Company: RWT-PA
Filing Date: 2025-01-16
Form Type: 424B5
Source: 0001104659-25-004099
Chunk: 72

Company: REDWOOD TRUST INC
Filing Date: 2025-01-16
Form: 424B5
Chunk 72
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 shares of common stock purchasable upon exercise of each of such securities warrants and the price 
 at which such number of shares of preferred stock or common stock may be purchased upon such exercise;                             |

| ● | the date on                                                                                                                   
 which the right to exercise such securities warrants shall commence and the expiration date on which such right shall expire; |

| ● | U.S. federal                   
 income tax considerations; and |

| ● | any other material                 
 terms of such securities warrants. |

Holders of future securities
warrants, if any, will not be entitled by virtue of being such holders, to vote, to consent, to receive dividends, to receive notice
with respect to any meeting of stockholders for the election of our directors or any other matter, or to exercise any rights whatsoever
as stockholders of Redwood Trust.

<div align='center'>15

DESCRIPTION
OF RIGHTS TO PURCHASE SHARES OF COMMON OR PREFERRED STOCK</div>

We may issue, as a dividend
at no cost, to holders of record of our securities or any class or series thereof on the applicable record date, rights 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. In this prospectus, we refer to such rights as “stockholder rights.” If
stockholders rights are so issued to existing holders of securities, each stockholder right will entitle the registered holder thereof
to purchase the securities issuable upon exercise of the rights pursuant to the terms set forth in the applicable prospectus supplement.

If stockholder rights are
issued, the applicable prospectus supplement will describe the terms of such stockholder rights including the following where applicable:

| ● | record date; |

| ● | subscription 
 price;       |

| ● | subscription 
 agent;       |

| ● | aggregate number                                                                                                                      
 of shares of preferred stock, shares of common stock, warrants, or units purchasable upon exercise of such stockholder rights and     
 in the case of stockholder rights for preferred stock or warrants exercisable for preferred stock, the designation, aggregate number, 
 and terms of the class or series of preferred stock purchasable upon exercise of such stockholder rights or warrants;                 |

| ● | the date on                                                                                                                  
 which the right to exercise such stockholder rights shall commence and the expiration date on which such right shall expire; |

| ● | U.S. federal                   
 income