Company: RWT-PA
Filing Date: 2025-01-16
Form Type: 424B5
Source: 0001104659-25-004099
Chunk: 84

Company: REDWOOD TRUST INC
Filing Date: 2025-01-16
Form: 424B5
Chunk 84
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 asserting a claim against us or any director or officer or other employee
of ours arising pursuant to any provision of the Maryland General Corporation Law or the our charter or our bylaws, or (e) any other
action asserting a claim against us or any director or officer or other employee of ours that is governed by the internal affairs doctrine.

Subtitle 8

Title 3, Subtitle 8 of the
MGCL permits a Maryland corporation with a class of equity securities registered under the Exchange Act and at least three independent
directors to elect to be subject, by provision in its charter or bylaws or a resolution of its board of directors and notwithstanding
any contrary provision in the charter or bylaws, to any of:

| · | a classified board of directors; |

| · | a two-thirds vote requirement for 
 removing a director;              |

| · | a requirement that the number of                  
 directors be fixed only by vote of the directors; |

| · | a requirement that a vacancy on                                                                                                   
 the board of directors be filled only by the remaining directors and for the remainder of the full term of the class of directors 
 in which the vacancy occurred; or                                                                                                 |

| · | a majority requirement for the calling 
 of a special meeting of stockholders.  |

Pursuant to Subtitle 8, we
have elected to provide that vacancies on the board of directors may be filled only by the remaining directors and for the remainder
of the full term of the directorship in which the vacancy occurred. Through provisions in our charter and bylaws unrelated to Subtitle
8, we already (a) vest in the board of directors the exclusive power to fix the number of directorships and (b) require, unless
called by our chairman of the board, our president, the board of directors or a majority of independent directors, the request of holders
of a majority of outstanding shares entitled to vote at the meeting to call a special meeting of stockholders.

<div align='center'>24</div>

Meetings of Stockholders

Under our current bylaws
and pursuant to Maryland law, annual meetings of stockholders will be held each year at a date and at the time in the month of May determined
by our board of directors. Special meetings of stockholders may be called by our board of directors, the chairman of the board of directors,
our president or a majority of independent directors. Additionally, subject to the provisions of our bylaws, special meetings of the
stockholders to act on any