Company: RWT-PA
Filing Date: 2025-03-03
Form Type: S-3ASR
Source: 0001104659-25-019828
Chunk: 10

Company: REDWOOD TRUST INC
Filing Date: 2025-03-03
Form: S-3ASR
Chunk 10
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 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 may issue the debt securities
as exchangeable for or convertible into shares of common stock, preferred stock, or other securities. The preferred stock may also be
exchangeable for and/or convertible into shares of common stock, another series of preferred stock, or other securities. The debt securities,
the preferred stock, the common stock, the warrants, the rights, and the units are collectively referred to in this prospectus as the
securities. When a particular series of securities is offered, a supplement to this prospectus will be delivered with this prospectus,
which will set forth the terms of the offering and sale of the offered securities.

Our charter provides
that we have authority to issue up to 395,000,000 shares of stock, par value $0.01 per share, of which currently 392,010,000 shares
are classified as common stock and 2,990,000 shares are classified as 10.00% Series A Fixed-Rate Reset Cumulative Redeemable
Preferred Stock, par value $0.01 per share, or the “Series A Preferred Stock”. Our common stock, Series A Preferred
Stock, 9.125% Senior Notes due 2029, 9.0% Senior Notes due 2029 and 9.125% Senior Notes due 2030 are listed on the NYSE, and we
intend to so list any additional shares of our common stock which are issued and sold hereunder. We may elect to list any future
class or series of our securities issued hereunder on an exchange, but we are not obligated to do so. Under Maryland law, our
stockholders generally are not liable for our debts or obligations.

<div align='center'>6

DESCRIPTION
OF DEBT SECURITIES</div>

The following description,
together with the additional information we include in any applicable prospectus supplement or free writing prospectus, summarizes certain
general terms and provisions of the debt securities that we may offer under this prospectus. When we offer to sell a particular series