Company: RWT-PA
Filing Date: 2025-03-03
Form Type: S-3ASR
Source: 0001104659-25-019828
Chunk: 27

Company: REDWOOD TRUST INC
Filing Date: 2025-03-03
Form: S-3ASR
Chunk 27
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 applicable:

| · | record 
 date;  |

| · | subscription 
 price;       |

| · | subscription 
 agent;       |

| · | aggregate                                                                                     
 number of shares of preferred stock, shares of common stock, warrants, or units purchasable   
 upon exercise of such stockholder rights and in the case of stockholder rights for preferred  
 stock or warrants exercisable for preferred stock, the designation, aggregate number, and     
 terms of the class or series of preferred stock purchasable upon exercise of such stockholder 
 rights or warrants;                                                                           |

| · | the                                                                                           
 date on which the right to exercise such stockholder rights shall commence and the expiration 
 date on which such right shall expire;                                                        |

| · | U.S. federal                   
 income tax considerations; and |

| · | other                                      
 material terms of such stockholder rights. |

In addition to the terms
of the stockholder rights and the securities issuable upon exercise thereof, the prospectus supplement may describe, for a holder of
such stockholder rights who validly exercises all stockholder rights issued to such holder, how to subscribe for unsubscribed securities,
issuable pursuant to unexercised stockholder rights issued to other holders, to the extent such stockholder rights have not been exercised.

Holders of stockholder rights
will not be entitled by virtue of being such holders to vote, to consent, to receive dividends, to receive notice with respect to any
meeting of stockholders for the election of our directors or any other matter, or to exercise any rights whatsoever as stockholders of
Redwood Trust, except to the extent described in the related prospectus supplement.

<div align='center'>18

DESCRIPTION
OF UNITS</div>

We may issue units consisting
of two or more other constituent securities. These units may be issuable as, and for a specified period of time may be transferable only
as, a single security, rather than as the separate constituent securities comprising such units. The statements made in this section relating
to the units are summaries only. These summaries are not complete. When we issue units, we will provide the specific terms of the units
in a prospectus supplement. To the extent the information contained in the prospectus supplement differs from this summary description,
you should rely on the information in the prospectus supplement.

When we issue units, we will
provide in a prospectus supplement the following terms of the units being issued:

| · | the                           
 title of any series of units;