Business: Redwood Trust, Inc 9.50% Senior Notes due 2030, redeemable at the issuer's option on or after 12/01/2027 at $25 per note plus accrued and unpaid interest, and maturing 12/01/2030. <p> Interest distributions of 9.00% per annum ($2.375 per annum or $(0.59375 per quarter) will be paid quarterly on 3/1, 6/1, 9/1 & 12/1 to holders of record on the record date that will be 2/15, 5/15, 8/15 & 11/15 (NOTE: the ex-dividend date is one business day prior to the record date). <p> Distributions paid by these debt securities are interest and as such are NOT eligible for the preferential 15% to 20% tax rate on dividends and are also NOT eligible for the dividend received deduction for corporate holders. <p> Upon the occurrence of a change of control the issuer will be required to make an offer to repurchase all outstanding notes at $25.25 (101%) per note plus accrued and unpaid interest. <p> Units are expected to trade flat, which means accrued interest will be reflected in the trading price and the purchasers will not pay and the sellers will not receive any accrued and unpaid interest. <p> This security was not rated by Moody’s or S&P at the time of its IPO. The Notes are unsecured and unsubordinated obligations of the company and will rank equally with all existing and future unsecured and unsubordinated indebtedness of the company. See the IPO prospectus for further information on the debt securities by clicking on the ‘Link to IPO Prospectus’ provided below.