Company: RWT-PA
Filing Date: 2025-01-16
Form Type: 424B5
Source: 0001104659-25-004099
Chunk: 51

Company: REDWOOD TRUST INC
Filing Date: 2025-01-16
Form: 424B5
Chunk 51
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 the terms
of the offering. The prospectus supplement will supersede this prospectus to the extent it contains information that is different from,
or that conflicts with, the information contained in this prospectus.

It is important for you to
read and consider all information contained in this prospectus and the applicable prospectus supplement, including the information incorporated
by reference herein and therein, in making your investment decision. You should also read and consider the information contained in the
documents identified under the heading “Where You Can Find More Information” in this prospectus.

Unless otherwise indicated
or unless the context requires otherwise, all references in this prospectus to “we,” “us,” “our”
or “Redwood” mean Redwood Trust, Inc. and our consolidated subsidiaries, except where it is made clear that the terms
mean Redwood Trust, Inc. only. In statements regarding qualification as a REIT, such terms refer solely to Redwood Trust, Inc.

Our principal executive offices
are located at One Belvedere Place, Suite 300, Mill Valley, California 94941; our telephone number is (415) 389-7373.

<div align='center'>1

RISK
FACTORS</div>

You should carefully consider
any specific risks set forth under the caption “Risk Factors” in the applicable prospectus supplement and under the caption
“Risk Factors” in our most recent annual report on Form 10-K and subsequent quarterly reports on Form 10-Q, incorporated
into this prospectus by reference, as updated by our subsequent filings under the Securities Exchange Act of 1934, as amended, or the
Exchange Act. You should consider carefully those risk factors together with all of the other information included and incorporated by
reference in this prospectus before you decide to purchase our securities. The occurrence of any of these risks might cause you to lose
all or part of your investment in the offered securities.

<div align='center'>2

CAUTIONARY
STATEMENT</div>

This prospectus and the documents
incorporated by reference herein contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933,
as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements involve numerous risks
and uncertainties. Our actual results may differ from our beliefs, expectations, estimates, and projections and, consequently, you should
not rely on these forward-looking statements as predictions of future events. Forward-looking statements are