Company: RWT-PA
Filing Date: 2025-01-16
Form Type: 424B5
Source: 0001104659-25-004099
Chunk: 56

Company: REDWOOD TRUST INC
Filing Date: 2025-01-16
Form: 424B5
Chunk 56
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 of our    
 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, all of which is currently classified as common
stock. Our common stock is listed on the New York Stock Exchange, 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
of debt securities, we will describe the specific terms of the series in a supplement to this prospectus. We will also indicate in the
supplement to what extent the general terms and provisions described in this prospectus apply to a particular series of debt securities.

We may issue debt securities
either separately, or together with, or upon the conversion or exercise of or in exchange for, other securities described in this prospectus.
Debt securities may be our senior, senior