Company: RWT-PA
Filing Date: 2025-08-22
Form Type: 424B5
Source: 0001104659-25-081925
Chunk: 15

Company: REDWOOD TRUST INC
Filing Date: 2025-08-22
Form: 424B5
Chunk 15
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 the extent (but only to the extent) that such delivery would result in the converting holder violating the Charter Limitation. In addition, our charter contains various other restrictions on the ownership and transfer of our common stock. See “Restrictions on Ownership and Transfer and Repurchase of Shares.” For the avoidance of doubt, the restrictions described above will not affect our right to elect the settlement method applicable to the conversion of any note in the manner set forth in the indenture.

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TABLE OF CONTENTS

### RISK FACTORS
Investing in the notes being offered by this prospectus supplement and the accompanying prospectus involves a high degree of risk. Before deciding whether to invest in the notes, you should consider carefully the risk factors described below, the risk factors incorporated herein by reference from our Annual Report on Form 10-K for the year ended December 31, 2024 and the risk factors contained in any supplement to this prospectus supplement that we have authorized for use in connection with this offering. If any of these risks actually occur, it may materially harm our business, financial condition, operating results or cash flow. As a result, the market price of our common stock, and, in turn, the trading price of the notes, could decline, and you could lose part or all of your investment. Additional risks and uncertainties that are not yet identified or that we think are immaterial may also materially harm our business, operating results and financial condition and could result in a complete loss of your investment. As used in this section of the prospectus supplement, the term “notes” includes the existing notes, unless the context requires otherwise.

**Risks related to the notes, our common stock and this offering**

The notes are effectively subordinated to any of our existing and future secured debt and structurally subordinated to the liabilities of our subsidiaries.

The notes will be our senior unsecured obligations and will rank equal in right of payment with our other senior unsecured indebtedness, including the existing notes, our guarantee of the 2025 Notes and the Senior Notes, and senior in right of payment to any of our existing and future indebtedness that is contractually subordinated to the notes. The notes, however, will be effectively subordinated to our existing and future secured indebtedness to the extent of the value of the collateral securing such indebtedness. As of June 30, 2025, on a consolidated basis, we and our subsidiaries had $3.01 billion in outstanding secured indebtedness