Company: RWT-PA
Filing Date: 2025-01-16
Form Type: 424B5
Source: 0001104659-25-004099
Chunk: 133

Company: REDWOOD TRUST INC
Filing Date: 2025-01-16
Form: 424B5
Chunk 133
---
 Non-U.S. Holder must provide
the applicable withholding agent with a properly executed IRS Form W-8BEN or W-8BEN-E (or other applicable documentation) claiming
a reduction in or exemption from withholding tax under the benefit of an income tax treaty between the United States and the country
in which the Non-U.S. Holder resides or is established.

<div align='center'>49</div>

If interest paid to a Non-U.S.
Holder is effectively connected with the Non-U.S. Holder’s conduct of a trade or business within the United States (and, if required
by an applicable income tax treaty, the Non-U.S. Holder maintains a permanent establishment in the United States to which such interest
is attributable), the Non-U.S. Holder will be exempt from the U.S. federal withholding tax described above. To claim the exemption, the
Non-U.S. Holder must furnish to the applicable withholding agent a valid IRS Form W-8ECI, certifying that interest paid on a debt
security is not subject to withholding tax because it is effectively connected with the conduct by the Non-U.S. Holder of a trade or
business within the United States.

Any such effectively connected
interest generally will be subject to U.S. federal income tax at the regular rates. A Non-U.S. Holder that is a corporation may also
be subject to a branch profits tax at a rate of 30% (or such lower rate specified by an applicable income tax treaty) on such effectively
connected interest, as adjusted for certain items.

The certifications described
above must be provided to the applicable withholding agent prior to the payment of interest and must be updated periodically. Non-U.S.
Holders that do not timely provide the applicable withholding agent with the required certification, but that qualify for a reduced rate
under an applicable income tax treaty, may obtain a refund of any excess amounts withheld by timely filing an appropriate claim for refund
with the IRS. Non-U.S. Holders should consult their tax advisors regarding their entitlement to benefits under any applicable income
tax treaty.

Sale or Other Taxable Disposition

A Non-U.S. Holder will not
be subject to U.S. federal income tax on any gain realized upon the sale, exchange, redemption, retirement or other taxable disposition
of a debt security (such amount excludes any amount allocable to accrued and unpaid interest, which generally will be treated as interest
and may be subject to the rules discussed above in “Material U.S. Federal Income Tax Considerations