Company: RWT-PA
Filing Date: 2025-11-18
Form Type: 424B5
Source: 0001104659-25-113682
Chunk: 12

Company: REDWOOD TRUST INC
Filing Date: 2025-11-18
Form: 424B5
Chunk 12
---
 Investments portfolio, and pursuing strategic acquisitions and investments. See “Use of Proceeds” in this prospectus supplement.

Governing Law

New York.

Risk Factors

Investing in the notes involves risks that are described under the caption “Risk Factors” in this prospectus supplement and in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, and as updated by our subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, which are incorporated by reference into this prospectus supplement.

<div align='center'>S-4</div>

TABLE OF CONTENTS

### RISK FACTORS
Investing in the notes being offered by this prospectus supplement involves a high degree of risk. Before deciding whether to invest in the notes, you should consider carefully the risk factors described below, the risk factors incorporated herein by reference from our Annual Report on Form 10-K for the year ended December 31, 2024 , as updated by our subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, and the risk factors contained in any supplement to this prospectus supplement that we have authorized for use in connection with this offering. If any of these risks actually occur, it may materially harm our business, financial condition, operating results or cash flow. As a result, the market price of our common stock, and, in turn, the trading price of the notes, could decline, and you could lose part or all of your investment. Additional risks and uncertainties that are not yet identified or that we think are immaterial may also materially harm our business, operating results and financial condition and could result in a complete loss of your investment.

#### Risks Related to the Notes and to this Offering
The notes are effectively subordinated to any of our existing and future secured debt and structurally subordinated to the liabilities of our subsidiaries.

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 the 2027 Notes and the Existing Senior 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. As of September 30, 2025, on a consolidated basis, we and our subsidiaries had $3.02 billion in outstanding secured indebtedness and