Company: RWT-PA
Filing Date: 2025-01-16
Form Type: 424B5
Source: 0001104659-25-004099
Chunk: 74

Company: REDWOOD TRUST INC
Filing Date: 2025-01-16
Form: 424B5
Chunk 74
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 supplement, the securities (other than warrant securities) initially will be issued in book-entry form and represented
by one or more global notes or global securities, or, collectively, global securities. The global securities will be deposited with,
or on behalf of, The Depository Trust Company, New York, New York, as depositary, or DTC, and registered in the name of Cede &
Co., the nominee of DTC. Unless and until it is exchanged for individual certificates evidencing securities under the limited circumstances
described below, a global security may not be transferred except as a whole by the depositary to its nominee or by the nominee to the
depositary, or by the depositary or its nominee to a successor depositary or to a nominee of the successor depositary.

DTC has advised us that it
is:

| ● | a limited-purpose                                       
 trust company organized under the New York Banking Law; |

| ● | a “banking                                                    
 organization” within the meaning of the New York Banking Law; |

| ● | a member of                 
 the Federal Reserve System; |

| ● | a “clearing                                                                  
 corporation” within the meaning of the New York Uniform Commercial Code; and |

| ● | a “clearing                                                                       
 agency” registered pursuant to the provisions of Section 17A of the Exchange Act. |

DTC holds securities that
its participants deposit with DTC. DTC also facilitates the settlement among its participants of securities transactions, such as transfers
and pledges, in deposited securities through electronic computerized book-entry changes in participants’ accounts, thereby eliminating
the need for physical movement of securities certificates. “Direct participants” in DTC include securities brokers and dealers,
including underwriters, banks, trust companies, clearing corporations and other organizations. DTC is a wholly-owned subsidiary of The
Depository Trust & Clearing Corporation, or DTCC. DTCC is the holding company for DTC, National Securities Clearing Corporation
and Fixed Income Clearing Corporation, all of which are registered clearing agencies. DTCC is owned by the users of its regulated subsidiaries.
Access to the DTC system is also available to others, which we sometimes refer to as indirect participants, that clear through or maintain
a custodial relationship with a direct participant, either directly or indirectly. The rules applicable to DTC and its participants
are on file with the SEC.

Purchases of securities under
the DTC system must be made by or through direct participants, which will receive a credit for