Company: RWT-PA
Filing Date: 2025-11-18
Form Type: 424B5
Source: 0001104659-25-113682
Chunk: 2

Company: REDWOOD TRUST INC
Filing Date: 2025-11-18
Form: 424B5
Chunk 2
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itory Trust Company on or about November 19, 2025, for the accounts of its participants, including Clearstream Banking, société anonyme, and Euroclear Bank S.A./N.V., as operator of the Euroclear System. Joint Book-Running Managers

| ​ | MorganStanley | ​ | ​ | Goldman Sachs &Co. LLC | ​ | ​ | RBC CapitalMarkets | ​ | ​ | UBSInvestment Bank | ​ | ​ | Wells FargoSecurities | ​ |

| ​ | Keefe, Bruyette & WoodsA Stifel Company |     | ​ | ​ | Piper Sandler |     | ​ |

Co- Managers

| ​ | Citizens Capital Markets | ​ | ​ | Seaport Global Securities | ​ |

The date of this prospectus supplement is November 17 , 2025

TABLE OF CONTENTS

CONTENTS PROSPECTUS SUPPLEMENT

| ​                                                 | ​ | ​ | Page |   |       |   | ​ |
| ABOUT THIS PROSPECTUS SUPPLEMENT                  | ​ | ​ | ​    | ​ | S-ii  | ​ | ​ |
| FORWARD-LOOKING STATEMENTS                        | ​ | ​ | ​    | ​ | S-iii | ​ | ​ |
| SUMMARY                                           | ​ | ​ | ​    | ​ | S-1   | ​ | ​ |
| THE OFFERING                                      | ​ | ​ | ​    | ​ | S-3   | ​ | ​ |
| RISK FACTORS                                      | ​ | ​ | ​    | ​ | S-5   | ​ | ​ |
| USE OF PROCEEDS                                   | ​ | ​ | ​    | ​ | S-9   | ​ | ​ |
| DESCRIPTION OF THE NOTES                          | ​ | ​ | ​    | ​ | S-10  | ​ | ​ |
| UNDERWRITING                                      | ​ | ​ | ​    | ​ | S-22  | ​ | ​ |
| LEGAL MATTERS                                     | ​ | ​ | ​    | ​ | S-27  | ​ | ​ |
| EXPERTS                                           | ​ | ​ | ​    | ​ | S-27  | ​ | ​ |
| WHERE YOU CAN OBTAIN MORE INFORMATION             | ​ | ​ | ​    | ​ | S-27  | ​ | ​ |
| INCORPORATION OF CERTAIN INFORMATION BY REFERENCE | ​ | ​ | ​    | ​ | S-28  |