Company: RWT-PA
Filing Date: 2025-08-22
Form Type: 424B5
Source: 0001104659-25-081925
Chunk: 3

Company: REDWOOD TRUST INC
Filing Date: 2025-08-22
Form: 424B5
Chunk 3
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, or NYSE, under the symbol “RWT.” On August 21, 2025, the last reported sale price of our common stock on the NYSE was $5.87 per share.

| ​                                   | ​ | ​ | Per Note     | ​ | ​ |          Total | ​ |
| Offering price(1)                   | ​ | ​ | 99.13194444% | ​ | ​ | $49,565,972.22 | ​ |
| Proceeds, before expenses, to us(1) | ​ | ​ | 99.13194444% | ​ | ​ | $49,565,972.22 | ​ |

(1) Includes accrued interest from, and including, June 15, 2025 to, but excluding, August 25, 2025. We have elected to be taxed as a REIT for U.S. federal income tax purposes. In order to protect us against the risk of losing our qualification as a REIT due to concentration of ownership of our outstanding stock, our charter generally prohibits any single stockholder, or any group of affiliated stockholders, from beneficially owning more than 9.8% of the outstanding shares of any class of our stock, unless our board of directors waives or modifies this ownership limit. See “Description of Notes — Ownership limit; limitation on stock issuable upon conversion.” In addition, our charter contains various other restrictions on the ownership and transfer of shares of our common stock. See “Restrictions on Ownership and Transfer and Repurchase of Shares.” See “Risk Factors” beginning on page S-7of this prospectus supplement and on page 5 of our Annual Report on Form 10-K for the year ended December 31, 2024 to read about important factors that you should consider before investing in the notes. Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or passed upon the accuracy or adequacy of this prospectus supplement, the accompanying prospectus or the documents incorporated by reference in this prospectus supplement or the accompanying prospectus. Any representation to the contrary is a criminal offense. We expect to deliver the notes in book-entry form through the facilities of The Depository Trust Company on or about August 25, 2025. Prospectus supplement dated August 22, 2025.

TABLE OF CONTENTS

TABLE OF CONTENTS Prospectus Supplement

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