. In the event that the Company and the Manager are unable to agree to the terms of the
revised compensation to be payable to the Manager during such forty-five (45)-day period, this Agreement shall terminate, such
termination to be effective on the date which is the later of (A) ten (10) days following the end of such forty-five (45)-day
period and (B) the Effective Termination Date originally set forth in the Termination Notice. In the event of any Nonrenewal Termination,
after delivery of the Termination Notice, the Manager shall thereafter have the authority to invest only such capital that represents
the return of capital resulting from the liquidation or repayment of assets of the Company or any Subsidiary existing at the time
of the Termination Notice, and subject to the Investment Policies and all other

 

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existing
investment and other policies of the Company. While this Agreement is effective, the Manager shall cooperate, at the Company’s
sole cost and expense, with the Company in executing an orderly transition of the management of the Company’s assets to
a new manager. The Company may terminate this Agreement for cause pursuant to ‎Section
14 of this Agreement even after a Nonrenewal Termination and no Termination Fee shall be payable.

 

(d)       If
this Agreement is terminated pursuant to this ‎Section 12 or pursuant to ‎Section 13, ‎14 or ‎15, such termination
shall be without any further liability or obligation of any party to the other, except with respect to the payment of a Termination
Fee, if applicable, and except as provided in Sections ‎6, ‎8, and ‎16 of this Agreement. In addition, Section ‎10,
‎16 and ‎18(f) of this Agreement shall survive termination of this Agreement.

 

Section 13.Assignments.
(a) Except as set forth in ‎Section 13(b) of this Agreement, this Agreement shall terminate automatically without payment
of the Termination Fee in the event of its assignment, in whole or in part, by the Manager, unless such assignment is consented
to in writing by the Company after Special Board Approval. Any such permitted assignment shall bind the assignee under this Agreement
in the same manner as the Manager is bound. In addition, the assignee shall execute and deliver to the Company a counterpart of
this Agreement naming such assignee as the Manager. This Agreement shall not be assigned by the Company without the prior written
consent of the Manager, except in the case of assignment by the Company to another REIT or other organization which is a successor
(by merger, consolidation, purchase of assets, or similar transaction) to the Company; provided, that, any such assignment,
merger, consolidation, purchase of assets or similar transaction of the Company does not cause the Company to become privately
held or otherwise result in the delisting of the Common Shares from NYSE or such other securities exchange on which the Common
Shares may be listed. Any successor organization in a permitted assignment shall be bound under this Agreement and by the terms
of such assignment in the same manner as the Company is bound under this Agreement. As used in this ‎Section 13, the term
“assign” as it applies to the Manager shall be the meaning given to that term in the Advisers Act. The Manager shall
promptly notify the Company of any change in the manager or managing members of the Manager.

 

(b)       Notwithstanding
any provision of this Agreement, the Manager may subcontract, delegate or assign any or all of its responsibilities under this
Agreement to any of its Affiliates, including sub-advisors where applicable, in accordance with the terms of this Agreement applicable
to any such subcontract, delegation or assignment and this Agreement shall not thereupon terminate, and the Company hereby consents
to any such assignment, delegation and subcontracting (provided that Manager remains liable for any such Affiliates performance
and if such assignment constitutes an assignment of this Agreement within the meaning of the Advisers Act, this Agreement shall
thereupon terminate without payment of the Termination Fee unless the Manager shall have obtained Special Board Approval for such
assignment). In addition, provided that the Manager provides prior notice to the Company for informational purposes only,
nothing contained in this Agreement shall preclude any pledge, hypothecation or other transfer of any amounts payable to the Manager
under this Agreement.

 

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Section 14.Termination
by the Company for Cause. The Company may terminate this Agreement effective upon thirty (30) days’ prior notice of
termination from the Company to the Manager, without payment of any Termination Fee, if (i) the Manager, its agents or its assignees
breach any material provision of this Agreement and such breach shall continue for a period of thirty (30) days after notice thereof
specifying such breach and requesting that the same be remedied in such thirty (30)-day period (or forty-five (45) days after
notice of such breach if the Manager takes steps to cure such breach within thirty (30) days of the notice), (ii) there is a commencement
of any proceeding relating to the Manager’s Bankruptcy or insolvency, including an order for relief in an involuntary bankruptcy
case or the Manager authorizing or filing a voluntary bankruptcy petition, (iii) any Manager Change of Control which a majority
of the Independent Directors reasonably determines is materially detrimental to the Company and the Subsidiaries taken as a whole,
(iv) the dissolution of the Manager, (v) the Manager is convicted (including a plea of nolo contendere) of a felony, or
(vi) the Manager commits actual and intentional fraud against the Company, misappropriates or embezzles funds of the Company,
or acts, or fails to act, in a manner constituting bad faith, willful misconduct, gross negligence or reckless disregard in the
performance of its duties under this Agreement; provided, however, that if any of the actions or omissions described
in this clause ‎(vi) are caused by an employee and/or officer of the Manager or one of its Affiliates and the Manager takes
all necessary and appropriate action against such Person and cures the damage caused by such actions or omissions within thirty
(30) days of the Manager’s actual knowledge of its commission or omission, the Company shall not have the right to terminate
this Agreement pursuant to this ‎Section 14.

 

Section 15.Termination
by the Manager for Cause. (a) The Manager may terminate this Agreement effective upon sixty (60) days’ prior notice
of termination to the Company in the event that the Company shall default in the performance or observance of any material term,
condition or covenant contained in this Agreement and such default shall continue for a period of thirty (30) days after notice
thereof specifying such default and requesting that the same be remedied in such thirty (30) day period. The Company is required
to pay to the Manager the Termination Fee if the termination of this Agreement is made pursuant to this ‎‎Section 15.

 

(b)       The
Manager may terminate this Agreement if the Company becomes required to register as an investment company under the Investment
Company Act, with such termination deemed to occur immediately before such event, in which case the Company shall not be required
to pay the Termination Fee.

 

Section 16.Action
Upon Termination. From and after the effective date of termination of this Agreement pursuant to Sections ‎‎‎12,
‎13, ‎14 or ‎‎15 of this Agreement, the Manager shall not be entitled to compensation for further services hereunder,
but shall be paid all compensation accruing to the date of termination and, if the Manager is so entitled in accordance with the
terms of this Agreement, the Termination Fee. Upon any such termination, the Manager shall forthwith:

 

(a)       after
deducting any accrued compensation and reimbursement for its expenses to which it is then entitled, pay over to the Company or
a Subsidiary all money collected and held for the account of the Company or a Subsidiary pursuant to this Agreement;

 

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(b)       deliver
to the Board of Directors a full accounting, including a statement showing all payments collected by it and a statement of all
money held by it, covering the period following the date of the last accounting furnished to the Board of Directors with respect
to the Company and any Subsidiary; and

 

(c)       deliver
to the Board of Directors all property and documents of the Company and any Subsidiary then in the custody of the Manager; provided
that the Manager shall be permitted to retain copies of such documents for its records, and if so retained, the Manager shall
continue to be bound by the confidentiality obligations set forth in ‎Section 6 hereof.

 

Section 17.Release
of Money or Other Property Upon Written Request. The Manager agrees that any money, securities or other financial assets of
the Company or any Subsidiary shall be held with the Custodian. In the event that the Manager inadvertently comes into possession
of any money or other property of the Company or any Subsidiary, the Manager shall promptly return such money or assets to the
Company or Subsidiary, as applicable, or otherwise pay over such money or assets to such third party or third parties as are specified
by the Company in, and in accordance with, written instructions signed by a duly authorized officer of the Company. Upon delivery
of such money or other property in accordance with such instructions, the Manager shall not be liable to the Company, any Subsidiary,
the Board of Directors, or the Shareholders or the interest holders of any Subsidiary for any acts or omissions by the Company,
any Subsidiary or any third party in connection with the money or other property released in accordance with this ‎Section
17. The Company shall indemnify the Manager and each other Manager Indemnified Party against any and all Losses which arise in
connection with the Manager’s or such Manager Indemnified Party’s proper release or direction of such money or other
property to the Company’s custodian(s) in accordance with the terms of this ‎Section 17. Indemnification pursuant to
this provision shall be in addition to any right of the Manager and each other Manager Indemnified Party to indemnification under
‎Section 10 of this Agreement.

 

Section 18.Miscellaneous.
(a) Notices. Except as otherwise expressly provided herein, any notice or other communication required or permitted hereunder
shall be in writing, and shall be given either personally or by overnight express courier (such as FedEx), addressed as set forth
below (or to such other address as may be hereafter notified by the respective parties hereto in accordance with this ‎Section
18). Notices given as aforesaid shall be deemed given and received upon actual delivery.

 

    34 

     

    

The Company:

 

Hunt Companies Finance
Trust

230 Park Avenue, 19th Floor

New York, NY 10169

Attention: Chairman, Audit Committee, Board of Directors

Facsimile: (212) 257-5099

 

with a copy
to:

 

Dentons US LLP

1221 Avenue of the Americas

New York, NY 10020-1089

Attention: Paul D. Tvetenstrand, Esq.

Fax: (212) 768-6800

Email: paul.tvetenstrand@dentons.com

 

The Manager:

 

OREC Investment Management,
LLC

10 W. Broad Street, 8th Floor

Columbus, Ohio 43215

Attention: James Henson

Phone: (614) 857-1517

Email:James.Henson@orixrealestatecapital.com

 

with a copy
to:

 

ORIX Corporation USA

1717 Main Street, Suite
1100

Dallas, Texas 75201

Attention: Ryan Farha

Phone: (214) 237-2242

Email: Ryan.Farha@orix.com

 

(b)       Binding
Nature of Agreement; Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties
hereto and their respective heirs, personal representatives, successors and assigns as provided herein. Except for ‎Section
3, ‎Section 10 and ‎Section 17, none of the provisions of this Agreement are intended to be, nor shall they be construed
to be, for the benefit of any third party.

 

(c)       Entire
Agreement. This Agreement contains the entire agreement and understanding among the parties hereto with respect to the subject
matter hereof, and supersedes all prior and contemporaneous agreements, understandings, inducements and conditions, express or
implied, oral or written, of any nature whatsoever with respect to the subject matter hereof. The express terms hereof and thereof
control and supersede any course of performance and/or usage of the trade inconsistent with any of the terms hereof and thereof.

 

    35 

     

    

(d)       Release.
The Company, on behalf of itself and its successors and assigns hereby releases, acquits and forever discharges the Manager and
each of its Affiliates, equityholders, stockholders, members, partners, managers, directors, officers, employees, agents, representatives
and advisors, in their capacities as such, and each of their respective successors and assigns, from any and all claims, demands,
damages, actions, causes of action, rights, costs, losses, expenses, compensation and suits, whether at law or in equity, of whatsoever
kind or nature, with respect to the Original Management Agreement, Oak Circle, the Existing Management Agreement or HIM.

 

(e)       Amendments.
Neither this Agreement, nor any terms hereof, may be amended, supplemented or modified except in an instrument in writing executed
by the parties hereto.

 

(f)       GOVERNING
LAW. THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED
AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK, WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAW EXCEPT
THOSE GIVING EFFECT TO THIS CHOICE OF LAW. EACH OF THE PARTIES HERETO CONSENTS AND SUBMITS TO THE JURISDICTION OF ANY COURT OF
RECORD OF THE FIRST DEPARTMENT OF THE STATE OF NEW YORK OR THE U.S. FEDERAL COURTS LOCATED IN THE SOUTHERN DISTRICT OF NEW YORK.

 

(g)       WAIVER
OF JURY TRIAL. EACH PARTY HERETO ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS AGREEMENT IS LIKELY
TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND, THEREFORE, EACH SUCH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES TO
THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT SUCH PARTY MAY HAVE TO A TRIAL BY JURY IN RESPECT TO ANY ACTION DIRECTLY
OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED BY THIS
AGREEMENT.

 

(h)       No
Waiver; Cumulative Remedies. No failure to exercise and no delay in exercising, on the part of a party hereto, any right,
remedy, power or privilege hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of any right,
remedy, power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, remedy,
power or privilege. The rights, remedies, powers and privileges herein provided are cumulative and not exclusive of any rights,
remedies, powers and privileges provided by law.

 

    36 

     

    

(i)       Section
Headings. The section and subsection headings in this Agreement are for convenience of reference only and shall not be deemed
to alter or affect the interpretation of any provisions hereof.

 

(j)       Costs
and Expenses. Each party hereto shall bear its own costs and expenses (including the fees and disbursements of counsel and
accountants) incurred in connection with the negotiations and preparation of and the closing under this Agreement, and all matters
incident thereto.

 

(k)       Counterparts.
This Agreement may be executed by the parties to this Agreement on any number of separate counterparts (including by facsimile
or pdf), and all of said counterparts taken together shall be deemed to constitute one and the same instrument.

 

(l)       Severability.
Any provision of this Agreement which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective
to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition
or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

 

[signature
page follows]

 

 

 

    37 

     

    

IN WITNESS
WHEREOF, each of the parties hereto have executed this Management Agreement as of the date first written above.

 

 

	 	HUNT COMPANIES FINANCE TRUST
	 	 
	 	 
	 	By:	/s/ James P. Flynn
	 	 	Name:James P. Flynn
	 	 	Title:Chief Executive Officer

 

 

 

[Signature Page to Management Agreement]

 

     

     

    

 

IN WITNESS
WHEREOF, each of the parties hereto have executed this Agreement as of the date first written above.

 

 

	 	OREC INVESTMENT MANAGEMENT, LLC
	 	 
	 	 
	 	By:	/s/ Kevin J. Mainelli
	 	 	Name:Kevin J. Mainelli
	 	 	Title:Chief Compliance Officer

 

 

 

 

[Signature
Page to Management Agreement]

 

     

     

    

 

Exhibit
A

 

Investment
Policies

 

Capitalized terms used but not
defined herein shall have the meanings ascribed thereto in that certain Management Agreement, dated as of January 3, 2020, as
may be amended from time to time (the “Management Agreement”), by and between Hunt Companies Finance Trust
(the “Company”) and OREC Investment Management, LLC (the “Manager”).

 

The following investment policies
have been approved by affirmative resolution of the Board of Directors of the Company (the “Board”) including
by each of the “independent” (within the meaning below) directors of the Company. This version supersedes all earlier
versions of the Company’s investment policies. The Board will review the Company’s investment portfolio and the Company’s
compliance with these investment policies at each regularly scheduled meeting of the Board.

 

These investment policies may
be amended, restated, modified, supplemented or waived by the Board (which must include a majority of the members of the Board
who are not officers or employees of the Manager or any affiliate thereof and who otherwise are “independent” in accordance
with the rules of the New York Stock Exchange from time to time) without the approval of the Company’s stockholders but
subject to the approval of the Manager.

 

		1.	The Company shall not:

 

		1.1.	make an investment that would
                                         cause the Company to fail to qualify as a “real estate investment trust”
                                         as defined under the United States Internal Revenue Code of 1986, as amended (a “REIT”);
                                         or

 

		1.2.	make an investment that would
                                         cause the Company to be regulated as an “investment company” under the United
                                         States Investment Company Act of 1940, as amended (the “Investment Company Act”).

 

		2.	The Company shall seek to invest
                                         in a portfolio of residential mortgage-backed securities, multi-family mortgage-backed
                                         securities, commercial real estate mortgage-backed securities, residential mortgage loans,
                                         multi-family mortgage loans, commercial real estate mortgage loans, mortgage servicing
                                         rights and other mortgage or real estate related investments.

 

		3.	The Manager may invest the net proceeds
                                         of any future offerings of the Company’s securities in interest-bearing, short-term
                                         investments, including money market accounts and/or funds, that are consistent with the
                                         Company’s intention to qualify as a REIT and maintain exemption from registration
                                         under the Investment Company Act.

 

 

 

 

Exhibit A
– Page 1Exhibit 10.2

 

 

EXECUTION
VERSION

 

 

 

SECURITIES
PURCHASE AGREEMENT

 

between

 

HUNT
COMPANIES FINANCE TRUST, INC.

 

and

 

OREC
INVESTMENT HOLDINGS, LLC

 

dated
as of

 

January
3, 2020

 

 

 

 

 

     

     

    

SECURITIES
PURCHASE AGREEMENT

 

This
Securities Purchase Agreement (this “Agreement”), dated as of January 3, 2020 is entered into by and between
Hunt Companies Finance Trust, Inc., a Maryland corporation (the “Company”) and OREC Investment Holdings, LLC,
a Delaware limited liability company (the “Investor”).

 

RECITALS

 

WHEREAS,
the Company wishes to sell to Investor, and Investor wishes to purchase from the Company, 1,246,719 shares (the “Shares”)
of the Company’s common stock, par value $0.01 per share, (the” Common Stock”) subject to the terms and
conditions set forth herein; and

 

WHEREAS,
simultaneously and in connection with the execution and delivery of this Agreement, the Company and the Investor desire to enter
into the Registration Rights Agreement (as defined below).

 

NOW,
THEREFORE, in consideration of the mutual covenants and agreements hereinafter set forth and for other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

 

ARTICLE
I

DEFINITIONS

 

The
following terms have the meanings specified or referred to in this ‎ARTICLE
I:

 

“Action”
means any claim, action, cause of action, demand, lawsuit, arbitration, inquiry, audit, notice of violation, proceeding, litigation,
citation, summons, subpoena or investigation of any nature, civil, criminal, administrative, regulatory or otherwise, whether
at law or in equity.

 

“Affiliate”
of a Person means any other Person that directly or indirectly, through one or more intermediaries, controls, is controlled by,
or is under common control with, such Person. The term “control” (including the terms “controlled by”
and “under common control with”), when used with respect to any specified Person, means the possession, directly or
indirectly, of the power to direct or cause the direction of the management or policies of such Person, whether through the ownership
of voting securities, by contract or otherwise.

 

“Agreement”
has the meaning set forth in the preamble.

 

“Audited
Financial Statements” means the Company’s audited financial statements filed on the Form 10-K.

 

“Benefit
Plan” means any employment, consulting, pension, benefit, retirement, compensation, profit-sharing, deferred compensation,
incentive, performance award, phantom equity, stock or stock-based, change in control, retention, severance, vacation, paid time
off, fringe-benefit and other similar agreement, plan, policy, program or arrangement (and any amendments thereto), in each case
whether or not reduced to writing and whether funded or

 

     

     

    

unfunded,
including each “employee benefit plan” within the meaning of Section 3(3) of ERISA, whether or not tax-qualified and
whether or not subject to ERISA, that is or has been maintained, sponsored, contributed to, or required to maintained, sponsored,
or contributed to by the Company for the benefit of any current or former employee, officer, director, retiree, independent contractor
or consultant of the Company or any spouse or dependent of such individual, or under which Company or any of its Subsidiaries
has or may have any liability, or with respect to which Investor or any of its Affiliates would reasonably be expected to have
any liability, contingent or otherwise.

 

“Business
Day” means any day except Saturday, Sunday or any other day on which commercial banks located in New York City are authorized
or required by Law to be closed for business.

 

“Closing”
has the meaning set forth in ‎Section 2.03.

 

“Closing
Date” has the meaning set forth in ‎Section 2.03.

 

“Charter”
means the Articles of Amendment and Restatement of the Company, filed with the SEC on May 25, 2018.

 

“Code”
means the Internal Revenue Code of 1986, as amended.

 

“Common
Stock” has the meaning set forth in the recitals.

 

“Company”
has the meaning set forth in the preamble.

 

“Current
Financial Statements” means the consolidated financial statements of the Company dated as of September 30, 2019, filed
as an exhibit to the Company’s Quarterly Report on Form 10-Q dated as of November 7, 2019.

 

“Disclosure
Schedules” means the Disclosure Schedules delivered by the Company concurrently with the execution and delivery of this
Agreement.

 

“Encumbrance”
means any charge, claim, community property interest, pledge, condition, equitable interest, lien (statutory or other), option,
security interest, mortgage, easement, encroachment, right of way, right of first refusal, or restriction of any kind, including
any restriction on use, voting, transfer, receipt of income or exercise of any other attribute of ownership.

 

“ERISA”
means the Employee Retirement Income Security Act of 1974, as amended, and the regulations promulgated thereunder.

 

“Financial
Statements” means, collectively, the Audited Financial Statements and the Current Financial Statements.

 

“Form
10-K” means the Company’s Annual Report on Form 10-K for the year ended December 31, 2018.

 

    2 

     

    

“GAAP”
means United States generally accepted accounting principles in effect from time to time.

 

“Governmental
Authority” means any federal, state, local or foreign government or political subdivision thereof, or any agency or
instrumentality of such government or political subdivision, or any self-regulated organization or other non-governmental regulatory
authority or quasi-governmental authority (to the extent that the rules, regulations or orders of such organization or authority
have the force of Law), or any arbitrator, court or tribunal of competent jurisdiction.

 

“Governmental
Order” means any order, writ, judgment, injunction, decree, stipulation, determination or award entered by or with any
Governmental Authority.

 

“Investor”
has the meaning set forth in the preamble.

 

“Knowledge”
or any other similar knowledge qualification, means the actual or constructive knowledge of any director or officer of such Person,
in each case, after due inquiry.

 

“Law”
means any statute, law, ordinance, regulation, rule, code, order, constitution, treaty, common law, judgment, decree, other requirement
or rule of law of any Governmental Authority.

 

“Losses”
means losses, damages, liabilities, deficiencies, Actions, judgments, interest, awards, penalties, fines, costs or expenses of
whatever kind, including reasonable attorneys’ fees and the cost of enforcing any right to indemnification hereunder and
the cost of pursuing any insurance providers; provided, that “Losses” shall not include punitive damages,
except in the case of fraud or to the extent actually awarded to a Governmental Authority or other third party.

 

“Management
Agreement” has the meaning set forth in ‎Section
3.07.

 

“Material
Adverse Effect” means any event, occurrence, fact, condition or change that is, or could reasonably be expected to become,
individually or in the aggregate, materially adverse to the business, results of operations, condition (financial or otherwise)
or assets of the Company.

 

“MGCL”
has the meaning set forth in ‎Section 3.06.

 

“NYSE”
New York Stock Exchange.

 

“OCCP”
has the meaning set forth in ‎Section 3.07.

 

“Permits”
means all permits, licenses, franchises, approvals, authorizations, registrations, certificates, variances and similar rights
obtained, or required to be obtained, from Governmental Authorities.

 

“Person”
means an individual, corporation, partnership, joint venture, limited liability company, Governmental Authority, unincorporated
organization, trust, association or other entity.

 

    3 

     

    

“Purchase
Price” has the meaning set forth in ‎Section 2.01.

 

“Registration
Rights Agreement” means the Registration Rights Agreement, dated as of the date hereof, by and among the Company and
the Investor as such agreement may be amended, restated or modified from time to time.

 

“Restrictive
Provision” has the meaning set forth in ‎Section
3.06.

 

“SEC”
means the United States Securities and Exchange Commission.

 

“SEC
Filings” means the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2018 and all other
reports filed by the Company pursuant to the Exchange Act of 1934 since the filing of such Annual Report and prior to the date
hereof.

 

“Series
A Preferred Stock” has the meaning set forth in ‎Section
3.02(a).

 

“Shares”
has the meaning set forth in the recitals.

 

“Subsidiary”
means any corporation, partnership, limited liability company or other legal entity of which the Company (either alone or through
or together with any other Subsidiary) (A) directly or indirectly owns a majority of the outstanding share capital, voting securities
or other equity interests or (B) is entitled, by contract or otherwise, to elect, appoint or designate a majority of the members
of the board of directors or managers or other governing body of such legal entity.

 

“Tax
Return” means any return, declaration, report, claim for refund, information return or statement or other document relating
to Taxes, including any schedule or attachment thereto, and including any amendment thereof.

 

“Taxes”
means (a) all federal, state, local, foreign and other income, gross receipts, sales, use, production, ad valorem, transfer, documentary,
franchise, registration, profits, license, lease, service, service use, withholding, payroll, employment, unemployment, estimated,
excise, severance, environmental, stamp, occupation, premium, property (real or personal), real property gains, windfall profits,
customs, duties or other taxes, fees, assessments or charges of any kind whatsoever, (b) any interest, additions or penalties
with respect thereto and any interest in respect of such additions or penalties, and (c) any liability in respect of the items
described in clauses (a) and (b) payable by reason of successor, transferee or other liability, operation of law, Treasury
Regulations under section 1502 of the Code, or by contract, indemnity or otherwise.

 

“Transaction
Documents” means this Agreement and the Registration Rights Agreement and any other agreements, instruments and documents
required to be delivered at or prior to the Closing or entered into by the parties at the Closing.

 

“Transfer
Agent” means American Stock Transfer and Trust Company.

 

“Treasury
Regulations” means any Treasury regulations promulgated under the Code.

 

    4 

     

    

ARTICLE
II

PURCHASE AND SALE

 

Section
2.01Purchase and Sale. Subject to the
terms and conditions set forth herein, at the Closing, the Company shall issue and sell to Investor, and Investor shall purchase
from the Company, free and clear of all Encumbrances (other than restrictions on transfer under (A) applicable federal and state
securities Laws and (B) the Charter), the Shares, for an aggregate purchase price of $5,747,375 (the “Purchase Price”).

 

Section
2.02Transactions Effected at the Closing.

 

(a)       At
the Closing, Investor shall deliver to the Company:

 

(i)       the
Purchase Price by wire transfer of immediately available funds to an account of the Company designated in writing by the Company
to Investor prior to the date hereof; and

 

(ii)       the
Transaction Documents and all other agreements, documents, instruments or certificates required to be delivered by Investor at
or prior to the Closing pursuant to ‎Section 5.02 of this Agreement.

 

(b)       At
the Closing, the Company shall:

 

(i)       deliver
to the Transfer Agent, with a copy to Investor, an irrevocable instruction letter directing the Transfer Agent to issue the Shares
to the Investor, either in certificated or book-entry form, as directed by the Investor; and

 

(ii)       deliver
to Investor the Transaction Documents and all other agreements, documents, instruments or certificates required to be delivered
by the Company at or prior to the Closing pursuant to ‎Section 5.01 or ‎Section 7.07 of this
Agreement.

 

Section
2.03Closing. Subject to the terms and
conditions of this Agreement, the purchase and sale of the Shares contemplated hereby shall take place at a closing (“Closing”)
to be held at 7:30 a.m., New York time remotely by electronic mail and/or facsimile at the offices of Davis Polk & Wardwell
LLP, 450 Lexington Avenue, New York, NY 10017. The Closing shall take place simultaneously with the execution and delivery
of this Agreement on the date hereof unless another place or time is agreed to in writing by the parties hereto (the day on which
the Closing takes place, the “Closing Date”).

 

Section
2.04Use of Proceeds. The proceeds from
the issuance of the Shares shall be used by the Company for working capital and general corporate purposes.

 

Section
2.05Restrictive Provisions. The Company
and its board of directors shall use their respective reasonable best efforts (a) to take all action necessary so that no Restrictive
Provision (as defined below) is or becomes applicable to this Agreement or any of the other Transaction Document or the transactions
contemplated hereby or thereby, and (b) if any such Restrictive Provision becomes applicable to any of the foregoing, to take
all action necessary so

 

    5 

     

    

that
the transactions contemplated by this Agreement and the other Transaction Documents may be consummated as promptly as practicable
on the terms contemplated hereby and thereby and otherwise to eliminate or minimize the effect of such Restrictive Provision.

 

ARTICLE
III

REPRESENTATIONS AND WARRANTIES OF THE COMPANY

 

Except
as set forth in the correspondingly numbered Section of the Disclosure Schedules, the Company represents and warrants to Investor
that the statements contained in this ‎ARTICLE III are true
and correct as of the date hereof.

 

Section
3.01Organization and Qualification of the Company.
The Company is a corporation duly organized, validly existing and in good standing under the Laws of the state of Maryland and
has full corporate power and authority to (a) enter into this Agreement and each of the other Transaction Documents to which the
Company is or will be a party, to carry out its obligations hereunder and thereunder and to consummate the transactions contemplated
hereby and thereby and (b) own, operate or lease the properties and assets now owned, operated or leased by it and to carry on
its business as it has been and is currently conducted. The execution and delivery by the Company of this Agreement and each other
Transaction Document to which the Company is or will be a party, the performance by the Company of its obligations hereunder and
thereunder and the consummation by the Company of the transactions contemplated hereby and thereby have been duly and validly
authorized by all requisite corporate action on the part of the Company, and no other corporate action on the part of the Company
or its board of directors, members or any equity holder is necessary to authorize the execution, delivery and performance by the
Company of this Agreement, or any of the other Transaction Documents to which the Company is or will be a party. This Agreement
has been duly executed and delivered by the Company, and (assuming due authorization, execution and delivery by Investor) this
Agreement constitutes a legal, valid and binding obligation of the Company enforceable against the Company in accordance with
its terms. Each other Transaction Document to which the Company is or will be a party has been duly executed and delivered by
the Company (assuming due authorization, execution and delivery by each other party thereto), and such Transaction Document constitutes
or will constitute a legal and binding obligation of the Company enforceable against it in accordance with its terms. There are
no bankruptcy, insolvency, reorganization or arrangement proceedings threatened or commenced by any Person, or pending that involve
the Company.

 

Section
3.02Capitalization; Subsidiaries.

 

(a)       The
authorized capital stock of the Company as of immediately prior to the Closing consists of (i) 50,000,000 shares of Series A Cumulative
Redeemable Preferred Stock, par value $0.01 per share (the “Series A Preferred Stock”), of which no shares
are issued and outstanding, and (ii) 450,000,000 shares of Common Stock, of which (A) 23,692,164 shares are issued and outstanding,
(B) no shares are reserved for issuance upon conversion of the Series A Preferred Stock, and (C) no shares are reserved for issuance
pursuant to the Company’s Manager Equity Plan.

 

    6 

     

    

(b)       The
authorized capital stock of the Company as of immediately following the Closing after giving effect to the transactions contemplated
by this Agreement consists of (i) 50,000,000 shares of Series A Preferred Stock, of which no shares are issued and outstanding,
and (ii) 450,000,000 shares of Common Stock, of which (A) 24,938,883 shares are issued and outstanding, (B) no shares are reserved
for issuance upon conversion of the Series A Preferred Stock, and (C) no shares are reserved for issuance pursuant to the Company’s
Manager Equity Plan. Except as set forth in the immediately preceding sentence, as of immediately following the Closing, there
are no securities convertible into, or exchangeable or exercisable for, equity securities of the Company.

 

(c)       As
of immediately following the Closing after giving effect to the transactions contemplated by this Agreement, (i) all of the issued
and outstanding shares of capital stock of the Company will have been duly authorized, validly issued, fully paid and non-assessable,
(ii) all of the issued and outstanding shares of capital stock of, or other equity interests in, the Company will have been issued
in compliance with all applicable federal and state securities Laws, (iii) none of the issued and outstanding shares of capital
stock of the Company will have been issued in violation of any agreement, arrangement or commitment to which the Company or any
of its Affiliates is a party or is subject to or in violation of any preemptive or similar rights of any Person, and (iv) there
are no outstanding warrants to purchase any shares of capital stock, or other equity interests in, the Company. The Shares are
not, or upon issuance will not be, subject to any preemptive rights. The issuance of the Shares does not contravene the rules
and regulations of the NYSE.

 

(d)       Exhibit
21.1 to the Form 10-K sets forth a complete and accurate list of the name and jurisdiction of each Subsidiary of the Company.
All of the issued and outstanding shares of capital stock of, or other equity interests in, each such Subsidiary (i) have been
duly authorized, validly issued, and issued in compliance with all applicable federal and state securities Laws, (ii) none of
the issued and outstanding shares of capital stock of any such Subsidiary have been issued in violation of any agreement, arrangement
or commitment to which the Company, any Subsidiary of the Company or any of their respective Affiliates is a party or is subject
to or in violation of any preemptive or similar rights of any Person, and (iii) are directly owned of record by the Company or
a Subsidiary of the Company, free and clear of all Encumbrances, except as set forth in the Form 10-K.

 

(e)       Neither
the Company nor any Subsidiary of the Company will at the Closing directly or indirectly own, or have a direct or indirect ownership
interest in, any Person (other than a Subsidiary of the Company).

 

(f)       Except
as set forth in the Form 10-K, there are no outstanding or authorized options, warrants, convertible or exchangeable securities
or other rights, agreements, arrangements or commitments of any character relating to the equity securities or capital stock of
the Company or any of its Subsidiaries or obligating the Company or any such Subsidiaries or any of their respective

 

    7 

     

    

Affiliates
to issue or sell any membership interest, shares of capital stock or any other interest in, the Company or any of its Subsidiaries.
None of the Company or any of its Subsidiaries has outstanding or authorized any stock appreciation, phantom stock, profit participation
or similar rights. Other than the organizational documents of the Company and its Subsidiaries (including the Charter), there
are no voting trusts, stockholder agreements, proxies or other agreements or understandings in effect with respect to the voting
or transfer of any of the equity capital of the Company or any of its Subsidiaries.

 

(g)       Neither
the Company nor any Subsidiary thereof has any authorized or outstanding bonds, debentures, notes or other indebtedness (i) the
holders of which have the right to vote or (ii) convertible into, exchangeable for, or evidencing the right to subscribe for or
acquire securities having the right to vote, with, in each case, the equity holders of the Company or any of its Subsidiaries
on any matter. Except as set forth in the Form 10-K or as provided in any of the organizational documents of the Company, there
are no agreements or understandings to which the Company, any of its Subsidiaries or any of their respective Affiliates is a party
or by which it is bound to (x) repurchase, redeem or otherwise acquire any shares of capital stock or other equity interests of,
or voting interest in, the Company or any Subsidiary of the Company or (y) vote or dispose of any shares of capital stock or other
equity interests of, or voting interest in, the Company or any Subsidiary of the Company, including any irrevocable proxies or
voting agreements with respect to any shares of capital stock or other equity interests of, or voting interest in, the Company
or any of its Subsidiaries.

 

Section
3.03Non-Contravention. The execution,
delivery and performance by the Company of this Agreement or any other Transaction Document to which it is or will be a party,
and the consummation of the transactions contemplated hereby or thereby, do not and will not: (a) conflict with or result in a
violation or breach of, or default under (or an event which, with the giving of notice or the passage of time, or both, would
constitute a breach), require any consent, authorization, approval or exemption by, any Person under, or give to others any rights
of termination or amendment under, any provision of the Charter other organizational documents of the Company or any of its Subsidiaries;
(b) conflict with or result in a violation or breach of any provision of any Law or Governmental Order applicable to the Company
or any of its Subsidiaries; (c) require the consent, notice or other action by any Person under, conflict with, result in a violation
or breach of, constitute a default or an event that, with or without notice or lapse of time or both, would constitute a default
under, result in the acceleration of, or create in any party, the right to accelerate, terminate, modify or cancel any contract
or Permit to which the Company or any of its Subsidiaries is a party; or (d) result in the creation or imposition of any Encumbrance
on the Company, any of its Subsidiaries or the Investor. Except for the filing of a Form 8-K with the SEC, no consent, approval,
Permit, Governmental Order, declaration or filing with, or notice to, any Governmental Authority is required by or with respect
to the Company in connection with the execution and delivery of this Agreement or any of the other Transaction Documents to which
the Company is or will be a party, and the consummation of the transactions contemplated hereby or thereby.

 

    8 

     

    

Section
3.04SEC Filings, Financial Statements; Internal Controls.

 

(a)       the
Company has timely filed with or otherwise furnished (as applicable) to the SEC all filings required to be made by it pursuant
to the Exchange Act and the Securities Act, including the SEC Filings, since January 1, 2017.

 

(b)       As
of their respective dates, the SEC Filings, including any financial statements or schedules included or incorporated by reference
therein, at the time filed, complied as to form in all material respects with the applicable requirements of the Securities Act
and the Exchange Act, and the rules and regulations of the SEC promulgated thereunder applicable to such SEC Filings.

 

(c)       As
of their respective dates, the SEC Filings, including any financial statements or schedules included or incorporated by reference
therein, at the time filed, did not contain any untrue statement of a material fact or omit to state a material fact required
to be stated therein or necessary to make the statements therein, and, in light of the circumstances under which they were made,
not misleading.

 

(d)       The
Financial Statements were prepared from the books and records of the Company and its Subsidiaries in accordance with GAAP, subject,
in the case of any of the Current Financial Statements, to normal and recurring year-end adjustments and the absence of notes
(that, if included, would not differ materially from those presented in the Audited Financial Statements). The Financial Statements
fairly present in all material respects the financial condition of the Company and its Subsidiaries reflected therein as of the
respective dates they were prepared and the results of the operations and the changes in the financial position of the Company
and its Subsidiaries reflected therein for the periods indicated and have been prepared in the ordinary course of business, in
accordance with past practices and consistently applied throughout the periods indicated.

 

(e)       The
Company has established and maintains a system of “internal controls” over financial reporting (as defined in Rules
13a-15(f) and 15d-15(f) of the Exchange Act) sufficient to provide reasonable assurance regarding the reliability of their financial
reporting and the preparation of financial statements for external purposes in accordance with GAAP.

 

Section
3.05Undisclosed Liabilities. None of
the Company nor any of its Subsidiaries has any liabilities, obligations or commitments of a type required to be reflected or
reserved against on a balance sheet of the Company and its Subsidiaries prepared in accordance with GAAP, except (a) those which
are adequately reflected or reserved against in the Financial Statements; (b) those which have been disclosed to the Investor
in writing; and (c) those which have been incurred in the ordinary course of business, consistent with past practice, since the
date of the Current Financial Statements and which are not material in amount.

 

    9 

     

    

Section
3.06Anti-Takeover Provisions and Ownership Limitations.
The board of directors of the Company has taken all action necessary, if any (a) to render inapplicable to the transactions
contemplated by this Agreement and each of the other Transaction Documents, the restrictions on business combinations contained
in Subtitle 6 of Title 3 of the Maryland General Corporation Law (the “MGCL”) and Subtitle 7 of Title 3 of
the MGCL, (b) so that the restrictions contained in the organizational documents of the Company applicable to “ownership
limitations” (including Sections 7.2 and 7.3 of the Company’s Articles of Amendment and Restatement) and/or “business
combinations” will not apply to the execution, delivery or performance of this Agreement or any other Transaction Document
or the consummation of the transactions contemplated hereby or thereby, and (c) to irrevocably approve for all purposes the Investor
and its Affiliates and this Agreement and each of the other Transaction Documents to exempt such Persons, agreements and transactions
from, and to elect for the Company, the Investor and their respective Affiliates not to be subject to, any “moratorium,”
“control share acquisition,” “fair price,” “interested shareholder,” “affiliate transaction,”
“business combination” or other antitakeover Laws of any jurisdiction (each and any of (a), (b) or (c), a “Restrictive
Provision”) applicable to the Company, Investor or any of their respective Affiliates or this Agreement or any of the
other Transaction Documents or with respect to any of the foregoing, which resolutions have not been rescinded, modified or withdrawn
in any way.

 

Section
3.07Claims Against Hunt. None of the
Company, any of its Subsidiaries nor any of their respective Affiliates has any pending or threatened claims, demands, damages
or Actions (including with respect to any matters that are indemnifiable under Section 10 of the Management Agreement, dated as
of January 18, 2018 (the “Management Agreement”), by and between the Company and Hunt Investment Management,
LLC (“Hunt”)) outstanding against Hunt or any of its Affiliates, equity holders, members, partners, managers,
directors, officers, employees, agents, representatives or advisors, of whatsoever kind or nature, whether with respect, arising
under, related to or in connection with the Management Agreement or otherwise.

 

Section
3.08Absence of Certain Changes, Events and Conditions.
Other than as disclosed in the SEC Filings, since the date of the Company’s last interim balance sheet, and other than in
the ordinary course of business consistent with past practice, there has not been, with respect to the Company or any of its Subsidiaries,
any:

 

(a)       event,
occurrence or development that has had, or could reasonably be expected to have, individually or in the aggregate, a Material
Adverse Effect;

 

(b)       amendment
of the charter, by-laws or other organizational documents of the Company (including the Charter) or any of its Subsidiaries;

 

(c)       split,
combination or reclassification of any shares of its capital stock;

 

(d)       issuance,
sale or other disposition of any of its capital stock, or grant of any options, warrants or other rights to purchase or obtain
(including upon conversion, exchange or exercise) any of its capital stock;

 

    10 

     

    

(e)       declaration
or payment of any dividends or distributions on or in respect of any of its capital stock or redemption, purchase or acquisition
of its capital stock;

 

(f)       material
change in any method of accounting or accounting practice of the Company, except as required by GAAP or as disclosed in the notes
to the Financial Statements;

 

(g)       incurrence,
assumption or guarantee of any indebtedness for borrowed money except unsecured current obligations and liabilities incurred in
the ordinary course of business consistent with past practice;

 

(h)       transfer,
assignment, sale or other disposition of any of the assets shown or reflected in the interim balance sheet or cancellation, discharge
or payment of any material debts, liens or entitlements;

 

(i)       any
capital investment in, or any loan to, any other Person;

 

(j)       acceleration,
termination, material modification or amendment to or cancellation of any material contract to which the Company is a party or
by which it is bound;

 

(k)       any
material capital expenditures;

 

(l)       imposition
of any Encumbrance upon any of the properties, capital stock or assets, tangible or intangible, of the Company or any of its Subsidiaries;

 

(m)       adoption,
modification or termination of any: (i) material employment, severance, retention or other agreement with any current or former
employee, officer, director, independent contractor or consultant, (ii) Benefit Plan or (iii) collective bargaining or other agreement
with a union, in each case whether written or oral;

 

(n)       any
loan to (or forgiveness of any loan to), or entry into any other transaction with, any of its stockholders, directors, officers
and employees;

 

(o)       entry
into a new line of business or abandonment or discontinuance of existing lines of business;

 

(p)       adoption
of any plan of merger, consolidation, reorganization, liquidation or dissolution or filing of a petition in bankruptcy under any
provisions of federal or state bankruptcy Law or consent to the filing of any bankruptcy petition against it under any similar
Law;

 

(q)       acquisition
by merger or consolidation with, or by purchase of a substantial portion of the assets or stock of, or by any other manner, any
business or any Person or any division thereof; or

 

    11 

     

    

(r)       any
contract or commitment to do any of the foregoing, or any action or omission that would result in any of the foregoing.

 

Section
3.09Title to Assets. The Company has
good and valid title to, or a valid leasehold interest in, all property and other assets reflected in the Financial Statements
or acquired after the date of the last interim balance sheet, other than properties and assets sold or otherwise disposed of in
the ordinary course of business consistent with past practice since the date of the last interim balance sheet.

 

Section
3.10Legal Proceedings; Governmental Orders.

 

(a)       There
are no Actions pending or, to the Company’s Knowledge, threatened against the Company, any of its Subsidiaries or any their
respective assets, properties or businesses by any Person that could, individually or in the aggregate, reasonably be expected
to be material and adverse to the Company or could otherwise challenge or seek to prevent, enjoin or otherwise delay the transactions
contemplated hereby. No event has occurred or circumstances exist that may give rise to, or serve as a basis for, any such Action.

 

(b)       There
are no outstanding Governmental Orders and no unsatisfied judgments, penalties or awards against, relating to or affecting the
Company or any of its Subsidiaries.

 

Section
3.11Compliance With Laws; Permits.

 

(a)       The
Company and each of its Subsidiaries has complied, and is in compliance in all material respects, with all Laws applicable or
related to it or their respective properties or assets.

 

(b)       All
Permits required for the Company’s and each of its Subsidiaries’ ownership and use of its assets are, in each case,
valid and in full force and effect. All fees and charges with respect to such Permits as of the date hereof have been paid in
full. No event has occurred that, with or without notice or lapse of time or both, would reasonably be expected to result in the
revocation, suspension, lapse or limitation of any such Permit.

 

Section
3.12ERISA. The Company is not (a) an
“employee benefit plan” within the meaning of Section 3(3) of ERISA that is subject to Title I of ERISA, (b) a “plan”
subject to Section 4975 of the Code, or (c) an entity the assets of which constitute the assets of any “employee benefit
plan” or “plan” described in clauses (a) and (b) pursuant to Department of Labor Regulations § 2510.3-101,
et seq., as effectively modified by Section 3(42) of ERISA.

 

Section
3.13Taxes.

 

(a)       The
Company and each its Subsidiaries has timely filed all Tax Returns that it was required to file. All such Tax Returns were complete
and correct in all respects. All Taxes due and owing by the Company or any of its Subsidiaries (whether or not shown on any Tax
Return) have been timely paid.

 

    12 

     

    

(b)       The
Company and each of its Subsidiaries has withheld and paid each Tax required to have been withheld and paid in connection with
amounts paid or owing to any employee, independent contractor, creditor, customer, shareholder or other party, and complied with
all information reporting and backup withholding provisions of applicable Law.

 

(c)       No
extensions or waivers of statutes of limitations have been given or requested with respect to any Taxes of the Company or any
of its Subsidiaries.

 

(d)       All
deficiencies asserted, or assessments made, against the Company or any of its Subsidiaries as a result of any examinations by
any taxing authority have been fully paid.

 

(e)       Neither
the Company nor any of its Subsidiaries is not a party to any Action by any taxing authority. There are no pending or threatened
Actions by any taxing authority.

 

Section
3.14Compliance with NYSE Continued Listing Requirements.
The Company is in compliance with applicable continued listing requirements of the NYSE.  There are no claims, demands, actions,
causes of action, suits, proceedings, citations, summons, or subpoenas of any nature (civil, criminal, administrative, regulatory
or otherwise, whether at law or in equity), complaint, judgment or decree or proceedings pending or, to the Knowledge of the Company,
threatened against the Company relating to the continued listing of the Common Stock of the Company on the NYSE and the Company
has not received any currently pending notice of the delisting of the Common Stock from the NYSE.

 

Section
3.15Foreign Corrupt Practices Act. Neither
the Company nor any of its Subsidiaries nor, to the Company’s Knowledge, any other person associated with or acting on behalf
of the Company or any of its Subsidiaries, including, without limitation, any director, officer, agent, employee or Affiliate
of the Company or any of its Subsidiaries has (a) used any corporate funds for any unlawful contribution, gift, entertainment
or other unlawful expense relating to political activity or to influence official action; (b) made any direct or indirect unlawful
payment to any foreign or domestic government official or employee from corporate funds; (c) made any bribe, rebate, payoff, influence
payment, kickback or other unlawful payment; or (d) violated or is in violation of any provision of the U.S. Foreign Corrupt Practices
Act of 1977, as amended, and the rules and regulations thereunder. The Company has instituted and maintains policies and procedures
designed to ensure compliance therewith.

 

Section
3.16Financial Information. The financial
and factual information prepared or furnished by the Company to the Investor relating to the Company and set forth on Section
3.16 of the Disclosure Schedules is, to the Knowledge of the Company and the Knowledge of Hunt, true, correct, complete and
accurate and the Company has not failed to disclose to the Investor any information that could reasonably be expected to impact
the Investor’s interpretation of such financial and factual information.  The Company acknowledges and agrees that
the Investor is relying, and has relied, on the

 

    13 

     

    

information
set forth on Section 3.16 of the Disclosure Schedules including in connection with the Investor’s acquisition of
shares of the Company’s Common Stock from the Company.

 

Section
3.17Finder’s Fees. The Company
is not bound by or subject to any contract, agreement or understanding with any Person which will result in the Investor being
obligated to pay any finder’s fees, brokerage or agent’s commissions or other like payments in connection with the
negotiations leading to this Agreement or the consummation of the transactions contemplated hereby.

 

ARTICLE
IV

REPRESENTATIONS AND WARRANTIES OF INVESTOR

 

Investor
represents and warrants to the Company that the statements contained in this ‎ARTICLE
IV are true and correct as of the date hereof.

 

Section
4.01Organization and Authority of Investor.
Investor is a limited liability company duly organized, validly existing and in good standing under the Laws of the state of Delaware.
Investor has all necessary limited liability company power and authority to enter into this Agreement and the other Transaction
Documents to which Investor is a party, to carry out its obligations hereunder and thereunder and to consummate the transactions
contemplated hereby and thereby. The execution and delivery by Investor of this Agreement and any other Transaction Document to
which Investor is a party, the performance by Investor of its obligations hereunder and thereunder and the consummation by Investor
of the transactions contemplated hereby and thereby have been duly authorized by all requisite limited liability company action
on the part of Investor. This Agreement has been duly executed and delivered by Investor, and (assuming due authorization, execution
and delivery by the Company) this Agreement constitutes a legal, valid and binding obligation of Investor enforceable against
Investor in accordance with its terms. When each other Transaction Document to which Investor is or will be a party has been duly
executed and delivered by Investor (assuming due authorization, execution and delivery by each other party thereto), such Transaction
Document will constitute a legal and binding obligation of Investor enforceable against it in accordance with its terms.

 

Section
4.02No Conflicts; Consents. The execution,
delivery and performance by Investor of this Agreement and the other Transaction Documents to which it is a party, and the consummation
of the transactions contemplated hereby and thereby, do not and will not: (a) conflict with or result in a violation or breach
of, or default under, any provision of the organizational documents of Investor; (b) conflict with or result in a violation or
breach of any provision of any Law or Governmental Order applicable to Investor; or (c) require the consent, notice or other action
by any Person under any material contract to which Investor is a party. No consent, approval, Permit, Governmental Order, declaration
or filing with, or notice to, any Governmental Authority is required by or with respect to Investor in connection with the execution
and delivery of this Agreement and the consummation of the transactions contemplated hereby.

 

    14 

     

    

Section
4.03Investment Purpose. Investor is acquiring
the Shares solely for its own account for investment purposes and not with a view to, or for offer or sale in connection with,
any distribution thereof. Investor acknowledges that the Shares are not registered under the Securities Act of 1933, as amended,
or any state securities laws, and that the Shares may not be transferred or sold except pursuant to the registration provisions
of the Securities Act of 1933, as amended or pursuant to an applicable exemption therefrom and subject to state securities laws
and regulations, as applicable.

 

Section
4.04Accredited Investor. Investor is
an “accredited investor” as defined in Rule 501 of Regulation D promulgated under the Securities Act of 1933.

 

Section
4.05Finder’s Fees. The Investor
is not bound by or subject to any contract, agreement or understanding with any Person which will result in the Company being
obligated to pay any finder’s fees, brokerage or agent’s commissions or other like payments in connection with the
negotiations leading to this Agreement or the consummation of the transactions contemplated hereby.

 

Section
4.06Legend. The Investor understands
that the Shares shall bear the restrictive legend set forth below immediately following this paragraph, and that the Shares shall
bear such legend until such time as the Investor requests to the Company in writing, accompanied by a written legal opinion from
Investor’s counsel reasonably acceptable to the Company, that the legend may be removed from the Shares under the Securities
Act of 1933 or applicable state securities laws:THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES
ACT OF 1933, AS AMENDED (THE “ACT”), OR UNDER THE SECURITIES LAWS OF ANY OTHER JURISDICTIONS.  THESE SECURITIES
ARE SUBJECT TO RESTRICTIONS ON TRANSFERABILITY AND RESALE AND MAY NOT BE TRANSFERRED OR RESOLD EXCEPT AS PERMITTED UNDER THE ACT
AND THE APPLICABLE SECURITIES LAWS OF OTHER STATES AND JURISDICTIONS, PURSUANT TO REGISTRATION OR EXEMPTION THEREFROM. 

 

ARTICLE
V

CONDITIONS TO CLOSING

 

Section
5.01Conditions to Obligations of Investor.
The obligations of Investor to consummate the transactions contemplated by this Agreement shall be subject to the fulfillment
or Investor’s waiver thereof, at or prior to the Closing, of each of the following conditions:

 

(a)       This
Agreement and each of the other Transaction Documents to which the Company is or will be a party shall have been executed and
delivered by the parties thereto and true and complete copies thereof shall have been delivered to Investor.

 

    15 

     

    

(b)       Investor
shall have received a certificate of the Secretary or an Assistant Secretary (or equivalent officer) of the Company certifying:

 

(i)       that
attached thereto are true and complete copies of all resolutions and other consents adopted by the board of directors of the Company
authorizing and approving the execution, delivery, filing and performance of this Agreement and each of the Transaction Documents
and the consummation of the transactions contemplated hereby and thereby, and that all such resolutions and consents are in full
force and effect as of the Closing;

 

(ii)       that
attached thereto are true and complete copies of the Charter and by-laws of the Company and that such organizational documents
are in full force and effect as of the Closing; and

 

(iii)       the
names and signatures of the officers of the Company authorized to sign this Agreement, the other Transaction Documents and the
other documents to be delivered hereunder and thereunder.

 

(c)       The
Company shall have delivered, or caused to be delivered, to the Transfer Agent an irrevocable instruction letter directing the
Transfer Agent to issue the Shares to the Investor, either in certificated or book-entry form, as directed by the Investor.

 

Section
5.02Conditions to Obligations of the Company.
The obligations of the Company to consummate the transactions contemplated by this Agreement shall be subject to the fulfillment
or the Company’s waiver thereof, at or prior to the Closing, of each of the following conditions:

 

(a)       This
Agreement and each of the other Transaction Documents to which the Investor is or will be a party shall have been executed and
delivered by the parties thereto and true and complete copies thereof shall have been delivered to the Company.

 

(b)       Investor
shall have delivered to the Company cash in an amount equal to the Purchase Price by wire transfer in immediately available funds,
to an account or accounts designated in writing by the Company to Investor.

 

ARTICLE
VI

INDEMNIFICATION

 

Section
6.01Indemnification of Investor. Subject
to the provisions of this Section 6.01, the Company will indemnify and hold Investor and its Affiliates (each, an “Investor
Indemnitee”) harmless from any and all losses, liabilities, obligations, claims, contingencies, damages, costs and expenses,
including all judgments, amounts paid in settlements, court costs and reasonable attorneys’ fees and costs of investigation
that any such Investor Indemnitee may suffer or incur as a result of or relating to (a) any breach of any of the representations,
warranties, or agreements made by the Company in this Agreement or any of the other Transactions

 

    16 

     

    

Documents
or (b) any action instituted against the Investor Indemnitee in any capacity with respect to any of the transactions contemplated
by this Agreement or any of the other Transaction Documents (unless such action is based upon a breach of such Investor Indemnitee’s
representations or warranties under this Agreement or any conduct by such Investor Indemnitee which constitutes fraud, gross negligence
or willful misconduct).

 

Section
6.02Payments. Once a Loss is agreed to
by the Company or finally adjudicated to be payable pursuant to this Article VI, the Company shall satisfy its obligations within
15 Business Days of such agreement or final, non-appealable adjudication by wire transfer of immediately available funds. The
parties hereto agree that should the Company not make full payment of any such obligations within such 15 Business Day period,
any amount payable shall accrue interest from and including the date of agreement of the Company or final, non-appealable adjudication
to but excluding the date such payment has been made at a rate per annum equal to 5%. Such interest shall be calculated daily
on the basis of a 365-day year and the actual number of days elapsed, without compounding.

 

Section
6.03Exclusive Remedies. Subject to ‎Section
7.11, the parties acknowledge and agree that their sole and exclusive remedy with respect to any and all claims (other than claims
arising from fraud, criminal activity or willful misconduct on the part of a party hereto in connection with the transactions
contemplated by this Agreement) for any breach of any representation, warranty, agreement or obligation set forth herein or otherwise
relating to the subject matter of this Agreement, shall be pursuant to the indemnification provisions set forth in this ‎ARTICLE
VI. In furtherance of the foregoing, each party hereby waives, to the fullest extent permitted under Law, any and all rights,
claims and causes of action for any breach of any representation, warranty, agreement or obligation set forth herein or otherwise
relating to the subject matter of this Agreement it may have against the other parties hereto and their Affiliates arising under
or based upon any Law, except pursuant to the indemnification provisions set forth in this ‎ARTICLE VI. Nothing in
this 6.03 shall limit any Person’s right to seek and obtain any equitable relief to which any Person shall be entitled or
to seek any remedy on account of any party’s fraudulent, criminal or intentional misconduct.

 

ARTICLE
VII

MISCELLANEOUS

 

Section
7.01All notices, demands or other communications provided for or permitted hereunder
shall be made in writing and shall be by registered or certified first class mail, return receipt requested, telecopier, courier
service or personal delivery:

 

(a)           if
to the Company:

 

Hunt
Companies Finance Trust, Inc.

230
Park Avenue, 19th Floor,

New
York, New York 10169

Attention:James
Flynn

Telephone:(212)
521-6339

Email:james.flynn@huntcompanie.com

 

    17 

     

    

With
a copy to:

 

Dentons
US LLP

1221
Avenue of the Americas

New
York, NY 10020-1089

Attention:Paul
D. Tvetenstrand, Esq.

Fax:(212)
768-6800

Email:paul.tvetenstrand@dentons.com

 

(b)           if
to Investor:

 

OREC Investment Holdings,
LLC

c/o ORIX Corporation
USA

1717 Main Street, Suite
1000

Dallas, Texas 75201

Attention: Ryan Farha

Telephone: 212-237-2000

Email:
ryan.farha@orix.com

 

With
a copy to:

 

Davis
Polk & Wardwell LLP

450
Lexington Avenue

New
York, NY 10017

Attention:Michael
Davis

Fax:(212)
450-5184

Email:michael.davis@davispolk.com

 

Section
7.02Severability. If any term, provision,
covenant or restriction of this Agreement is determined by a court of competent jurisdiction or other authority to be invalid,
void or unenforceable, the remainder of the terms, provisions, covenants and restrictions of this Agreement shall remain in full
force and effect and shall in no way be affected, impaired or invalidated so long as the economic or legal substance of the transactions
contemplated hereby is not affected in any manner adverse to any party hereto. Upon such a determination, the parties hereto shall
negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as closely as possible in
an acceptable manner so that the transactions contemplated hereby may be consummated as originally contemplated to the fullest
extent possible.

 

Section
7.03Entire Agreement. This Agreement
constitutes the entire agreement between the parties with respect to the subject matter hereof and supersedes all prior agreements
and understandings, both oral and written, between the parties with respect to such subject matter. This Agreement shall be binding
upon, and inure solely to the benefit of, each party hereto and their respective successors and permitted assigns, and nothing
in this Agreement, express or implied, is intended to or shall confer upon any other Person any right, benefit or remedy of any
nature whatsoever under or by reason of this Agreement.

 

Section
7.04Expenses. All fees and expenses incurred
in connection with this Agreement shall be paid by the party incurring such fees or expenses, whether or not the transactions
contemplated hereby are consummated.

 

    18 

     

    

 

Section
7.05Public Announcements; Confidentiality.
The initial press release with respect to this Agreement and the transactions contemplated hereby shall be mutually agreed to
by the Investor and the Company. The Company and Investor shall consult with each other before issuing, and provide each other
the opportunity to review and comment upon, any press release or other public statements or disclosures with respect to the transactions
contemplated hereby, and shall not issue any such press release or make any such public statement or disclosure prior to such
consultation, except as may be required by applicable Law, court process or by obligations pursuant to any listing agreement with
any national securities exchange.

 

Section 7.06Successors
and Assigns. This Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their respective
successors and permitted assigns. Neither party may assign its rights or obligations hereunder without the prior written consent
of the other party, which consent shall not be unreasonably withheld or delayed. No assignment shall relieve the assigning party
of any of its obligations hereunder.

 

Section
7.07Further Assurances. Subject to the
terms and conditions of this Agreement, each party hereto shall use its commercially reasonable efforts to do and perform or cause
to be done and performed all such further acts and things and shall execute and deliver all such other agreements, certificates,
instruments and documents as any other party hereto reasonably may request in order to carry out the intent and accomplish the
purposes of this Agreement, the other Transactions Documents and the consummation of the transactions contemplated hereby or thereby.

 

Section
7.08No Third-Party Beneficiaries. This
Agreement is for the sole benefit of the parties hereto and their respective successors and permitted assigns and nothing herein,
express or implied, is intended to or shall confer upon any other Person or entity any legal or equitable right, benefit or remedy
of any nature whatsoever under or by reason of this Agreement.

 

Section
7.09Amendment and Modification; Waiver.
This Agreement may only be amended, modified or supplemented by an agreement in writing signed by each party hereto. No waiver
by any party of any of the provisions hereof shall be effective unless explicitly set forth in writing and signed by the party
so waiving. No waiver by any party shall operate or be construed as a waiver in respect of any failure, breach or default not
expressly identified by such written waiver, whether of a similar or different character, and whether occurring before or after
that waiver. No failure to exercise, or delay in exercising, any right, remedy, power or privilege arising from this Agreement
shall operate or be construed as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power or privilege
hereunder preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege.

 

Section
7.10Governing Law; Submission to Jurisdiction; Waiver of Jury Trial.

 

(a)       This
Agreement shall be governed by and construed in accordance with the internal laws of the State of New York without giving effect
to any choice or conflict of law provision or rule (whether of the State of New York or any other jurisdiction).

 

    19 

     

    

 

(b)       ANY
LEGAL SUIT, ACTION OR PROCEEDING ARISING OUT OF OR BASED UPON THIS AGREEMENT, THE OTHER TRANSACTION DOCUMENTS OR THE TRANSACTIONS
CONTEMPLATED HEREBY OR THEREBY MAY BE INSTITUTED IN THE STATE OR FEDERAL COURTS OF THE UNITED STATES OF AMERICA, IN EACH CASE,
LOCATED IN THE STATE OF NEW YORK AND EACH PARTY IRREVOCABLY SUBMITS TO THE EXCLUSIVE JURISDICTION OF SUCH COURTS IN ANY SUCH SUIT,
ACTION OR PROCEEDING. SERVICE OF PROCESS, SUMMONS, NOTICE OR OTHER DOCUMENT BY MAIL TO SUCH PARTY’S ADDRESS SET FORTH HEREIN
SHALL BE EFFECTIVE SERVICE OF PROCESS FOR ANY SUIT, ACTION OR OTHER PROCEEDING BROUGHT IN ANY SUCH COURT. THE PARTIES IRREVOCABLY
AND UNCONDITIONALLY WAIVE ANY OBJECTION TO THE LAYING OF VENUE OF ANY SUIT, ACTION OR ANY PROCEEDING IN SUCH COURTS AND IRREVOCABLY
WAIVE AND AGREE NOT TO PLEAD OR CLAIM IN ANY SUCH COURT THAT ANY SUCH SUIT, ACTION OR PROCEEDING BROUGHT IN ANY SUCH COURT HAS
BEEN BROUGHT IN AN INCONVENIENT FORUM.

 

(c)       EACH
PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS AGREEMENT OR THE OTHER TRANSACTION DOCUMENTS IS
LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES AND, THEREFORE, EACH SUCH PARTY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY
RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LEGAL ACTION ARISING OUT OF OR RELATING TO THIS AGREEMENT, THE OTHER TRANSACTION
DOCUMENTS OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY. EACH PARTY TO THIS AGREEMENT CERTIFIES AND ACKNOWLEDGES THAT (A)
NO REPRESENTATIVE OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT SEEK TO ENFORCE
THE FOREGOING WAIVER IN THE EVENT OF A LEGAL ACTION, (B) SUCH PARTY HAS CONSIDERED THE IMPLICATIONS OF THIS WAIVER, (C) SUCH PARTY
MAKES THIS WAIVER VOLUNTARILY, AND (D) SUCH PARTY HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL
WAIVERS AND CERTIFICATIONS IN THIS SECTION 7.10(c).

 

Section
7.11Specific Performance. The parties
agree that irreparable damage would occur if any provision of this Agreement were not performed in accordance with the terms hereof
and that the parties shall be entitled to specific performance of the terms hereof, in addition to any other remedy to which they
are entitled at law or in equity.

 

Section
7.12Interpretation. The headings contained
in this Agreement and in the table of contents to this Agreement are for reference purposes only and shall not affect in any way
the meaning or interpretation of this Agreement. Any terms used in any certificate or other document made or delivered pursuant
hereto but not otherwise defined therein shall have the meaning as defined in this Agreement. The definitions of terms herein
shall apply equally to the singular and plural forms of the terms defined. Whenever the context may require, any pronoun shall
include the corresponding masculine, feminine and neuter forms. The word “will” shall be

 

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construed
to have the same meaning as the word “shall”. The words “include”, “includes” and “including”
shall be deemed to be followed by the phrase “without limitation”. The word “extent” in the phrase “to
the extent” shall mean the degree to which a subject or other thing extends, and such phrase shall not mean simply “if”.
The word “or” shall not be exclusive. The phrase “date hereof” or “date of this Agreement”
shall be deemed to refer to January 3, 2020. Unless the context requires otherwise (i) any definition of or reference to
any Contract, instrument or other document or any Law herein shall be construed as referring to such Contract, instrument or other
document or Law as from time to time amended, supplemented or otherwise modified, (ii) any reference herein to any Person
shall be construed to include such Person’s successors and assigns, (iii) the words “herein”, “hereof”
and “hereunder”, and words of similar import, shall be construed to refer to this Agreement in its entirety and not
to any particular provision hereof and (iv) all references herein to Articles and Sections shall be construed to refer to
Articles and Sections of this Agreement. This Agreement shall be construed without regard to any presumption or rule requiring
construction or interpretation against the party drafting or causing any instrument to be drafted.

 

Section
7.13Counterparts. This Agreement may
be executed in counterparts, each of which shall be deemed an original, but all of which together shall be deemed to be one and
the same agreement. A signed copy of this Agreement delivered by facsimile, e-mail or other means of electronic transmission shall
be deemed to have the same legal effect as delivery of an original signed copy of this Agreement.

 

 

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IN WITNESS
WHEREOF, the parties hereto have caused this Agreement to be executed as of the date first written above by their respective officers
thereunto duly authorized.

  

 

	 	HUNT COMPANIES FINANCE TRUST, INC.
	 	 
	 	 
	 	By	/s/ James P. Flynn
	 	 	Name: James P. Flynn
	 	 	Title: Chief Executive Officer

 

	 	OREC
INVESTMENT HOLDINGS, LLC
	 	 
	 	 
	 	By	/s/ Robert T. Kirkwood
	 	 	Name: Robert T. Kirkwood
	 	 	Title: Chief Financial Officer

 

 

 

 

[Signature Page to Securities Purchase
Agreement]

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