Company: RWT-PA
Filing Date: 2025-01-16
Form Type: 424B5
Source: 0001104659-25-004099
Chunk: 77

Company: REDWOOD TRUST INC
Filing Date: 2025-01-16
Form: 424B5
Chunk 77
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 and its participants to
exercise any rights under the securities and the indenture.

The laws of some jurisdictions
may require that some purchasers of securities take physical delivery of securities in definitive form. Those laws may impair the ability
to transfer or pledge beneficial interests in securities.

DTC may discontinue providing
its services as securities depositary with respect to the securities at any time by giving reasonable notice to us. Under such circumstances,
in the event that a successor depositary is not obtained, securities certificates are required to be printed and delivered.

As noted above, beneficial
owners of a particular series of securities generally will not receive certificates representing their ownership interests in those securities.
However, if:

| ● | DTC notifies                                                                                                                               
 us that it is unwilling or unable to continue as a depositary for the global security or securities representing such series of securities 
 or if DTC ceases to be a clearing agency registered under the Exchange Act at a time when it is required to be registered and a successor  
 depositary is not appointed within 90 days of the notification to us or of our becoming aware of DTC’s ceasing to be so                    
 registered, as the case may be;                                                                                                            |

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| ● | we determine,                                                                                        
 in our sole discretion, not to have such securities represented by one or more global securities; or |

| ● | an Event of                                                                                                    
 Default has occurred and is continuing with respect to such series of securities and upon request of a holder, |

we will prepare and deliver certificates for
such securities in exchange for beneficial interests in the global securities. Any beneficial interest in a global security that is exchangeable
under the circumstances described in the preceding sentence will be exchangeable for securities in definitive certificated form registered
in the names that the depositary directs. It is expected that these directions will be based upon directions received by the depositary
from its participants with respect to ownership of beneficial interests in the global securities.

We have obtained the information
in this section and elsewhere in this prospectus concerning DTC and DTC’s book-entry system from sources that are believed to be
reliable, but we take no responsibility for the accuracy of this information.

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RESTRICTIONS
ON OWNERSHIP AND TRANSFER AND REPURCHASE OF SHARES</div>

In order that we may meet
the requirements for qualification as a REIT at all times, among other purposes, our charter prohibits any person from acquiring or holding
benef