Company: RWT-PA
Filing Date: 2025-03-03
Form Type: S-3ASR
Source: 0001104659-25-019828
Chunk: 28

Company: REDWOOD TRUST INC
Filing Date: 2025-03-03
Form: S-3ASR
Chunk 28
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 |

| · | identification                                                               
 and description of the separate constituent securities comprising the units; |

| · | the                                                
 price or prices at which the units will be issued; |

| · | the                                                                                      
 date, if any, on and after which the constituent securities comprising the units will be 
 separately transferable;                                                                 |

| · | information                                
 with respect to any book-entry procedures; |

| · | a                                                                                     
 discussion of any material or special U.S. federal income tax consequences applicable 
 to an investment in the units; and                                                    |

| · | any                                                        
 other terms of the units and their constituent securities. |

<div align='center'>19

GLOBAL
SECURITIES</div>

Book-Entry, Delivery and
Form

Unless we indicate differently
in a prospectus supplement, the securities (other than warrant securities) initially will be issued in book-entry form and represented
by one or more global notes or global securities, or, collectively, global securities. The global securities will be deposited with,
or on behalf of, The Depository Trust Company, New York, New York, as depositary, or DTC, and registered in the name of Cede & Co.,
the nominee of DTC. Unless and until it is exchanged for individual certificates evidencing securities under the limited circumstances
described below, a global security may not be transferred except as a whole by the depositary to its nominee or by the nominee to the
depositary, or by the depositary or its nominee to a successor depositary or to a nominee of the successor depositary.

DTC has advised us that it
is:

| · | a                                                                       
 limited-purpose trust company organized under the New York Banking Law; |

| · | a                                                                      
 “banking organization” within the meaning of the New York Banking Law; |

| · | a                                     
 member of the Federal Reserve System; |

| · | a                                                                            
 “clearing corporation” within the meaning of the New York Uniform Commercial 
 Code; and                                                                    |

| · | a                                                                         
 “clearing agency” registered pursuant to the provisions of Section 17A of 
 the Exchange Act.                                                         |

DTC holds securities that
its participants deposit with DTC. DTC also facilitates the settlement among its participants of securities transactions, such as transfers
and pledges, in deposited securities through electronic computerized book-entry changes in participants’ accounts, thereby eliminating
the need for physical movement of securities certificates. “Direct participants” in DTC include securities brokers and