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

Company: REDWOOD TRUST INC
Filing Date: 2025-03-03
Form: S-3ASR
Chunk 25
---
 of the class or series will be subject to redemption 
 or repurchase at our option;                                                             |

| · | the                                                                                         
 terms and conditions, if applicable, upon which such preferred stock will be converted into 
 the common stock, including the conversion price (or manner of calculation thereof);        |

| · | whether                                                                                      
 the shares of the class or series of preferred stock will be listed on a securities exchange 
 or quoted on an inter-dealer quotation system;                                               |

| · | any                                                                                               
 limitations on direct or beneficial ownership and restrictions on transfer applicable to          
 the preferred stock, in addition to those already set forth in our charter, that may be necessary 
 to preserve our status as a REIT; and                                                             |

| · | the                                                                                            
 other rights and privileges and any qualifications, limitations, or restrictions of the rights 
 or privileges of the class or series.                                                          |

Transfer Agent, Registrar,
and Dividend Disbursing Agent

The transfer agent and registrar
for our preferred stock is currently Computershare Trust Company, N.A. and its affiliate, Computershare Inc., acts as dividend disbursing
agent. If different, we will specify in the applicable prospectus supplement the transfer agent, registrar, and dividend disbursing agent
for any series of preferred stock offered by that prospectus supplement.

<div align='center'>16

DESCRIPTION
OF SECURITIES WARRANTS</div>

We may issue securities warrants
for the purchase of common stock or preferred stock, respectively referred to as common stock warrants and preferred stock warrants.
Securities warrants may be issued independently or together with any other securities offered by this prospectus and any accompanying
prospectus supplement and may be attached to or separate from such other securities. Each issuance of the securities warrants will be
issued under a separate securities warrant agreement to be entered into by us and a bank or trust company, as securities warrant agent,
all as set forth in the prospectus supplement relating to the particular issue of offered securities warrants. Each issue of securities
warrants will be evidenced by securities warrant certificates. The securities warrant agent will act solely as an agent of ours in connection
with the securities warrant certificates and will not assume any obligation or relationship of agency or trust for or with any holder
of securities warrant certificates or beneficial owners of securities warrants.

If we offer securities warrants
pursuant to this prospectus in the future, the applicable prospectus supplement will describe the terms of such securities warrants,
including the following, where applicable:

| · |