Company: RWT-PA
Filing Date: 2025-01-15
Form Type: 424B5
Source: 0001104659-25-003632
Chunk: 70

Company: REDWOOD TRUST INC
Filing Date: 2025-01-15
Form: 424B5
Chunk 70
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 shares of stock;                                                                         |

| ● | whether dividends                                                                                                              
 will be cumulative or non-cumulative and, if cumulative, the date from which dividends on the preferred stock will accumulate; |

| ● | the dividend                                                 
 periods (or the method of calculating the dividend periods); |

| ● | the voting                             
 rights of the preferred stock, if any; |

| ● | the liquidation                                                                                                                  
 preference and the priority as to payment of the liquidation preference with respect to other classes or series of our stock and 
 any other rights of the shares of the class or series upon our liquidation or winding-up;                                        |

| ● | the provision                                         
 for a sinking fund, if any, for such preferred stock; |

| ● | whether or                                                                                                         
 not and on what terms the shares of the class or series will be subject to redemption or repurchase at our option; |

| ● | the terms and                                                                                                                      
 conditions, if applicable, upon which such preferred stock will be converted into the common stock, including the conversion price 
 (or manner of calculation thereof);                                                                                                |

| ● | whether the                                                                                                                             
 shares of the class or series of preferred stock will be listed on a securities exchange or quoted on an inter-dealer quotation system; |

| ● | any limitations                                                                                                                    
 on direct or beneficial ownership and restrictions on transfer applicable to the preferred stock, in addition to those already set 
 forth in our charter, that may be necessary to preserve our status as a REIT; and                                                  |

| ● | the other rights                                                                                                        
 and privileges and any qualifications, limitations, or restrictions of the rights or privileges of the class or series. |

Transfer Agent, Registrar, and Dividend Disbursing Agent

The transfer agent and registrar
for our preferred stock is currently Computershare Trust Company, N.A. and its affiliate, Computershare Inc., acts as dividend disbursing
agent. If different, we will specify in the applicable prospectus supplement the transfer agent, registrar, and dividend disbursing agent
for any series of preferred stock offered by that prospectus supplement.

<div align='center'>14

DESCRIPTION
OF SECURITIES WARRANTS</div>

We may issue securities warrants
for the purchase of common stock or preferred stock, respectively referred to as common stock warrants and preferred stock warrants.
Securities warrants may be issued independently or together with any other securities offered by this prospectus and any accompanying
prospectus supplement and may be attached to or separate from such