Company: RWT-PA
Filing Date: 2025-01-15
Form Type: 424B5
Source: 0001104659-25-003632
Chunk: 49

Company: REDWOOD TRUST INC
Filing Date: 2025-01-15
Form: 424B5
Chunk 49
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 designation, preferences, conversion and other rights, voting powers, restrictions, limitations 
 as to transferability, dividends and other distributions, and terms and conditions of redemption and any initial public offering 
 price;                                                                                                                           |

| · | in the case                                                                                 
 of warrants or rights, the duration, offering price, exercise price, and detachability; and |

| · | in the case                                                                                       
 of units, the constituent securities comprising the units, the offering price, and detachability. |

In addition, the specific
terms may include limitations on actual or constructive ownership and restrictions on transfer of the securities, in each case as may
be appropriate, among other purposes, to preserve the status of our company as a real estate investment trust, or REIT, for U.S. federal
income tax purposes. The applicable prospectus supplement will also contain information, where applicable, about certain U.S. federal
income tax consequences relating to, and any listing on a securities exchange of, the securities covered by such prospectus supplement.
You should read this prospectus and any prospectus supplement carefully before you invest in any of our securities.

The securities may be offered
directly by us or by any selling security holder, through agents designated from time to time by us or to or through underwriters or
dealers. If any agents, dealers, or underwriters are involved in the sale of any of the securities, their names, and any applicable purchase
price, fee, commission, or discount arrangement between or among them will be set forth, or will be calculable from the information set
forth, in the applicable prospectus supplement. See the sections of this prospectus entitled “Plan of Distribution” and “About
This Prospectus” for more information. No securities may be sold without delivery of this prospectus and the applicable prospectus
supplement describing the method and terms of the offering of such series of securities.

Our common stock currently
trades on the New York Stock Exchange, or NYSE, under the symbol “RWT”. On March 3, 2022, the last reported sale price of
our common stock was $10.43 per share.

Investing in our securities
involves risks. See “Risk Factors” beginning on page 2 of this prospectus and any similar section contained in the applicable
prospectus supplement concerning factors you should consider before investing in our securities.

This prospectus may not be
used to offer or sell any securities unless accompanied by a prospectus supplement.

Neither the