Company: RWT-PA
Filing Date: 2025-01-15
Form Type: 424B5
Source: 0001104659-25-003632
Chunk: 72

Company: REDWOOD TRUST INC
Filing Date: 2025-01-15
Form: 424B5
Chunk 72
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 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 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