Company: RWT-PA
Filing Date: 2025-01-16
Form Type: 424B5
Source: 0001104659-25-004099
Chunk: 73

Company: REDWOOD TRUST INC
Filing Date: 2025-01-16
Form: 424B5
Chunk 73
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 tax considerations; and |

| ● | other material                    
 terms of such stockholder rights. |

In addition to the terms
of the stockholder rights and the securities issuable upon exercise thereof, the prospectus supplement may describe, for a holder of
such stockholder rights who validly exercises all stockholder rights issued to such holder, how to subscribe for unsubscribed securities,
issuable pursuant to unexercised stockholder rights issued to other holders, to the extent such stockholder rights have not been exercised.

Holders of stockholder rights
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, except to the extent described in the related prospectus supplement.

<div align='center'>16

DESCRIPTION
OF UNITS</div>

We may issue units consisting
of two or more other constituent securities. These units may be issuable as, and for a specified period of time may be transferable only
as, a single security, rather than as the separate constituent securities comprising such units. The statements made in this section
relating to the units are summaries only. These summaries are not complete. When we issue units, we will provide the specific terms of
the units in a prospectus supplement. To the extent the information contained in the prospectus supplement differs from this summary
description, you should rely on the information in the prospectus supplement.

When we issue units, we will
provide in a prospectus supplement the following terms of the units being issued:

| ● | the title of         
 any series of units; |

| ● | identification                                                               
 and description of the separate constituent securities comprising the units; |

| ● | the price or                              
 prices at which the units will be issued; |

| ● | the date, if                                                                                             
 any, on and after which the constituent securities comprising the units will be separately transferable; |

| ● | information                                
 with respect to any book-entry procedures; |

| ● | a discussion                                                                                                  
 of any material or special U.S. federal income tax consequences applicable to an investment in the units; and |

| ● | any other terms                                
 of the units and their constituent securities. |

<div align='center'>17

GLOBAL
SECURITIES</div>

Book-Entry, Delivery and Form

Unless we indicate differently
in a prospectus