Company: RWT-PA
Filing Date: 2025-11-18
Form Type: 424B5
Source: 0001104659-25-113682
Chunk: 17

Company: REDWOOD TRUST INC
Filing Date: 2025-11-18
Form: 424B5
Chunk 17
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 to repurchase all or any part of such holder’s notes at a price equal to 101% of their principal amount, plus accrued and unpaid interest, if any, to, but not including, the date of repurchase. If we experience a Change of Control Repurchase Event, we cannot assure you that we would have sufficient financial resources available to satisfy our obligations to repurchase the notes. Our failure to repurchase the notes as required under the indenture governing the notes would result in a default under the indenture, which could result in defaults under agreements governing any of our other indebtedness, including the acceleration of the payment of any borrowings thereunder, and have material adverse consequences for us and the holders of the notes.

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**TABLE OF CONTENTS

Holders of the notes will have different repurchase rights than holders of our 2027 Notes.**

Upon the occurrence of a “fundamental change” (as defined in the indenture governing the 2027 Notes), each holder of the 2027 Notes will have the right to require us to repurchase all or any part of such holder’s notes on the terms set forth in the indenture governing the 2027 Notes. The definition of fundamental change under the 2027 Notes includes the events listed in the definition of Change of Control Repurchase Event, but also includes our stockholders approving any plan or proposal for our liquidation or dissolution and “termination of trading” events upon a delisting of our common stock. Accordingly, in the event our stockholders approve a plan or proposal for our liquidation or dissolution or there occurs a “termination of trading” event upon a delisting our common stock (each as more fully described in the indenture governing the 2027 Notes), holders of the 2027 Notes will have repurchase rights that holders of the notes will not have.

**Redemption may adversely affect your return on the notes.**

On or after December 1, 2027, we will have the right to redeem some or all of the notes prior to maturity, as described under “Description of the Notes — Optional Redemption and Repayment.” We may redeem the notes at times when prevailing interest rates may be relatively low compared to rates at the time of issuance of the notes. Accordingly, you may not be able to reinvest the redemption proceeds in a comparable security at an effective interest rate as high as that of the notes.

**An adverse rating of the notes may cause their trading price to fall