Company: RWT-PA
Filing Date: 2025-01-15
Form Type: 424B5
Source: 0001104659-25-003632
Chunk: 131

Company: REDWOOD TRUST INC
Filing Date: 2025-01-15
Form: 424B5
Chunk 131
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 10% or more of the total combined voting power of all classes of our voting stock; |

| · | the Non-U.S.                                                                                                     
 Holder is not a controlled foreign corporation related to us through actual or constructive stock ownership; and |

| · | either (1) the                                                                                                                         
 Non-U.S. Holder certifies in a statement provided to the applicable withholding agent under penalties of perjury that it is not a      
 United States person and provides its name and address; (2) a securities clearing organization, bank or other financial institution    
 that holds customers’ securities in the ordinary course of its trade or business and holds the debt security on behalf of the          
 Non-U.S. Holder certifies to the applicable withholding agent under penalties of perjury that it, or the financial institution between 
 it and the Non-U.S. Holder, has received from the Non-U.S. Holder a statement under penalties of perjury that such holder is not       
 a United States person and provides the applicable withholding agent with a copy of such statement; or (3) the Non-U.S. Holder         
 holds its debt security directly through a “qualified intermediary” (within the meaning of the applicable Treasury Regulations)        
 and certain conditions are satisfied.                                                                                                  |

If a Non-U.S. Holder does
not satisfy the requirements above, such Non-U.S. Holder will be subject to withholding tax of 30%, subject to a reduction in or an exemption
from withholding on such interest as a result of an applicable tax treaty. To claim such entitlement, the 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.

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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, cert