Company: RWT-PA
Filing Date: 2025-01-16
Form Type: 424B5
Source: 0001104659-25-004099
Chunk: 21

Company: REDWOOD TRUST INC
Filing Date: 2025-01-16
Form: 424B5
Chunk 21
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 additional debt securities will form a single series of debt securities with the notes.

Interest

The notes will bear interest
at the rate per annum set forth on the cover page of this prospectus supplement from, and including, January 17, 2025, and the
subsequent interest periods will be the periods from, and including, an interest payment date to, but excluding, the next interest payment
date or the stated maturity date or earlier redemption date, as the case may be. Interest is payable quarterly in arrears on March 1,
June 1, September 1 and December 1 of each year, beginning on June 1, 2025, to the persons in whose names the notes
are registered at the close of business on February 15, May 15, August 15 and November 15, as the case may be, immediately
before the relevant interest payment date. All payments will be made in U.S. dollars.

Interest on the notes will
be computed on the basis of a 360 day year consisting of twelve 30 day months. Interest payments will be made only on a Business Day
(as defined below). If any interest payment is due on a non-Business Day, we will make the payment on the next day that is a Business
Day. Payments made on the next Business Day in this situation will be treated under the indenture as if they were made on the original
due date. Such payment will not result in a Default under the notes or the indenture, and no interest will accrue on the payment amount
from the original due date to the next day that is a Business Day.

“Business Day”
means a day other than a Saturday, Sunday or any other day which is a federal holiday or any day on which banking institutions in New
York City or the location of the corporate trust office of the trustee are authorized or required by law, regulation or executive order
to remain closed.

“Default” means
any event that is, or after notice or passage of time or both would be, an event of default (as described below under “—Events
of Default”).

We will pay interest to the
person listed in the registrar’s records as the owner of the notes at the close of business on the record date for the applicable
interest payment date, even if that person no longer owns the note on the interest payment date. Because we pay all of the interest for
an interest period to the holders on the record date, holders buying and selling