Company: RWT-PA
Filing Date: 2025-01-16
Form Type: 424B5
Source: 0001104659-25-004099
Chunk: 23

Company: REDWOOD TRUST INC
Filing Date: 2025-01-16
Form: 424B5
Chunk 23
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 Registrar and Paying Agent

We will initially designate
the trustee as the registrar and paying agent for the notes. Payments of interest and principal will be made, and the notes will be transferable,
at the office of the paying agent, or at such other place or places as may be designated pursuant to the indenture. For notes which we
issue in book-entry only form evidenced by a global note, payments will be made to a nominee of the depository.

No Personal Liability

None of our past, present
or future directors, officers, employees or stockholders, as such, will have any liability for any of our obligations under the notes
or the indenture or for any claim based on, or in respect or by reason of, such obligations or their creation. By accepting a note, each
holder waives and releases all such liability. This waiver and release is part of the consideration for the issue of the notes. However,
this waiver and release may not be effective to waive liabilities under U.S. federal securities laws, and it is the view of the SEC that
such a waiver is against public policy.

Covenants

Other than as described below
under “— Offer to Repurchase Upon a Change of Control Repurchase Event” and “— Consolidation, Merger and
Sale of Assets” the indenture does not contain any provisions that would limit our ability to incur indebtedness or that would
afford holders of notes protection in the event of a sudden and significant decline in our credit quality or a takeover, change of control,
recapitalization or highly leveraged or similar transaction involving us. Accordingly, we could in the future enter into transactions
that could increase the amount of indebtedness outstanding at that time or otherwise adversely affect our capital structure or credit
rating. See “Risk Factors — Risks Related to the Notes and this Offering.”

<div align='center'>S-14</div>

Offer to Repurchase Upon a Change of Control Repurchase Event

If a Change of Control Repurchase
Event (defined below) occurs, unless we have exercised our option to redeem the notes as described above, we will make an offer to each
holder of notes to repurchase all or any part (in a principal amount of $25 and integral multiples of $25 in excess thereof or in units
(each unit representing $25)) of that holder’s notes at a repurchase price in cash equal to 101% of the aggregate principal amount
of notes repurchased plus any accrued and unpaid interest on