Company: RWT-PA
Filing Date: 2025-01-15
Form Type: 424B5
Source: 0001104659-25-003632
Chunk: 73

Company: REDWOOD TRUST INC
Filing Date: 2025-01-15
Form: 424B5
Chunk 73
---
 consisting
of two or more other constituent securities. These units may be issuable as, and for a specified period of time may be transferable only
as, a single security, rather than as the separate constituent securities comprising such units. The statements made in this section
relating to the units are summaries only. These summaries are not complete. When we issue units, we will provide the specific terms of
the units in a prospectus supplement. To the extent the information contained in the prospectus supplement differs from this summary
description, you should rely on the information in the prospectus supplement.

When we issue units, we will
provide in a prospectus supplement the following terms of the units being issued:

| ● | the title of         
 any series of units; |

| ● | identification                                                               
 and description of the separate constituent securities comprising the units; |

| ● | the price or                              
 prices at which the units will be issued; |

| ● | the date, if                                                                                             
 any, on and after which the constituent securities comprising the units will be separately transferable; |

| ● | information                                
 with respect to any book-entry procedures; |

| ● | a discussion                                                                                                  
 of any material or special U.S. federal income tax consequences applicable to an investment in the units; and |

| ● | any other terms                                
 of the units and their constituent securities. |

<div align='center'>17

GLOBAL
SECURITIES</div>

Book-Entry, Delivery and Form

Unless we indicate differently
in a prospectus supplement, the securities (other than warrant securities) initially will be issued in book-entry form and represented
by one or more global notes or global securities, or, collectively, global securities. The global securities will be deposited with,
or on behalf of, The Depository Trust Company, New York, New York, as depositary, or DTC, and registered in the name of Cede &
Co., the nominee of DTC. Unless and until it is exchanged for individual certificates evidencing securities under the limited circumstances
described below, a global security may not be transferred except as a whole by the depositary to its nominee or by the nominee to the
depositary, or by the depositary or its nominee to a successor depositary or to a nominee of the successor depositary.

DTC has advised us that it
is:

| ● | a limited-purpose                                       
 trust company organized under the New York Banking Law; |

| ● | a “banking                                                    
 organization”