Company: RWT-PA
Filing Date: 2025-03-03
Form Type: S-3ASR
Source: 0001104659-25-019828
Chunk: 26

Company: REDWOOD TRUST INC
Filing Date: 2025-03-03
Form: S-3ASR
Chunk 26
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 the             
 offering price; |

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

| · | the                                                                                            
 designation and terms of the securities with which such securities warrants are being offered, 
 if any, and the number of such securities warrants being offered with each such security;      |

| · | the                                                                                              
 date on and after which such securities warrants and any related securities will be transferable 
 separately;                                                                                      |

| · | the                                                                                        
 number of shares of preferred stock or shares of common stock purchasable upon exercise of 
 each of such securities warrants and the price at which such number of shares of preferred 
 stock or common stock may be purchased upon such exercise;                                 |

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

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

| · | any                                               
 other material terms of such securities warrants. |

Holders of future securities
warrants, if any, 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.

<div align='center'>17

DESCRIPTION
OF RIGHTS TO PURCHASE SHARES OF COMMON OR PREFERRED STOCK</div>

We may issue, as a dividend
at no cost, to holders of record of our securities or any class or series thereof on the applicable record date, rights to purchase shares
of our common stock or preferred stock, to purchase warrants exercisable for shares of our common stock or preferred stock, or to purchase
units consisting of two or more of the foregoing. In this prospectus, we refer to such rights as “stockholder rights.” If
stockholders rights are so issued to existing holders of securities, each stockholder right will entitle the registered holder thereof
to purchase the securities issuable upon exercise of the rights pursuant to the terms set forth in the applicable prospectus supplement.

If stockholder rights are
issued, the applicable prospectus supplement will describe the terms of such stockholder rights including the following where