Company: RWT-PA
Filing Date: 2025-01-16
Form Type: 424B5
Source: 0001104659-25-004099
Chunk: 70

Company: REDWOOD TRUST INC
Filing Date: 2025-01-16
Form: 424B5
Chunk 70
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 of common stock or otherwise be in their best interest.
We have no shares of preferred stock presently outstanding.

<div align='center'>13

DESCRIPTION
OF PREFERRED STOCK</div>

Our charter authorizes our
board of directors to classify from time to time any unissued shares of stock in one or more classes or series of preferred stock and
to reclassify any previously classified but unissued preferred stock of any class or series in one or more classes or series. If we offer
preferred stock pursuant to this prospectus in the future, the applicable prospectus supplement will describe the terms of such preferred
stock, including the following, where applicable:

| ● | the designation                                                             
 of the shares and the number of shares that constitute the class or series; |

| ● | the dividend                                                                                                                            
 rate (or the method of calculating dividends), if any, on the shares of the class or series and the priority as to payment of dividends 
 with respect to other classes or series of our shares of stock;                                                                         |

| ● | whether dividends                                                                                                              
 will be cumulative or non-cumulative and, if cumulative, the date from which dividends on the preferred stock will accumulate; |

| ● | the dividend                                                 
 periods (or the method of calculating the dividend periods); |

| ● | the voting                             
 rights of the preferred stock, if any; |

| ● | the liquidation                                                                                                                  
 preference and the priority as to payment of the liquidation preference with respect to other classes or series of our stock and 
 any other rights of the shares of the class or series upon our liquidation or winding-up;                                        |

| ● | the provision                                         
 for a sinking fund, if any, for such preferred stock; |

| ● | whether or                                                                                                         
 not and on what terms the shares of the class or series will be subject to redemption or repurchase at our option; |

| ● | the terms and                                                                                                                      
 conditions, if applicable, upon which such preferred stock will be converted into the common stock, including the conversion price 
 (or manner of calculation thereof);                                                                                                |

| ● | whether the                                                                                                                             
 shares of the class or series of preferred stock will be listed on a securities exchange or quoted on an inter-dealer quotation system; |

| ● | any limitations                                                                                                                    
 on direct or beneficial ownership and restrictions on transfer applicable to the preferred stock, in addition to those already set 
 forth in our charter, that may be necessary to preserve our status as a REIT; and                                                  |

| ●