Company: RWT-PA
Filing Date: 2025-01-15
Form Type: 424B5
Source: 0001104659-25-003632
Chunk: 22

Company: REDWOOD TRUST INC
Filing Date: 2025-01-15
Form: 424B5
Chunk 22
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 buyer and seller
based on their respective ownership periods within the particular interest period.

Maturity

The notes will mature on
March 1, 2030 and will be paid against presentation and surrender thereof at the corporate trust office of the trustee, unless earlier
redeemed by us at our option as described herein under “— Optional Redemption of the Notes.” The notes will not be
entitled to the benefits of, or be subject to, any sinking fund.

The notes will not be subject to repayment at the option
of the holder prior to the stated maturity date.

<div align='center'>S-13</div>

Optional Redemption of the Notes

On or after March 1,
2027, we may redeem for cash all or any portion of the notes, at our option, at a redemption price equal to 100% of the principal amount
of the notes to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date.

Notwithstanding the foregoing,
interest due on an interest payment date falling on or prior to a redemption date will be payable to holders at the close of business
on the record date for such interest payment date.

We are required to give notice
of such redemption not less than 30 days nor more than 60 days prior to the redemption date to each holder at its address appearing in
the securities register maintained by the trustee. In the event we elect to redeem less than all of the notes, the particular notes to
be redeemed will be selected by the trustee in accordance with policies and procedures of DTC.

Discharge, Defeasance and Covenant Defeasance

The following description
replaces the description set forth under “Description of Debt Securities—Defeasance of Debt Securities and Certain Covenants
in Certain Circumstances” in the accompanying prospectus in its entirety.

We may satisfy and discharge
our obligations under the indenture by delivering to the securities registrar for cancellation all outstanding notes or by depositing
with the trustee or delivering to the holders, as applicable, after the notes have become due and payable, whether at stated maturity
or any redemption date or Change of Control Repurchase Event payment date, cash sufficient to pay all of the outstanding notes and paying
all other sums payable under the indenture by us. Such discharge is subject to terms contained in the indenture.

The Registrar and Paying Agent

We will initially designate
the trustee as the registrar and paying agent for the notes. Payments of interest and principal will be made,