Company: RWT-PA
Filing Date: 2025-03-03
Form Type: S-3ASR
Source: 0001104659-25-019828
Chunk: 9

Company: REDWOOD TRUST INC
Filing Date: 2025-03-03
Form: S-3ASR
Chunk 9
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our taxable REIT subsidiaries” or “TRSs.” Our mortgage banking activities and investments in mortgage
servicing rights, or “MSRs,” are generally carried out through our taxable REIT subsidiaries, while our portfolio of
mortgage- and other real estate-related investments is primarily held at our REIT. We generally intend to retain profits generated
and taxed at our taxable REIT subsidiaries, and to distribute as dividends at least 90% of the taxable income we generate at our
REIT.

We were incorporated in the
State of Maryland on April 11, 1994 and commenced operations on August 19, 1994. We operate so as to qualify as a REIT for
U.S. federal income tax purposes. Our principal executive offices are located at One Belvedere Place, Suite 300, Mill Valley, California
94941. Our telephone number is (415) 389-7373. Our website is www.redwoodtrust.com. Information contained in or that can be accessed
through our website is not part of, and is not incorporated into, this prospectus or any accompanying prospectus supplement.

<div align='center'>4

USE
OF PROCEEDS</div>

Unless otherwise specified
in the applicable prospectus supplement for any offering of securities, we intend to use the net proceeds from the sale of securities
to fund our business and investment activity, which may include funding our residential and business purpose lending mortgage banking
businesses, acquiring mortgage-backed securities for our investment portfolio, funding other long-term portfolio investments, funding
strategic acquisitions and investments, as well as for general corporate purposes.

<div align='center'>5

GENERAL
DESCRIPTION OF SECURITIES</div>

The following is a brief
description of the material terms of our securities that may be offered under this prospectus. This description does not purport to be
complete and is subject in all respects to applicable Maryland law and to the provisions of our charter and bylaws, including any amendments
or supplements thereto, copies of which are on file with the SEC as described under “Where You Can Find More Information”
and are incorporated by reference herein.

We, directly or through agents,
dealers, or underwriters designated from time to time, may offer, issue, and sell, together or separately:

| · | debt                                                                        
 securities, which may consist of debentures, notes, or other types of debt; |

| · | shares               
 of our common stock; |

| · | shares                  
 of our