Company: RWT-PA
Filing Date: 2025-03-03
Form Type: S-3ASR
Source: 0001104659-25-019828
Chunk: 11

Company: REDWOOD TRUST INC
Filing Date: 2025-03-03
Form: S-3ASR
Chunk 11
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of debt securities, we will describe the specific terms of the series in a supplement to this prospectus. We will also indicate in the
supplement to what extent the general terms and provisions described in this prospectus apply to a particular series of debt securities.

We may issue debt securities
either separately, or together with, or upon the conversion or exercise of or in exchange for, other securities described in this prospectus.
Debt securities may be our senior, senior 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