Company: RWT-PA
Filing Date: 2025-08-22
Form Type: 424B5
Source: 0001104659-25-081925
Chunk: 33

Company: REDWOOD TRUST INC
Filing Date: 2025-08-22
Form: 424B5
Chunk 33
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 net proceeds from this offering for general corporate purposes, which may include (i) funding of our operating business and investment activity, which may include funding our residential and business purpose lending mortgage banking businesses, acquiring mortgage-backed securities for our investment portfolio, and funding strategic acquisitions and investments and/or (ii) the repayment of existing indebtedness, which may include the repurchase or repayment of a portion of the 2025 Notes issued by one of our subsidiaries.

As of June 30, 2025, approximately $124 million aggregate principal amount of the 2025 Notes issued by one of our subsidiaries and guaranteed by us was outstanding. The 2025 Notes bear interest at an annual rate of 5.75% and mature on October 1, 2025.

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TABLE OF CONTENTS

### DESCRIPTION OF NOTES
In June 2022, we issued $215,000,000 aggregate principal amount of our 7.75% convertible senior notes due 2027 (the “initial notes”) pursuant to an indenture, dated as of June 9, 2022 (the “indenture”), between us and Wilmington Trust, National Association, as trustee. In October 2024, we issued $39,760,000 aggregate principal amount of our 7.75% convertible senior notes due 2027 (the “initial additional notes” and, together with the initial notes, the “existing notes”) pursuant to the indenture. In 2023 and 2024, we repurchased $7,590,000 aggregate principal amount of the initial notes, and, as of the date of this prospectus supplement, $247,170,000 aggregate principal amount of the existing notes are outstanding. We will issue the 7.75% convertible senior notes due 2027 offered hereby (the “notes”) pursuant to the indenture. The notes will have substantially identical terms as the existing notes. The existing notes and the notes will be treated as a single series of securities for all purposes under the indenture, including waivers, amendments and offers to purchase. Holders of the existing notes, the notes and any additional notes of the same series that we issue in the future pursuant to the indenture will vote as one class under the indenture. We expect to issue the notes with the same unrestricted CUSIP number under which the initial notes currently trade. The initial additional notes currently trade under a Rule 144A CUSIP number.

The following description is a