Company: RWT-PA
Filing Date: 2025-01-15
Form Type: 424B5
Source: 0001104659-25-003632
Chunk: 85

Company: REDWOOD TRUST INC
Filing Date: 2025-01-15
Form: 424B5
Chunk 85
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 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 material aspects of the sections of the Code that govern the U.S. federal income
tax treatment of a REIT and its stockholders. This summary is qualified in its entirety by the applicable Code provisions, Treasury Regulations
promulgated under the Code, and administrative and judicial interpretations thereof. Potential tax reforms may result in significant
changes to the rules governing U.S. federal income taxation. New legislation, Treasury Regulations, administrative interpretations
and practices and/or court decisions may significantly and adversely affect our ability to qualify as a REIT, the U.S. federal income
tax consequences of such qualification, or the U.S. federal income tax consequences of an investment in us, including those described
in this discussion. Moreover, the law relating to the tax treatment of other entities, or an investment in other entities, could change,
making an investment in such other entities more attractive relative to an investment in a REIT. Any such changes could apply retroactively
to transactions preceding the date of the change