Company: RWT-PA
Filing Date: 2025-03-03
Form Type: S-3ASR
Source: 0001104659-25-019828
Chunk: 93

Company: REDWOOD TRUST INC
Filing Date: 2025-03-03
Form: S-3ASR
Chunk 93
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 on an investment in our capital stock or debt securities.

<div align='center'>55

PLAN
OF DISTRIBUTION</div>

We may distribute the securities
from time to time in one or more transactions:

| · | through                  
 underwriters or dealers; |

| · | through 
 agents; |

| · | directly                      
 to one or more purchasers; or |

| · | through                                        
 a combination of any of these methods of sale. |

We will identify the specific
plan of distribution, including any underwriters, dealers, agents or direct purchasers and their compensation in the applicable prospectus
supplement.

<div align='center'>56

VALIDITY
OF THE SECURITIES</div>

The validity of certain securities
will be passed upon for us by Venable LLP, Baltimore, Maryland. The validity of the debt securities and certain tax matters will be passed
upon for us by Latham & Watkins LLP.

<div align='center'>EXPERTS</div>

The financial statements
and management’s assessment of the effectiveness of internal control over financial reporting incorporated by reference in this
prospectus and elsewhere in the registration statement have been so incorporated by reference in reliance upon the reports of Grant Thornton
LLP, independent registered public accountants, upon the authority of said firm as experts in accounting and auditing.

<div align='center'>INCORPORATION
OF CERTAIN INFORMATION BY REFERENCE</div>

The SEC’s rules allow
us to “incorporate by reference” information into this prospectus, which means that we can disclose important information
to you by referring you to another document filed separately with the SEC. The information incorporated by reference is deemed to be
part of this prospectus, and subsequent information that we file with the SEC will automatically update and supersede that information.
Any statement contained in this prospectus or a previously filed document incorporated by reference will be deemed to be modified or
superseded for purposes of this prospectus to the extent that a statement contained in this prospectus or a subsequently filed document
incorporated by reference modifies or replaces that statement.

This prospectus and any accompanying
prospectus supplement incorporate by reference the documents set forth below that have previously been filed with the SEC:

| · | all                                                                                             
 documents filed by Redwood Trust, Inc. with the SEC pursuant to Sections 13(a), 13(c),          
 14, or 15(d) of the Exchange Act after the date of this prospectus and prior to the termination 
 of the offering (but