Company: RWT-PA
Filing Date: 2025-01-16
Form Type: 424B5
Source: 0001104659-25-004099
Chunk: 19

Company: REDWOOD TRUST INC
Filing Date: 2025-01-16
Form: 424B5
Chunk 19
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 following description
is a summary of the material provisions of the notes and the indenture and does not purport to be complete. This summary is subject to,
and is qualified by reference to, all the provisions of the notes and the indenture, including the definitions of certain terms used
in the indenture. You may request a copy of the indenture from us. We will file the indenture by means of a Current Report on Form 8-K.
See “Where You Can Obtain More Information” in this prospectus supplement.

For purposes of this description,
references to “Redwood Trust, Inc.,” “Company,” “we,” “our” and “us”
refer only to Redwood Trust, Inc. and not to its subsidiaries.

General

The notes will be a
single series under the indenture, initially in the aggregate principal amount of $90,000,000 million
($103,500,000 million if the underwriters’ option to purchase additional
notes is exercised in full). The notes will be issued only in fully registered form without coupons, in minimum denominations of $25
and integral multiples of $25 in excess thereof or in units (each unit representing $25). The notes will be evidenced by one or more
global notes in book-entry only form, except under the limited circumstances described under “— Certificated
Notes.” Currently, there is no public market for the notes. The notes are expected to be listed on the NYSE under the symbol
“RWTP.”

The notes will not be convertible
into, or exchangeable for, our common shares or any other securities. The indenture will not contain any financial covenants and will
not restrict us from paying dividends or issuing or repurchasing any of our other securities. Other that the restrictions described below
under “— Consolidation, Merger and Sale of Assets,” the indenture will not contain any covenants or other provisions
designed to afford holders of the notes protection in the event of a takeover, recapitalization, highly leveraged transaction or similar
restructuring involving us that could adversely affect such holders.

Ranking

The notes:

| · | will                                 
 be our senior unsecured obligations; |

| · | will                                                                                       
 rank equal in right of payment with our existing and future senior unsecured indebtedness, 
 including our guarantee of the 2025 Notes, our 2027 Notes and our 2029 Notes;              |

| · | will                                                                                          
 rank senior in right