Company: RWT-PA
Filing Date: 2025-11-18
Form Type: 424B5
Source: 0001104659-25-113682
Chunk: 20

Company: REDWOOD TRUST INC
Filing Date: 2025-11-18
Form: 424B5
Chunk 20
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’ 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 (including $123.5 million of 2025 Notes which was repaid in full in October 2025), 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, including the 2025 Notes (which were repaid in full in October 2025), in each case excluding trade and other payables and excluding intercompany liabilities.

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TABLE OF CONTENTS

Our subsidiaries are separate and distinct legal entities and have no obligation, contingent or otherwise, to pay any amounts due on the notes or to make any funds available to us for payment on the notes, whether by dividends, loans or other payments. In addition, the payment of dividends and the making of loans and advances to us by our subsidiaries may be subject to statutory, contractual or other restrictions, may depend on their earnings, cash flows and financial condition and are subject to various business considerations. As a result, we may be unable to gain access to the cash flow or assets of our subsidiaries.

#### Additional Notes
The series of debt securities of which the notes are a part may be reopened and we may, from time to time, issue additional debt securities of the same series ranking equally and ratably with the notes and with terms identical to the notes, except with respect to issue date, issue price and, if applicable, the date from which interest will accrue, without notice to, or the consent of, any of the holders of the notes, provided that if any such additional debt securities are not fungible with the notes for U.S. federal income tax purposes, such additional debt securities will have separate CUSIP and ISIN numbers from the notes. The additional debt securities will carry the same right to receive accrued and unpaid interest on the notes, and such additional debt securities will form a single series of debt securities with the notes.

#### Interest
The notes will bear interest at the rate per annum set forth on the cover page of this prospectus supplement from, and including, November 19, 2025, and the subsequent interest periods will be the periods from, and