Company: RWT-PA
Filing Date: 2025-11-18
Form Type: 424B5
Source: 0001104659-25-113682
Chunk: 49

Company: REDWOOD TRUST INC
Filing Date: 2025-11-18
Form: 424B5
Chunk 49
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 supplement. See the sections of this prospectus entitled “Plan of Distribution” and “About This Prospectus” for more information. No securities may be sold without delivery of this prospectus and the applicable prospectus supplement describing the method and terms of the offering of such series of securities.

Our common stock currently trades on the New York Stock Exchange, or NYSE, under the symbol “RWT”. On February 28, 2025, the last reported sale price of our common stock was $6.68 per share.

Investing in our securities involves risks. See “Risk Factors” beginning on page 2 of this prospectus and any similar section contained in the applicable prospectus supplement concerning factors you should consider before investing in our securities.

This prospectus may not be used to offer or sell any securities unless accompanied by a prospectus supplement.

Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or passed upon the adequacy or accuracy of this prospectus. Any representation to the contrary is a criminal offense.**

<div align='center'>The date of this prospectus is March 3, 2025.</div>

TABLE OF CONTENTS

TABLE OF CONTENTS

| ​                                                                     | ​ | ​ | Page |   |    |   | ​ |
| ABOUT THIS PROSPECTUS                                                 | ​ | ​ | ​    | ​ |  1 | ​ | ​ |
| RISK FACTORS                                                          | ​ | ​ | ​    | ​ |  2 | ​ | ​ |
| CAUTIONARY STATEMENT                                                  | ​ | ​ | ​    | ​ |  3 | ​ | ​ |
| REDWOOD TRUST, INC.                                                   | ​ | ​ | ​    | ​ |  5 | ​ | ​ |
| USE OF PROCEEDS                                                       | ​ | ​ | ​    | ​ |  6 | ​ | ​ |
| GENERAL DESCRIPTION OF SECURITIES                                     | ​ | ​ | ​    | ​ |  7 | ​ | ​ |
| DESCRIPTION OF DEBT SECURITIES                                        | ​ | ​ | ​    | ​ |  8 | ​ | ​ |
| DESCRIPTION OF COMMON STOCK                                           | ​ | ​ | ​    | ​ | 16 | ​ | ​ |
| DESCRIPTION OF PREFERRED STOCK                                        | ​ | ​ | ​    | ​ | 17 | ​ | ​ |
| DESCRIPTION OF SECURITIES WARRANTS                                    | ​ | ​ | ​    | ​ | 18