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

Company: REDWOOD TRUST INC
Filing Date: 2025-01-16
Form: 424B5
Chunk 25
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 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 purchases all notes
properly tendered and not withdrawn under its offer.

There can be no assurance
that sufficient funds will be available at the time of any Change of Control Repurchase Event to make required repurchases of notes tendered.
Our failure to repurchase the notes upon a Change of Control Repurchase Event would result in a default under the indenture. If the holders
of the notes exercise their right to require us to repurchase the notes upon a Change of Control Repurchase Event, the financial effect
of this repurchase could result in defaults under any credit facility or other debt instruments to which we are or could become party,
including the acceleration of the payment of any borrowings thereunder. It is possible that we will not have sufficient funds at the
time of the Change of Control Repurchase Event to make the required repurchase of our other debt and the notes. See “Risk Factors
— Risks Related to the Notes and to this Offering — We may not be able to repurchase the notes upon a Change of Control Repurchase
Event.”

“Change of Control” means the occurrence of
the following:

| · | a                                                                                                  
 “person” or “group” within the meaning of Section 13(d) of                                         
 the Exchange Act, other than us, our subsidiaries and our and their employee benefit plans,        
 files a Schedule TO or any schedule, form or report under the Exchange Act disclosing, or          
 we otherwise become aware, that such person or group has become the direct or indirect “beneficial 
 owner,” as defined in Rule 13d-3 under the Exchange Act, of our common equity                      
 representing more than 50% of the voting power of our common equity; or                            |

| · | the                                                                                               
 consummation of (A) any recapitalization, reclassification or change of our common stock          
 (other than changes resulting from a subdivision or combination) as a result of which our         
 common stock would be converted into, or exchanged for, cash, securities or other property;       
 (B) any share exchange, consolidation or merger of us pursuant to which our common stock          
 will be converted into cash, securities or other property; or (C) any sale, lease or              
 other transfer in one transaction or a series of transactions of all or substantially all         
 of the property and assets of us and our