Company: RWT-PA
Filing Date: 2025-01-15
Form Type: 424B5
Source: 0001104659-25-003632
Chunk: 39

Company: REDWOOD TRUST INC
Filing Date: 2025-01-15
Form: 424B5
Chunk 39
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 of this prospectus supplement,
each underwriter named below has severally and not jointly agreed to purchase, and we have agreed to sell to that underwriter, the principal
amount of the notes set forth opposite that underwriter’s name.

| Underwriter                   |     | Principal 
 Amount    
 of Notes  |
| Morgan Stanley & Co. LLC      |     |           |
| Goldman Sachs & Co. LLC       |     |           |
| RBC Capital Markets, LLC      |     |           |
| Wells Fargo Securities, LLC   |     |           |
| Keefe, Bruyette & Woods, Inc. |     |           |
| Piper Sandler & Co.           |     |           |
| Citizens JMP Securities, LLC  |     |           |
| Total                         |     |           |

The underwriting
agreement will provide that the obligations of the underwriters to purchase the notes included in this offering are subject to approval
of legal matters by counsel and to other conditions. The underwriters are obligated to purchase all of the notes in the offering if any
are purchased, other than those notes covered by the over-allotment option described below. The underwriting agreement also provides
that if an underwriter defaults, the purchase commitments of non-defaulting underwriters may be increased or the offering of notes may
be terminated.

Option to Purchase Additional Notes

We have granted to the underwriters an option, exercisable for 30 days from the date of this prospectus supplement, to purchase on a pro rata basis up to an additional $ aggregate principal amount of notes at the initial public offering price less the underwriting discounts and commissions. The underwriters may exercise the option solely for the purpose of covering over-allotments, if any, in connection with this offering. To the extent the option is exercised, each underwriter must purchase an aggregate principal amount of the notes approximately proportionate to that underwriter’s initial purchase commitment.

Underwriting Discounts and Expenses

The underwriters propose to offer the notes initially at the public offering price set forth on the cover page of this prospectus supplement and to selling group members at that price less a selling concession of $ per $25.00 principal amount of the notes. After the initial offering of the notes, the underwriters may change the public offering price and concession or any other selling term of this offering may change. The offering of the notes by the underwriters is subject to receipt and acceptance and subject to the underwriters’ right to reject any order in whole or in