Company: RWT-PA
Filing Date: 2025-01-15
Form Type: 424B5
Source: 0001104659-25-003632
Chunk: 34

Company: REDWOOD TRUST INC
Filing Date: 2025-01-15
Form: 424B5
Chunk 34
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). The trustee shall not be obligated to monitor or confirm,
on a continuing basis or otherwise, our compliance with the covenants or with respect to any reports or other documents filed with the
Commission or EDGAR or any website under the indenture or participate in any conference calls.

Governing Law

The indenture and the notes will be governed by the laws
of the State of New York.

Listing

We intend to apply to list
the notes on the NYSE under the symbol “RWTP.” If approved, we expect trading in the notes to begin within 30 days after
the original issue date of the notes.

Book Entry, Delivery and Form

We have obtained the information
in this section concerning DTC and its book-entry system and procedures from sources that we believe to be reliable. We take no responsibility
for the accuracy or completeness of this information. In addition, the description of the clearing system in this section reflects our
understanding of the rules and procedures of DTC as they are currently in effect. DTC could change its rules and procedures
at any time.

The notes will initially
be represented by one or more fully registered global notes. Each such global note will be deposited with, or on behalf of, DTC or any
successor thereto and registered in the name of Cede & Co. (DTC’s nominee).

So long as DTC or its nominee
is the registered owner of the global notes representing the notes, DTC or such nominee will be considered the sole owner and holder
of the notes for all purposes of the notes and the indenture. Except as provided below, owners of beneficial interests in the notes will
not be entitled to have the notes registered in their names, will not receive or be entitled to receive physical delivery of the notes
in certificated form and will not be considered the owners or holders under the indenture, including for purposes of receiving any reports
delivered by us or the trustee pursuant to the indenture. Accordingly, each person owning a beneficial interest in a note must rely on
the procedures of DTC or its nominee and, if such person is not a participant, on the procedures of the participant through which such
person owns its interest, in order to exercise any rights of a holder.

<div align='center'>S-20</div>

Unless and until we issue
the notes in fully certificated, registered form under the limited circumstances described under the heading “— Certificated
Notes:”

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