Company: RWT-PA
Filing Date: 2025-01-15
Form Type: 424B5
Source: 0001104659-25-003632
Chunk: 48

Company: REDWOOD TRUST INC
Filing Date: 2025-01-15
Form: 424B5
Chunk 48
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 any or all of the documents that are incorporated by reference into this prospectus supplement
and the accompanying prospectus but not delivered with this prospectus supplement and accompanying prospectus, including exhibits which
are specifically incorporated by reference into such documents. Requests should be directed to Redwood Trust, Inc., Attention: Investor
Relations, at One Belvedere Place, Suite 300, Mill Valley, California 94941, telephone: (866) 269-4976.

<div align='center'>S-29</div>

PROSPECTUS

<div align='center'>Redwood Trust, Inc.
Debt Securities
Common Stock
Preferred Stock
Warrants
Stockholder Rights
Units</div>

We may from time to time
offer, in one or more classes or series, separately or together, and in amounts, at prices and on terms to be set forth in one or more
supplements to this prospectus, the following securities:

| · | debt securities,                                                
 which may consist of debentures, notes, or other types of debt; |

| · | shares of our 
 common stock; |

| · | shares of our    
 preferred stock; |

| · | warrants to                                             
 purchase shares of our common stock or preferred stock; |

| · | rights issuable                                                                                                                   
 to our stockholders to purchase shares of our common stock or preferred stock, to purchase warrants exercisable for shares of our 
 common stock or preferred stock, or to purchase units consisting of two or more of the foregoing; and                             |

| · | units consisting                 
 of two or more of the foregoing. |

We refer to the debt securities,
common stock, preferred stock, warrants, rights and units registered hereunder collectively as the “securities” in this prospectus.
The specific terms of each series or class of the securities will be set forth in the applicable prospectus supplement and will include,
among other things, where applicable:

| · | in the case                                                                                                                           
 of debt securities, the specific title, aggregate principal amount, currency, form (which may be certificated or global), authorized  
 denominations, maturity, rate (or manner of calculating the rate) and time of payment of interest, terms for redemption at our option 
 or repayment at the holder’s option, terms for sinking payments, terms for conversion into shares of our common stock or preferred    
 stock, covenants, and any initial public offering price;                                                                              |

| · | in the case                                                                                                                      
 of preferred stock, the specific