Company: RWT-PA
Filing Date: 2025-01-15
Form Type: 424B5
Source: 0001104659-25-003632
Chunk: 56

Company: REDWOOD TRUST INC
Filing Date: 2025-01-15
Form: 424B5
Chunk 56
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us will be delivered with this prospectus,
which will set forth the terms of the offering and sale of the offered securities.

Our charter provides that
we have authority to issue up to 395,000,000 shares of stock, par value $0.01 per share, all of which is currently classified as common
stock. Our common stock is listed on the New York Stock Exchange, and we intend to so list any additional shares of our common stock
which are issued and sold hereunder. We may elect to list any future class or series of our securities issued hereunder on an exchange,
but we are not obligated to do so. Under Maryland law, our stockholders generally are not liable for our debts or obligations.

<div align='center'>6

DESCRIPTION
OF DEBT SECURITIES</div>

The following description,
together with the additional information we include in any applicable prospectus supplement or free writing prospectus, summarizes certain
general terms and provisions of the debt securities that we may offer under this prospectus. When we offer to sell a particular series
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