Company: RWT-PA
Filing Date: 2025-01-15
Form Type: 424B5
Source: 0001104659-25-003632
Chunk: 1

Company: REDWOOD TRUST INC
Filing Date: 2025-01-15
Form: 424B5
Chunk 1
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 securities and there is no established trading market for the notes. We intend to apply for listing of the notes on the New York Stock
Exchange (the “NYSE”) under the symbol “RWTP.” If approved for listing, trading on the NYSE is expected to begin
within 30 days of January , 2025, the original issue date. The notes are expected to trade “flat,”
meaning that purchasers will not pay, and sellers will not receive, any accrued and unpaid interest on the notes that is not included
in the trading price.

Investing in the notes involves risks that are described under the caption “Risk Factors” beginning on page S-7 of this prospectus supplement and in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023and as updated by our subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, which are incorporated by reference in this prospectus supplement.

|                                  |     | Per  
 Note |     | Total(1) |
|:---------------------------------|:----|:-----|:----|:---------|
| Public offering price            |     | $    |     | $        |
| Underwriting discount(2)         |     | $    |     | $        |
| Proceeds to us (before expenses) |     | $    |     | $        |

| (1) | Assumes                                                                  
 no exercise of the underwriters’ over-allotment option, described below. |

| (2) | See                                                                          
 “Underwriting” for a description of additional compensation payable by us to 
 the underwriters.                                                            |

Neither the Securities and Exchange Commission, or SEC, nor any state securities commission has approved or disapproved of these securities or determined if this prospectus supplement or the accompanying prospectus is truthful or complete. Any representation to the contrary is a criminal offense.

We have also granted the underwriters an option to purchase within 30 days from the date of this prospectus supplement up to an additional $ principal amount ( units, each unit representing $25) of notes from us at the initial public offering price less the underwriting discounts and commissions solely to cover over-allotments, if any.

The underwriters expect to deliver the notes in book-entry form only through the facilities of The Depository Trust Company on or about January , 2025.

| Joint Book-Running Managers |                         |                     |                        |
| Morgan Stanley              | Goldman Sachs & Co. LLC | RBC