Company: RWT-PA
Filing Date: 2025-03-03
Form Type: S-3ASR
Source: 0001104659-25-019828
Chunk: 88

Company: REDWOOD TRUST INC
Filing Date: 2025-03-03
Form: S-3ASR
Chunk 88
---
 of perjury that it, or the financial institution between      
 it and the Non-U.S. Holder, has received from the Non-U.S. Holder a statement under             
 penalties of perjury that such holder is not a United States person and provides the applicable 
 withholding agent with a copy of such statement; or (3) the Non-U.S. Holder holds its           
 debt security directly through a “qualified intermediary” (within the meaning                   
 of the applicable Treasury Regulations) and certain conditions are satisfied.                   |

If a Non-U.S. Holder
does not satisfy the requirements above, such Non-U.S. Holder will be subject to withholding tax of 30%, subject to a reduction
in or an exemption from withholding on such interest as a result of an applicable tax treaty. To claim such entitlement, the Non-U.S. Holder
must provide the applicable withholding agent with a properly executed IRS Form W-8BEN or W-8BEN-E (or other applicable documentation)
claiming a reduction in or exemption from withholding tax under the benefit of an income tax treaty between the United States and the
country in which the Non-U.S. Holder resides or is established.

If interest paid to a Non-U.S. Holder
is effectively connected with the Non-U.S. Holder’s conduct of a trade or business within the United States (and, if required
by an applicable income tax treaty, the Non-U.S. Holder maintains a permanent establishment in the United States to which such interest
is attributable), the Non-U.S. Holder will be exempt from the U.S. federal withholding tax described above. To claim the exemption,
the Non-U.S. Holder must furnish to the applicable withholding agent a valid IRS Form W-8ECI, certifying that interest paid on a
debt security is not subject to withholding tax because it is effectively connected with the conduct by the Non-U.S. Holder of a
trade or business within the United States.

Any such effectively connected
interest generally will be subject to U.S. federal income tax at the regular rates. A Non-U.S. Holder that is a corporation
may also be subject to a branch profits tax at a rate of 30% (or such lower rate specified by an applicable income tax treaty) on such
effectively connected interest, as adjusted for certain items.

The certifications described
above must be provided to the applicable withholding agent prior to the payment of interest and must be updated periodically. Non-U.S. Holders
that do not timely provide the applicable withholding agent