Company: RWT-PA
Filing Date: 2025-01-16
Form Type: 424B5
Source: 0001104659-25-004099
Chunk: 41

Company: REDWOOD TRUST INC
Filing Date: 2025-01-16
Form: 424B5
Chunk 41
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 30 days following the date of this offering that, without the prior written consent of the representatives, which may not be unreasonably
withheld, on behalf of the underwriters, we will not offer, pledge, sell, contract to sell, sell any option or contract to purchase,
purchase any option or contract to sell, grant any option, right or warrant to purchase or otherwise transfer or dispose of, directly
or indirectly, any debt securities issued or guaranteed by us or any of our subsidiaries or any securities convertible into or exchangeable
or exercisable for debt securities issued or guaranteed by us or any of our subsidiaries or file or cause to be declared effective a
registration statement under the Securities Act with respect to any of the foregoing.

Stock Exchange Listing

We intend to apply for listing
of the notes on the NYSE. If the application is approved, trading of the notes on NYSE is expected to begin within 30 days after the
date of initial delivery of the notes. The underwriters will have no obligation to make a market in the notes, however, and may cease
market- making activities, if commenced, at any time. Accordingly, an active trading market on the NYSE for the notes may not develop
or, even if one develops, may not last, in which case the liquidity and market price of the notes could be adversely affected, the difference
between bid and asked prices could be substantial and your ability to transfer the notes at the time and price desired will be limited.

Price Stabilization, Short Positions and Penalty Bids

In connection with the offering
the underwriters may engage in stabilizing transactions, over-allotment transactions, syndicate covering transactions, and penalty bids
in accordance with Regulation M under the Exchange Act.

| · | Stabilizing                                                                                  
 transactions permit bids to purchase the underlying security so long as the stabilizing bids 
 do not exceed a specified maximum.                                                           |

| · | Over-allotment                                                                                  
 involves sales by the underwriters of notes in excess of the aggregate principal amount of      
 the notes the underwriters are obligated to purchase, which creates a syndicate short position. 
 The short position may be either a covered short position or a naked short position. In a       
 covered short position, the aggregate principal amount of the notes over-allotted by the        
 underwriters is not greater than the aggregate principal amount of the notes that it may        
 purchase in the over-allotment option. In a naked short position, the aggregate principal       
 amount of the