Company: RWT-PA
Filing Date: 2025-01-16
Form Type: 424B5
Source: 0001104659-25-004099
Chunk: 57

Company: REDWOOD TRUST INC
Filing Date: 2025-01-16
Form: 424B5
Chunk 57
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 subordinated or subordinated obligations and, unless otherwise specified in a supplement to
this prospectus, the debt securities will be our direct, unsecured obligations and may be issued in one or more series.

The debt securities will
be issued under an indenture between us and Wilmington Trust, National Association, as trustee. We have summarized select portions of
the indenture below. The summary is not complete. The form of the indenture has been filed as an exhibit to the registration statement
and you should read the indenture for provisions that may be important to you. Capitalized terms used in the summary and not defined
herein have the meanings specified in the indenture.

As used in this section only,
“Redwood,” “we,” “our” or “us” refer to Redwood Trust, Inc., excluding our subsidiaries,
unless expressly stated or the context otherwise requires.

General

The terms of each series
of debt securities will be established by or pursuant to a resolution of our board of directors and set forth or determined in the manner
provided in a resolution of our board of directors, in an officer’s certificate or by a supplemental indenture. The particular
terms of each series of debt securities will be described in a prospectus supplement relating to such series (including any pricing supplement
or term sheet).

We can issue an unlimited
amount of debt securities under the indenture that may be in one or more series with the same or various maturities, at par, at a premium,
or at a discount. We will set forth in a prospectus supplement (including any pricing supplement or term sheet) relating to any series
of debt securities being offered, the aggregate principal amount and the following terms of the debt securities, if applicable:

| ● | the                                                                                             
 title and ranking of the debt securities (including the terms of any subordination provisions); |

| ● | the                                                                                       
 price or prices (expressed as a percentage of the principal amount) at which we will sell 
 the debt securities;                                                                      |

| ● | any                                                             
 limit on the aggregate principal amount of the debt securities; |

| ● | the                                                                              
 date or dates on which the principal of the securities of the series is payable; |

| ● | the                                                                                            
 rate or rates (which may be fixed or variable) per annum or the method used to determine       
 the rate or rates (including any commodity, commodity index, stock exchange index or financial 
 index) at which the debt securities will bear interest, the date or dates from