Company: RWT-PA
Filing Date: 2025-01-15
Form Type: 424B5
Source: 0001104659-25-003632
Chunk: 10

Company: REDWOOD TRUST INC
Filing Date: 2025-01-15
Form: 424B5
Chunk 10
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 future
period. Accordingly, you should not place undue reliance on these preliminary estimates.

These preliminary estimates, which are the responsibility of our management, were prepared by our management and are based upon a number of assumptions. Additional items that may require adjustments to these preliminary estimates may be identified and could result in material changes to these preliminary estimates. Preliminary estimates of results are inherently uncertain and we undertake no obligation to update this information. See “Forward-Looking Statements” beginning on page S-v and “Risk Factors” beginning on page S-7 of this prospectus supplement and beginning on page 6 of our Annual Report on Form 10-K for the year ended December 31, 2023, and any other information included or incorporated by reference in this
prospectus supplement and the accompanying base prospectus for a discussion of factors that could impact our actual results of operations.
Grant Thornton LLP, our independent registered public accounting firm, has not audited, reviewed, compiled or performed any procedures
with respect to this preliminary financial information. Accordingly, Grant Thornton LLP does not express an opinion or provide any form
of assurance with respect thereto.

<div align='center'>S-2

General Information</div>

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 executive offices are located at One Belvedere Place, Suite 300, Mill Valley, California 94941. Our telephone number is (415) 389-7373. Our website iswww.redwoodtrust.com. Information contained
in or that can be accessed through our website is not part of, and is not incorporated by reference into, this prospectus supplement
or the accompanying prospectus.

<div align='center'>S-3</div>

THE OFFERING The following is a brief summary of certain terms of this offering and the notes. This summary is not a complete description of this offering or the notes. For a more complete description of the terms of the notes, see “Description of the Notes” in this prospectus supplement and “Description Debt Securities” in the accompanying prospectus.

| Issuer                                
 Notes                                 
 Maturity Date                         
 Interest Rate                         |     | Redwood Trust, Inc., a Maryland corporation.                                                                                              
 $            principal amount of                                                                                                          
 % Senior Notes due 2030 (       units, each unit representing $25) (plus up to