Company: RWT-PA
Filing Date: 2025-11-18
Form Type: 424B5
Source: 0001104659-25-113682
Chunk: 31

Company: REDWOOD TRUST INC
Filing Date: 2025-11-18
Form: 424B5
Chunk 31
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 Offer to Repurchase Upon a Change of Control Repurchase Event” would apply to a sale, lease or transfer of less than all of our properties and assets.

#### Modification and Amendment
The following description replaces the description set forth under “Description of Debt Securities — Modification and Waiver” in the accompanying prospectus in its entirety.

Subject to certain exceptions, the indenture or the notes may be amended with the consent of the holders of at least a majority principal amount of the notes then outstanding, including without limitation, consents obtained in connection with a purchase of, or tender offer or exchange offer for, notes, and, subject to certain exceptions, any past default or compliance with any provisions may be waived with the consent of the holders of a majority principal amount of the notes then outstanding, including, without limitation, consents obtained in connection with a purchase of, or tender offer or exchange offer for, notes. However, without the consent of each holder of an outstanding note affected, no amendment may, among other things:

(1)

reduce the amount of notes whose holders must consent to an amendment;

(2)

reduce the rate, or extend the stated time for payment, of interest (other than additional interest described above under “— Events of Default”) on any note;

(3)

reduce the principal, or extend the stated maturity, of any note;

(4)

reduce any redemption price or Change of Control Repurchase Event repurchase price of any note or amend or modify, in any manner adverse to the holders of notes, our right to redeem the notes or our obligation to repurchase the notes in connection with a Change of Control Repurchase Event, whether through an amendment or waiver of provisions in the covenants, definitions or otherwise;

(5)

change the place or currency of payment of principal or interest in respect of any note;

(6)

impair the right of any holder to receive payment of principal of and interest on such holder’s notes on or after the due dates therefore or to institute suit for the enforcement of any payment on or with respect to such holder’s notes;

(7)

adversely affect the ranking of the notes as our senior unsecured indebtedness; or

(8)

make any change in the amendment provisions which require each holder’s consent or in the waiver provisions if such change adversely affects the rights of holders of the notes.

Without the consent of any holder, we and the trustee may amend the indenture and/or the notes to:

(1)

cure any ambiguity, omission, defect or inconsistency