Company: RWT-PA
Filing Date: 2025-01-15
Form Type: 424B5
Source: 0001104659-25-003632
Chunk: 37

Company: REDWOOD TRUST INC
Filing Date: 2025-01-15
Form: 424B5
Chunk 37
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 supervising or reviewing any records
relating to such beneficial ownership interests. We also do not supervise these systems in any way.

The trustee will not recognize
you as a holder under the indenture, and you can only exercise the rights of a holder indirectly through DTC and its direct participants.
DTC has advised us that it will only take action regarding a note if one or more of the direct participants to whom the note is credited
directs DTC to take such action and only in respect of the portion of the aggregate principal amount of the notes as to which that participant
or participants has or have given that direction. DTC can only act on behalf of its direct participants. Your ability to pledge notes
to non-direct participants, and to take other actions, may be limited because you will not possess a physical certificate that represents
your notes.

Neither DTC nor Cede &
Co. (nor such other DTC nominee) will consent or vote with respect to the notes unless authorized by a direct participant in accordance
with DTC’s procedures. Under its usual procedures, DTC will mail an omnibus proxy to us as soon as possible after the record date.
The omnibus proxy assigns Cede & Co.’s consenting or voting rights to those direct participants to whose accounts the
notes are credited on the record date (identified in a listing attached to the omnibus proxy).

If less than all of the notes
are being redeemed, DTC’s current practice is to determine by lot the amount of the interest of each participant in such notes
to be redeemed.

A beneficial owner of notes
shall give notice to elect to have its notes repurchased or tendered, through its participant, to the trustee and shall effect delivery
of such notes by causing the direct participant to transfer the participant’s interest in such notes, on DTC’s records, to
the trustee. The requirement for physical delivery of notes in connection with a repurchase or tender will be deemed satisfied when the
ownership rights in such notes are transferred by direct participants on DTC’s records and followed by a book-entry credit of such
notes to the trustee’s DTC account.

Certificated Notes

Unless and until they are
exchanged, in whole or in part, for notes in certificated registered form (“certificated notes”) in accordance with the terms
of the notes, global notes representing the notes may not be transferred except (1) as a whole by DTC to a nominee of DTC or (2) by