Company: RWT-PA
Filing Date: 2025-01-15
Form Type: 424B5
Source: 0001104659-25-003632
Chunk: 0

Company: REDWOOD TRUST INC
Filing Date: 2025-01-15
Form: 424B5
Chunk 0
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Filed Pursuant to Rule 424(b)(5)
Registration Statement No. 333-263301

Subject to Completion, dated January 15, 2025.

Preliminary Prospectus Supplement to Prospectus dated March 4, 2022.

This preliminary prospectus supplement relates to an effective registration statement under the Securities Act of 1933, as amended, but is not complete and may be changed. This preliminary prospectus supplement and the accompanying prospectus are not an offer to sell these securities and are not soliciting an offer to buy these securities in any jurisdiction where the offer or sale is not permitted.

<div align='center'>$

% Senior Notes Due 2030</div>

We are offering $ aggregate principal amount ( units, each unit representing $25) of our % Senior Notes due 2030 (the “notes”). The notes will bear interest at a rate equal to % per year, payable quarterly in arrears on March 1, June 1, September 1 and December 1 of each year, beginning on June 1, 2025. The notes will mature on March 1, 2030. The notes will be issued in minimum denominations of $25 and integral multiples of $25 in excess thereof or in units (each unit representing $25).

We may redeem the notes,
in whole or in part, at any time on or after March 1, 2027 at a redemption price equal to 100% of the principal amount redeemed
plus accrued and unpaid interest to, but excluding, the redemption date. Upon a Change of Control Repurchase Event, we will be required
to make an offer to repurchase all outstanding notes at a price in cash equal to 101% of the principal amount of the notes, plus accrued
and unpaid interest to, but not including, the repurchase date. See “Description of the Notes — Offer to Repurchase Upon
a Change of Control Repurchase Event.”

The notes will be our senior
unsecured obligations and will rank equal in right of payment with our other existing and future senior unsecured indebtedness and senior
in right of payment to any indebtedness that is contractually subordinated to the notes. The notes, however, will be effectively subordinated
in right of payment to our existing and future secured indebtedness to the extent of the value of the collateral securing such indebtedness,
and structurally subordinated to the claims of our subsidiaries’ creditors, including trade creditors.

The notes are a new issue
of