<SEC-DOCUMENT>0001104659-23-002812.txt : 20230110
<SEC-HEADER>0001104659-23-002812.hdr.sgml : 20230110
<ACCEPTANCE-DATETIME>20230110172545
ACCESSION NUMBER:		0001104659-23-002812
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20230110
DATE AS OF CHANGE:		20230110

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			REDWOOD TRUST INC
		CENTRAL INDEX KEY:			0000930236
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				680329422
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-263301
		FILM NUMBER:		23521985

	BUSINESS ADDRESS:	
		STREET 1:		ONE BELVEDERE PLACE
		STREET 2:		SUITE 300
		CITY:			MILL VALLEY
		STATE:			CA
		ZIP:			94941
		BUSINESS PHONE:		(415) 380-2317

	MAIL ADDRESS:	
		STREET 1:		ONE BELVEDERE PLACE
		STREET 2:		SUITE 300
		CITY:			MILL VALLEY
		STATE:			CA
		ZIP:			94941

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			REDWOOD TRUST INC
		CENTRAL INDEX KEY:			0000930236
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				680329422
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP

	BUSINESS ADDRESS:	
		STREET 1:		ONE BELVEDERE PLACE
		STREET 2:		SUITE 300
		CITY:			MILL VALLEY
		STATE:			CA
		ZIP:			94941
		BUSINESS PHONE:		(415) 380-2317

	MAIL ADDRESS:	
		STREET 1:		ONE BELVEDERE PLACE
		STREET 2:		SUITE 300
		CITY:			MILL VALLEY
		STATE:			CA
		ZIP:			94941
</SEC-HEADER>
<DOCUMENT>
<TYPE>FWP
<SEQUENCE>1
<FILENAME>tm232177d4_fwp.htm
<DESCRIPTION>FWP
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-right-width: 0in; border-right-color: Black; border-left-width: 0in; border-left-color: Black">Filed
Pursuant to Rule&nbsp;433 of the Securities Act of 1933</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-right-width: 0in; border-right-color: Black; border-left-width: 0in; border-left-color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Issuer
Free Writing Prospectus, dated January&nbsp;10</FONT>, 2023</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-right-width: 0in; border-right-color: Black; border-left-width: 0in; border-left-color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Relating
to Preliminary Prospectus Supplement, dated January&nbsp;9</FONT>, 2023</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-right-width: 0in; border-right-color: Black; border-left-width: 0in; border-left-color: Black">Registration
No.&nbsp;333-263301</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><IMG SRC="tm232177d4_fwpimg001.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>REDWOOD TRUST, INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Pricing Term Sheet</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>January&nbsp;10, 2023</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,600,000
Shares</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">of</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">10.00%
Series&nbsp;A F<FONT STYLE="font-size: 10pt">ixed-Rate Reset </FONT>Cumulative Redeemable Preferred Stock&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Liquidation
Preference Equivalent to $</FONT>25.00 Per Share)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="vertical-align: top; width: 30%; padding: 1.5pt 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Issuer:</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 70%; padding: 1.5pt 1pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Redwood
    Trust,&nbsp;Inc., a Maryland corporation.</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding: 1.5pt 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt 1pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Securities Offered</B></FONT></TD>
    <TD STYLE="padding: 1.5pt 1pt; text-align: justify">2,600,000 shares of our 10.00% series&nbsp;A fixed-rate reset cumulative redeemable preferred stock of the Issuer (the &ldquo;Series&nbsp;A Preferred Stock&rdquo;) (plus up to an additional
    390,000 shares if the underwriters&rsquo; over-allotment option to purchase additional shares is exercised in
    full).&nbsp;&nbsp;The Issuer reserves the right to reopen this series and issue additional shares of Series&nbsp;A Preferred Stock
    either through public or private sales at any time and from time to time.</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding: 1.5pt 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt 1pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Trade Date:</B></FONT></TD>
    <TD STYLE="padding: 1.5pt 1pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">January&nbsp;</FONT><FONT STYLE="font-size: 10pt">10,
2023</FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt 1pt; width: 30%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Settlement
    and Delivery Date:</B></FONT></TD>
    <TD STYLE="padding: 1.5pt 1pt; width: 70%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">January&nbsp;18</FONT><FONT STYLE="font-size: 10pt">,
2023.</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">We expect that
    delivery of our Series&nbsp;A Preferred Stock will be made against payment therefor on or about the closing date specified on the
    cover page&nbsp;of the prospectus supplement (this settlement
    cycle being referred to as &ldquo;T+5&rdquo;). Under Rule&nbsp;15c6-1 under the Securities Exchange Act of 1934, as amended (the
    &ldquo;Exchange Act&rdquo;), trades in the secondary market are required to settle in two business days, unless the parties to any
    such trade expressly agree otherwise. Accordingly, purchasers who wish to trade our Series&nbsp;A Preferred Stock prior to the delivery
    of our Series&nbsp;A Preferred Stock hereunder will be required, by virtue of the fact that the shares initially will not settle
    T+2, to specify an alternate settlement cycle at the time of any such trade to prevent a failed settlement. Purchasers of shares
    who wish to trade shares prior to the date of delivery of the shares hereunder should consult their own advisor.</FONT></P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding: 1.5pt 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt 1pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Public Offering Price:</B></FONT></TD>
    <TD STYLE="padding: 1.5pt 1pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$25.00
    per share; $65,000,000 total (assuming the underwriters do not exercise their over-allotment
    option to purchase additional shares).</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding: 1.5pt 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt 1pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Underwriting Discount:</B></FONT></TD>
    <TD STYLE="padding: 1.5pt 1pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$0.7875
    per share; $2,047,500 total (assuming the underwriters do not exercise their over-allotment
    option to purchase additional shares).</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 1.5pt 1pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Net Proceeds to the Issuer,
    Before Expenses:</B></FONT></TD>
    <TD STYLE="padding: 1.5pt 1pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$24.2125
    per share; $62,952,500 total (assuming the underwriters do not exercise their over-allotment
    option to purchase additional shares).</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 1.5pt 1pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Maturity Date:</B></FONT></TD>
    <TD STYLE="padding: 1.5pt 1pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Perpetual
    (unless redeemed by the Issuer on or after April&nbsp;15, 20</FONT><FONT STYLE="font-size: 10pt">28, pursuant to the optional redemption
    right described below, or redeemed by the Issuer at any time pursuant to the special optional redemption right described below, or
    converted by an investor in connection with a Change of Control as described below or redeemed by the Issuer pursuant to its articles
    of amendment and restatement of the Company (as amended, restated, supplemented and modified from time to time) to preserve its qualification
    as a real estate investment trust, or REIT).</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 1.5pt 1pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt 1pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>Expected Ratings</B></FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>(Egan-Jones Ratings Co.):</B></FONT></P></TD>
    <TD STYLE="padding: 1.5pt 1pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">BBB-</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">A securities
    rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time.</FONT></P></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt 1pt; width: 30%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Dividend Rate:</B></FONT></TD>
    <TD STYLE="padding: 1.5pt 1pt; text-align: justify; width: 70%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">From
    and including the original issue date to, but excluding, April&nbsp;15, 2028 (the &ldquo;first reset date&rdquo;), at a fixed rate
    equal to </FONT><FONT STYLE="font-size: 10pt">10% per annum of the $25.00 liquidation preference per share of
    Series&nbsp;A Preferred Stock (equivalent to $2.50 per annum per share of Series&nbsp;A
    Preferred Stock), and from and including the first reset date, during each reset period, at a rate per annum equal to the five-year
    U.S. Treasury Rate as of the most recent reset dividend determination date plus a spread of&nbsp;6.278%
    per annum.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 1.5pt 1pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Dividend Payment Date:</B></FONT></TD>
    <TD STYLE="padding: 1.5pt 1pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Quarterly
    cumulative dividends, in arrears, on the 15th day of each April, July, October&nbsp;and January&nbsp;of each year (provided that
    if any dividend payment date is not a business day, then the dividend which would otherwise have been payable on that dividend payment
    date may be paid on the next succeeding business day).&nbsp;&nbsp;Dividends will accumulate and be cumulative from, and including,
    the date of original issuance, which is expected to be January&nbsp;18, 2023. The first dividend, payable on April&nbsp;15,
    2023 in the amount of $0.60417
    per share of Series&nbsp;A Preferred Stock, will be paid to the persons who are the holders of record of the Series&nbsp;A Preferred
    Stock at the close of business on the dividend record date, which will be March 31, 2023.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 1.5pt 1pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Optional Redemption Date:</B></FONT></TD>
    <TD STYLE="padding: 1.5pt 1pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Issuer
    may not redeem the Series&nbsp;A Preferred Stock prior to April&nbsp;15, 20</FONT><FONT STYLE="font-size: 10pt">28, except under
    circumstances intended to preserve the Issuer&rsquo;s qualification as a REIT, for federal income tax purposes and except as described
    below under &ldquo;Special Optional Redemption.&rdquo; On and after April&nbsp;15, 2028, the Issuer may redeem, at its option, in
    whole or in part, at any time or from time to time, for cash at a redemption price of $25.00 per share, plus accrued and unpaid dividends
    (whether or not authorized or declared) up to but excluding the redemption date.&nbsp;&nbsp;Any partial redemption will be on a pro
    rata basis.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 1.5pt 1pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt 1pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>Special
Optional Redemption:</B></FONT></P></TD>
    <TD STYLE="padding: 1.5pt 1pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon
    the occurrence of a Change of Control, the Issuer may, at its option, redeem any or all of the shares of Series&nbsp;A Preferred
    Stock within 120 days after the first date on which such Change of Control occurred at a cash redemption price of $25.00 per share
    plus any accumulated and unpaid dividends to, but not including, the redemption date.&nbsp;&nbsp;If, prior to the Change of Control
    Conversion Date (as defined below), the Issuer has provided notice of its election to redeem some or all of the Series&nbsp;A Preferred
    Stock (whether pursuant to its optional redemption right or this special optional redemption right), the holders of shares representing
    interests in the Series&nbsp;A Preferred Stock will not have the conversion right described below under &ldquo;Conversion Rights&rdquo;
    with respect to the shares of Series&nbsp;A Preferred Stock called for redemption.</FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt 1pt; width: 30%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Change of Control:</B></FONT></TD>
    <TD STYLE="padding: 1.5pt 1pt; text-align: justify; width: 70%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deemed
    to occur when, after the original issuance of the Series&nbsp;A Preferred Stock, the following have occurred and are continuing:
    (i)&nbsp;the acquisition by any person, including any syndicate or group deemed to be a &ldquo;person&rdquo; under Section&nbsp;13(d)(3)&nbsp;of
    the Securities Exchange Act of 1934, as amended, or the Exchange Act, of beneficial ownership, directly or indirectly, through a
    purchase, merger or other acquisition transaction or series of purchases, mergers or other acquisition transactions of the Issuer&rsquo;s
    stock entitling that person to exercise more than 50% of the total voting power of all the Issuer&rsquo;s stock entitled to vote
    generally in the election of the Issuer&rsquo;s directors (except that such person will be deemed to have beneficial ownership of
    all securities that such person has the right to acquire, whether such right is currently exercisable or is exercisable only upon
    the occurrence of a subsequent condition); and (ii)&nbsp;following the closing of any transaction referred to in clause (i)&nbsp;above,
    neither the Issuer nor the acquiring or surviving entity has a class of common securities (or American Depositary Receipts representing
    such securities) listed on the New York Stock Exchange (the &ldquo;NYSE&rdquo;), the NYSE American, LLC (the &ldquo;NYSE American&rdquo;)
    or The Nasdaq Global Select Market (&ldquo;Nasdaq&rdquo;), or listed or quoted on an exchange or quotation system that is a successor
    to the NYSE, the NYSE American or Nasdaq.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 1.5pt 1pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Conversion Rights:</B></FONT></TD>
    <TD STYLE="padding: 1.5pt 1pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Share
    Cap</U></FONT><FONT STYLE="font-size: 10pt">: 6.98324 per share of Series A Preferred Stock.</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Exchange
    Cap</U></FONT><FONT STYLE="font-size: 10pt">: Subject to certain adjustments, the Exchange Cap will not exceed 18,156,424
    shares of the Issuer&rsquo;s common stock (or equivalent alternative conversion consideration, as applicable) issuable or deliverable,
    as applicable, subject to proportionate increase to the extent the underwriters exercise their over-allotment option to purchase
    additional shares, not to exceed 20,879,888 shares of the Issuer&rsquo;s common stock in
    total (or equivalent alternative conversion consideration, as applicable).</FONT></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 1.5pt 1pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Liquidation Preference:</B></FONT></TD>
    <TD STYLE="padding: 1.5pt 1pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$25.00
    per share; $65,000,000 in aggregate
    (assuming the underwriters do not exercise their over-allotment option to purchase additional shares), plus any accumulated and unpaid
    dividends to, but not including, the date of payment, before any payment is made to the holders of the Issuer&rsquo;s common stock.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 1.5pt 1pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Listing:</B></FONT></TD>
    <TD STYLE="padding: 1.5pt 1pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Issuer intends to file an application to list the Series&nbsp;A Preferred Stock on the NYSE under the symbol &ldquo;</FONT><FONT STYLE="font-size: 10pt">RWT
    PRA&rdquo;.&nbsp;&nbsp;If the application is approved, trading of the Series&nbsp;A Preferred Stock on the NYSE is expected to commence
    within 30 days after the date of initial delivery of the Series&nbsp;A Preferred Stock.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 1.5pt 1pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>CUSIP/ISIN:</B></FONT></TD>
    <TD STYLE="padding: 1.5pt 1pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">758075
    808</FONT> <FONT STYLE="font-size: 10pt">/ US7580758081</FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<!-- Field: Page; Sequence: 4 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt 1pt; text-align: justify; width: 30%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Joint
    Book-Running Managers:</B></FONT></TD>
    <TD STYLE="padding: 1.5pt 1pt; width: 70%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Morgan Stanley&nbsp;&amp;
Co. LLC<BR> J.P. Morgan Securities LLC <BR>
RBC Capital Markets, LLC <BR>
UBS Securities LLC <BR>
Wells Fargo Securities, LLC<BR>
 Goldman Sachs &amp; Co. LLC<BR>
 Keefe,
Bruyette &amp; Woods, Inc. <BR>
Piper Sandler &amp; Co. <BR>
Raymond James &amp; Associates, Inc.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt 1pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 1.5pt 1pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Co-Managers:</B></FONT></TD>
    <TD STYLE="padding: 1.5pt 1pt; text-align: justify">Barclays Capital Inc.<BR> BTIG, LLC<BR>
JMP Securities LLC</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Underwriting</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The disclosure set forth in the Preliminary Prospectus Supplement under the caption &ldquo;Underwriting&rdquo; is updated
by adding RBC Capital Markets, LLC to the paragraph below on page S-34 of the Preliminary Prospectus Supplement:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Affiliates of Morgan
Stanley &amp; Co. LLC, RBC Capital Markets, LLC, UBS Securities LLC, Wells Fargo Securities, LLC and Piper Sandler &amp; Co. are holders
of certain of our Outstanding Notes. Such affiliates may receive a portion of the proceeds from this offering to the extent the proceeds
are used to repurchase or repay the Outstanding Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">* * *</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>The
issuer has filed a registration statement (including a base prospectus dated March&nbsp;4, 2022) and a preliminary prospectus supplement,
dated January&nbsp;9</B></FONT><B>, 2023 with the Securities and Exchange Commission, or the SEC, for the offering to which this communication
relates. Before you invest, you should read the prospectus in that registration statement and the preliminary prospectus supplement and
other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these
documents for free by visiting EDGAR on the SEC&rsquo;s website at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer
participating in the offering will arrange to send you the prospectus and related preliminary prospectus supplement if you request them
from Morgan Stanley&nbsp;&amp; Co. LLC by calling (800) 584-6837; J.P. Morgan Securities LLC by calling (212) 834-4533; RBC Capital Markets,
LLC by calling (866) 375-6829; UBS Securities LLC by calling (888) 827-7275; Wells Fargo Securities, LLC by calling Toll-Free: 1-800-645-3751;
Goldman Sachs &amp; Co. LLC by calling (866) 471-2526; Keefe, Bruyette &amp; Woods, Inc. by calling (800) 966-1559; Piper Sandler &amp;
Co. by calling (800) 747-3924; or Raymond James &amp; Associates, Inc. by calling (800) 248-8863.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
