Company: RWT-PA
Filing Date: 2025-01-15
Form Type: 424B5
Source: 0001104659-25-003632
Chunk: 24

Company: REDWOOD TRUST INC
Filing Date: 2025-01-15
Form: 424B5
Chunk 24
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, prior to any Change of Control, but after the public announcement
of the Change of Control, we will give notice to each holder with copies to the trustee and the paying agent (if other than the trustee)
describing the transaction or transactions that constitute or may constitute the Change of Control Repurchase Event and offering to repurchase
notes on the payment date specified in the notice, which date will be no earlier than 30 days and no later than 60 days from the date
such notice is given. The notice shall, if given prior to the date of consummation of the Change of Control, state that the offer to
purchase is conditioned on the Change of Control Repurchase Event occurring on or prior to the payment date specified in the notice.
We will comply with the requirements of Rule 14e-1 under the Exchange Act, and any other securities laws and regulations thereunder
to the extent those laws and regulations are applicable in connection with the repurchase of the notes as a result of a Change of Control
Repurchase Event. To the extent that the provisions of any securities laws or regulations conflict with the Change of Control Repurchase
Event provisions of the notes, we will comply with the applicable securities laws and regulations and will not be deemed to have breached
our obligations under the Change of Control Repurchase Event provisions of the notes by virtue of such conflict.

On the Change of Control Repurchase Event payment date,
we will, to the extent lawful:

| (1) | accept                                                                              
 for payment all notes or portions of notes properly tendered pursuant to our offer; |

| (2) | deposit                                                                                  
 with the trustee an amount equal to the aggregate purchase price in respect of all notes 
 or portions of notes properly tendered; and                                              |

| (3) | deliver                                                                                         
 or cause to be delivered to the trustee the notes properly accepted, together with an officers’ 
 certificate stating the aggregate principal amount of notes being purchased by us.              |

We will not be required to
make an offer to repurchase the notes upon a Change of Control Repurchase Event if (i) we or our successor delivered a notice to
redeem in the manner, at the times and otherwise in compliance with the optional redemption and repayment provision described above prior
to the occurrence of the Change of Control Repurchase Event or (ii) a third party makes an offer in respect of the notes in the
manner, at the times and otherwise in compliance with the requirements for an offer made by us and such third party