Company: RWT-PA
Filing Date: 2025-08-22
Form Type: 424B5
Source: 0001104659-25-081925
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Company: REDWOOD TRUST INC
Filing Date: 2025-08-22
Form: 424B5
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TABLE OF CONTENTS

#### Filed Pursuant to Rule 424(b)(5)​

#### File No. 333-285506​

#### Prospectus Supplement
**(To Prospectus Dated March 3, 2025)**

<div align='center'>**$50,000,000

7.75% Convertible Senior Notes due 2027 
 Interest payable June 15 and December 15 
 Offering Price: Approximately 99.13%, including accrued interest from 
 June 15, 2025 to, but excluding, August 25, 2025**</div>

We are offering $50,000,000 aggregate principal amount of our 7.75% convertible senior notes due 2027 (the “notes”) in a registered direct placement to one or more purchasers at a cash price of 99.13194444% of the principal amount of the notes, including accrued and unpaid interest from, and including, June 15, 2025 to, but excluding, August 25, 2025. The notes we are offering will be issued as additional notes under the indenture (the “indenture”) pursuant to which we previously issued $215,000,000 aggregate principal amount of our 7.75% convertible senior notes due 2027 in June 2022, which we refer to as the “initial notes,” and $39,760,000 aggregate principal amount of our 7.75% convertible senior notes due 2027 in October 2024, which we refer to as the “initial additional notes” and, together with the initial notes, the “existing notes.” In 2023 and 2024, we repurchased $7,590,000 aggregate principal amount of the initial notes, and, as of the date of this prospectus supplement, $247,170,000 aggregate principal amount of the existing notes are outstanding. The notes will have substantially identical terms as the existing notes and will be treated as a single series of securities with the existing notes under the indenture. Holders of the notes and the existing notes will vote as one class under the indenture. We expect to issue the notes with the same unrestricted CUSIP number under which the initial notes currently trade. The initial additional notes currently trade under a Rule 144A CUSIP number.

The notes will bear interest at a rate of 7.75% per year, payable semi-annually in arrears on June 15 and December 15 of each year,