Company: RWT-PA
Filing Date: 2025-01-16
Form Type: 424B5
Source: 0001104659-25-004099
Chunk: 75

Company: REDWOOD TRUST INC
Filing Date: 2025-01-16
Form: 424B5
Chunk 75
---
 the securities on DTC’s records.
The ownership interest of the actual purchaser of a security, which we sometimes refer to as a beneficial owner, is in turn recorded
on the direct and indirect participants’ records. Beneficial owners of securities will not receive written confirmation from DTC
of their purchases. However, beneficial owners are expected to receive written confirmations providing details of their transactions,
as well as periodic statements of their holdings, from the direct or indirect participants through which they purchased securities. Transfers
of ownership interests in global securities are to be accomplished by entries made on the books of participants acting on behalf of beneficial
owners. Beneficial owners will not receive certificates representing their ownership interests in the global securities, except under
the limited circumstances described below.

To facilitate subsequent
transfers, all global securities deposited by direct participants with DTC will be registered in the name of DTC’s partnership
nominee, Cede & Co., or such other name as may be requested by an authorized representative of DTC. The deposit of securities
with DTC and their registration in the name of Cede & Co. or such other nominee will not change the beneficial ownership of
the securities. DTC has no knowledge of the actual beneficial owners of the securities. DTC’s records reflect only the identity
of the direct participants to whose accounts the securities are credited, which may or may not be the beneficial owners. The participants
are responsible for keeping account of their holdings on behalf of their customers.

So long as the securities
are in book-entry form, you will receive payments and may transfer securities only through the facilities of the depositary and its direct
and indirect participants. We will maintain an office or agency in the location specified in the prospectus supplement for the applicable
securities, where notices and demands in respect of the securities and the indenture may be delivered to us and where certificated securities
may be surrendered for payment, registration of transfer or exchange.

<div align='center'>18</div>

Conveyance of notices and
other communications by DTC to direct participants, by direct participants to indirect participants and by direct participants and indirect
participants to beneficial owners will be governed by arrangements among them, subject to any legal requirements in effect from time
to time.

Redemption notices will be
sent to DTC. If less than all of the securities of a particular series are being redeemed, DTC’s practice is to determine by lot
the amount of the interest of each direct participant in the securities of such