Company: RWT-PA
Filing Date: 2025-03-03
Form Type: S-3ASR
Source: 0001104659-25-019828
Chunk: 23

Company: REDWOOD TRUST INC
Filing Date: 2025-03-03
Form: S-3ASR
Chunk 23
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 directors and declared by us out of assets legally available for the payment of
dividends. They are also entitled to share ratably in our assets legally available for distribution to our stockholders in the event
of our liquidation, dissolution, or winding up, after payment of or adequate provision for all of our known debts and liabilities. These
rights are subject to the preferential rights of any other class or series of our stock and to the provisions of our charter regarding
restrictions on transfer of our stock.

Subject to our charter restrictions
on transfer of our stock, each outstanding share of common stock entitles the holder to one vote on all matters submitted to a vote of
stockholders, including the election of directors. Except as provided with respect to any other class or series of stock, the holders
of our common stock will possess the exclusive voting power. There is no cumulative voting in the election of directors, which means
that the holders of a majority of the outstanding shares of common stock can elect all of the directors then standing for election, and
the holders of the remaining shares will not be able to elect any directors.

Holders of our common stock
have no preference, conversion, exchange, sinking fund, redemption, or, if listed on the NYSE, appraisal rights and
have no preemptive rights to subscribe for any of our securities. Subject to our charter restrictions on transfer of our stock, all shares
of common stock will have equal dividend, liquidation, and other rights.

Transfer Agent, Registrar,
and Dividend Disbursing Agent

The transfer agent and registrar
for our common stock is currently Computershare Trust Company, N.A. and its affiliate, Computershare Inc., acts as dividend disbursing
agent.

Power to Reclassify Shares
of Our Stock; Issuance of Additional Shares

Our charter authorizes
our board of directors to classify and reclassify from time to time any unissued shares of our stock into other classes or series of
stock, including preferred stock, and to cause the issuance of such shares. Prior to issuance of shares of each class or series, the
board of directors is required by Maryland law and by our charter to set, subject to our charter restrictions on transfer of our
stock, the terms, preferences, conversion or other rights, voting powers, restrictions, limitations as to dividends or other
distributions, qualifications and terms and conditions of redemption for each class or series. We believe that the power to issue
additional shares