Company: RWT-PA
Filing Date: 2025-01-16
Form Type: 424B5
Source: 0001104659-25-004099
Chunk: 46

Company: REDWOOD TRUST INC
Filing Date: 2025-01-16
Form: 424B5
Chunk 46
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 AS HIGH NET WORTH INDIVIDUALS AND/OR SELF-CERTIFIED SOPHISTICATED INVESTORS.

AS SUCH, THE NOTES SHALL NOT BE MARKETED, OFFERED
OR SOLD IN THE UNITED KINGDOM EXCEPT TO EXEMPT PERSONS UNDER THE FPO INCLUDING: (1) PERSONS WHO ARE INVESTMENT PROFESSIONALS, AS
DEFINED IN ARTICLE 19(5) OF THE FPO;

(2) PERSONS WHO ARE HIGH NET WORTH INDIVIDUALS,
AS DEFINED IN ARTICLE 48(2) OF THE FPO (AND HAVING COMPLETED AND SIGNED A STATEMENT TO THAT EFFECT IN ACCORDANCE THE FPO);
(3) PERSONS WHO ARE HIGH NET WORTH COMPANIES, UNINCORPORATED ASSOCIATIONS ETC., AS DEFINED IN ARTICLE 49(2)(A) TO (D) OF
THE FPO; (4) PERSONS WHO ARE CERTIFIED SOPHISTICATED INVESTORS, AS DEFINED IN ARTICLE 50(1) OF THE FPO; (5) PERSONS
WHO ARE SELF-CERTIFIED SOPHISTICATED INVESTORS, AS DEFINED IN ARTICLE 50A(1) OF THE FPO (AND HAVING COMPLETED AND SIGNED A
STATEMENT TO THAT EFFECT IN ACCORDANCE THE FPO); OR (6) PERSONS TO WHOM THIS PROSPECTUS SUPPLEMENT MAY OTHERWISE LAWFULLY BE
COMMUNICATED IN THE UNITED KINGDOM.

IF AN INVESTOR IS IN DOUBT ABOUT THE INVESTMENT
TO WHICH THIS PROMOTION RELATES, THEY SHOULD CONSULT AN AUTHORISED PERSON SPECIALISING IN ADVISING ON INVESTMENTS OF THE KIND IN QUESTION.

NO PROSPECTUS IS REQUIRED UNDER SECTION 85
OF FSMA AND ANY OFFER WHICH MAY BE MADE OF THE NOTE HOLDERS WILL BE: (I) LIMITED TO FEWER THAN 150 NATURAL OR LEGAL PERSONS
IN THE U.K., OTHER THAN QUALIFIED INVESTORS (WITHIN THE MEANING OF SECTION 86 OF FSMA); (II) MADE ON THE BASIS THAT THE MINIMUM
CONSIDERATION PAYABLE BY ANY NOTE HOLDER WILL NOT BE LESS THAN EUR 100,000; OR (III) UPON AN ALTERNATIVE LAWFUL EXEMPTION TO SECTION 85
OF FSMA.

<div align='center'>S-27

LEGAL MATTERS</div