Company: RWT-PA
Filing Date: 2025-08-22
Form Type: 424B5
Source: 0001104659-25-081925
Chunk: 91

Company: REDWOOD TRUST INC
Filing Date: 2025-08-22
Form: 424B5
Chunk 91
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. By accepting a note, each holder waives and releases all such liability. This waiver and release is part of the consideration for the issue of the notes. However, this waiver and release may not be effective to waive liabilities under U.S. federal securities laws, and it is the view of the SEC that such a waiver is against public policy.

#### Governing law
The notes will be, and the indenture is governed by, and construed under, the laws of the State of New York.

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TABLE OF CONTENTS

<div align='center'>**SUPPLEMENTAL U.S. FEDERAL INCOME TAX CONSIDERATIONS**</div>

The discussion under the heading “Material U.S. Federal Income Tax Considerations” in the accompanying prospectus has been superseded and replaced by the discussion in Exhibit 99.1 to the August 2025 Form 8-K. The August 2025 Form 8-K is incorporated by reference in this prospectus supplement and the accompanying prospectus and may be obtained as described under “Where You Can Find More Information” in this prospectus supplement. See “Incorporation of Certain Information By Reference.” Prospective investors should carefully review the discussion appearing in Exhibit 99.1 to the August 2025 Form 8-K, as well as the other information included and incorporated by reference in this prospectus supplement and the accompanying prospectus, before acquiring any notes pursuant to this prospectus supplement and the accompanying prospectus. The discussion below is an amendment and supplement to, and is intended to be read together with, Exhibit 99.1 to the August 2025 Form 8-K.

The following discussion supersedes and replaces, solely insofar as it relates to the notes offered hereby and the shares of our common stock into which such notes may be converted, the discussion under the heading “Material U.S. Federal Income Tax Considerations — Federal Income Tax Considerations for Holders of Our Capital Stock and Debt Securities” in Exhibit 99.1 to the August  2025 Form 8-K.

**Federal Income Tax Considerations for Holders of the Notes and Our Common**

#### Stock
The following discussion is a summary of certain material U.S. federal income tax consequences to you of the ownership, conversion and disposition of the notes and the ownership and disposition of shares of our common stock into which the notes may be converted. This discussion is limited to holders who hold the notes and our