Company: RWT-PA
Filing Date: 2025-11-07
Form Type: 424B5
Source: 0001104659-25-108580
Chunk: 15

Company: REDWOOD TRUST INC
Filing Date: 2025-11-07
Form: 424B5
Chunk 15
---
 in control. Our charter includes provisions granting our board of directors the authority to cause us to issue preferred stock from time to time and to establish the terms, preferences and rights of the preferred stock without the approval of our stockholders. In addition, provisions in our charter and bylaws and the MGCL restrict our stockholders’ ability to remove directors and fill vacancies on our board of directors and restrict the voting rights of shares of our common stock acquired in excess of certain ownership thresholds. These provisions and others may delay, defer or prevent a transaction or a change of control that might involve a premium price for our common stock or otherwise be in the best interest of our stockholders.

<div align='center'>S-5</div>

TABLE OF CONTENTS

Certain of our outstanding securities rank, and we may in the future offer debt or equity securities that may rank, senior to our common stock, which may adversely affect the market price of our common stock.

We have issued convertible senior notes, exchangeable senior notes, senior unsecured notes and preferred stock, which have rights, preferences and privileges more favorable than those of our common stock. If we decide to issue additional debt or preferred equity securities in the future, which would rank senior to our common stock, it is likely that they will be governed by an indenture or other instrument containing covenants restricting our operating flexibility. Additionally, any debt or equity securities or convertible or exchangeable securities that we issue in the future may have rights, preferences and privileges more favorable than those of our common stock and may result in dilution to owners of our common stock. We and, indirectly, our stockholders, will bear the cost of issuing and servicing such securities. Because our decision to issue debt or equity securities in any future offering will depend on market conditions and other factors beyond our control, we cannot predict or estimate the amount, timing or nature of our future offerings. Thus, holders of our common stock will bear the risk of our future offerings reducing the market price of our common stock and diluting the value of their stock holdings in us.

Your investment has various U.S. federal income tax risks.

Although the provisions of the Code generally relevant to an investment in shares of our common stock are described in Exhibit 99.1 to our Current Report on Form 8-K filed on August 22, 2025 under the heading “Material U.S. Federal Income Tax Considerations” (which supersedes and replaces the discussion under the heading “Material U.S. Federal Income Tax Considerations” in the