Company: RWT-PA
Filing Date: 2025-01-15
Form Type: 424B5
Source: 0001104659-25-003632
Chunk: 3

Company: REDWOOD TRUST INC
Filing Date: 2025-01-15
Form: 424B5
Chunk 3
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 information
or to represent anything not contained or incorporated by reference herein or therein. If anyone provides you with different or inconsistent
information, you should not rely on it.

We are not, and the underwriters
are not, making an offer to sell the notes in any jurisdiction where the offer or sale is not permitted. You should assume that the information
appearing in this prospectus supplement, the accompanying prospectus, the documents incorporated by reference in this prospectus supplement
and the accompanying prospectus, and any free writing prospectus that we have authorized for use in connection with this offering is
accurate only as of the date of those respective documents. Our business, financial condition, results of operations, and prospects may
have changed since that date. Neither this prospectus supplement nor the accompanying prospectus constitutes an offer, or an invitation
on our behalf or on behalf of the underwriters, to subscribe for and purchase any of the securities, and may not be used for or in connection
with an offer or solicitation by anyone, in any jurisdiction in which such an offer or solicitation is not authorized or to any person
to whom it is unlawful to make such an offer or solicitation.

<div align='center'>S-iv

FORWARD-LOOKING STATEMENTS</div>

This prospectus supplement,
the accompanying prospectus, the documents incorporated by reference and any free writing prospectus that we have authorized for use
in connection with this offering contain forward-looking statements within the meaning of Section 27A of the Securities Act, and
Section 21E of the Securities Exchange Act of 1934, as amended. You can identify these statements by forward-looking words such
as “may,” “will,” “expect,” “intend,” “anticipate,” “believe,”
“estimate,” “plan,” “could,” “should,” “continue” or the negative of such
terms or similar words or expressions. These forward-looking statements may also use different phrases.

We have based these forward-looking
statements on our current expectations and projections about future events. These forward-looking statements, which are subject to risks,
uncertainties and assumptions about us, may include, among other things, statements that address our strategy, operating and financial
performance and events or developments that we expect or anticipate will occur in the future, including, but not limited to, our statements
in “Summary — The Offering” on page S-4 and our statements in “Use of Proceeds” on page S-11