Company: RWT-PA
Filing Date: 2025-01-16
Form Type: 424B5
Source: 0001104659-25-004099
Chunk: 85

Company: REDWOOD TRUST INC
Filing Date: 2025-01-16
Form: 424B5
Chunk 85
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 matter must be called by our secretary upon the written request of stockholders entitled to cast not less
than a majority of all the votes entitled to be cast at such meeting who have requested the special meeting in accordance with the procedures
set forth in, and provided the information and certifications required by, our bylaws. Only matters set forth in the notice of the special
meeting may be considered and acted upon at such a meeting. Our secretary will inform the requesting stockholders of the reasonably estimated
cost of preparing and delivering the notice of meeting (including our proxy materials), and the requesting stockholder or stockholders
must pay such estimated cost before our secretary may prepare and deliver the notice of the special meeting.

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MATERIAL
U.S. FEDERAL INCOME TAX CONSIDERATIONS</div>

The following is a general
summary of certain material U.S. federal income tax considerations regarding our qualification and taxation as a REIT and the purchase,
ownership and disposition of our capital stock and debt securities, but does not purport to be a complete analysis of all potential tax
effects. Supplemental U.S. federal income tax considerations relevant to the ownership of the securities offered by this prospectus may
be provided in the prospectus supplement that relates to those securities. Your tax treatment will vary depending upon the terms of the
specific securities you acquire, as well as your particular situation. For purposes of this discussion, references to “we,”
“our” and “us” mean only Redwood Trust, Inc. and do not include any of its subsidiaries, except as otherwise
indicated. This summary is for general information only and is not tax advice. The information in this summary is based on:

| · | the Code; |

| · | current, temporary and proposed                                           
 Treasury regulations promulgated under the Code, or Treasury Regulations; |

| · | the legislative history of the Code; |

| · | administrative interpretations and                         
 practices of the Internal Revenue Service, or the IRS; and |

| · | court decisions; |

in each case, as of the date of this prospectus.
In addition, the administrative interpretations and practices of the IRS include its practices and policies as expressed in private letter
rulings that are not binding on the IRS except with respect to the particular taxpayers who requested and received those rulings. The
sections of the Code and the corresponding Treasury Regulations that relate to qualification and taxation as a REIT are highly technical
and complex. The following discussion sets forth certain