Company: RWT-PA
Filing Date: 2025-11-18
Form Type: 424B5
Source: 0001104659-25-113682
Chunk: 10

Company: REDWOOD TRUST INC
Filing Date: 2025-11-18
Form: 424B5
Chunk 10
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 which means that we are not required to redeem or retire the notes periodically.

Change of Control Offer to Repurchase

If a Change of Control Repurchase Event as defined under “Description of the Notes — Offer to Repurchase Upon a Change of Control Repurchase Event” occurs, we must offer to repurchase the notes at a purchase price equal to 101% of the principal amount plus accrued and unpaid interest to, but excluding, the repurchase date. See “Description of the Notes — Offer to Repurchase Upon a Change of Control Repurchase Event” in this prospectus supplement.

Ranking

The notes will be our senior unsecured obligations and will rank equal in right of payment with our existing and future senior unsecured indebtedness, including, as of September 30, 2025, $297.2 million outstanding aggregate principal amount of our existing 7.75% convertible senior notes due 2027 (the “2027 Notes”), $59.1 million outstanding aggregate principal amount of our existing 9.125% 2029 Notes, $84.0 million outstanding aggregate principal amount of our existing 9.00% 2029 Notes and $89.2 million outstanding aggregate principal amount of our existing 2030 Notes, and senior in right of payment to any 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, and structurally subordinated to the claims of our subsidiaries’ creditors, including trade creditors.

As of September 30, 2025, on a consolidated basis, we and our subsidiaries had $3.02 billion in outstanding secured indebtedness and $793 million in outstanding senior unsecured indebtedness, in each case exclusive of trade and other payables. As of September 30, 2025, the aggregate amount of secured liabilities of our subsidiaries was $3.45 billion and the aggregate amount of unsecured liabilities of our subsidiaries was $134 million, in each case excluding trade and other payables and

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excluding intercompany liabilities. The indenture does not limit the amount of debt that may be issued by us or our subsidiaries under the indenture or otherwise.

Events of Default

Except as described under “Description of the Notes — Events of Default,” if an event of default with respect to the notes occurs, holders may, upon satisfaction