Company: RWT-PA
Filing Date: 2025-08-22
Form Type: 424B5
Source: 0001104659-25-081925
Chunk: 85

Company: REDWOOD TRUST INC
Filing Date: 2025-08-22
Form: 424B5
Chunk 85
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 of notes applying to the conversion of any note; or

(12)

conform the provisions of the indenture to the “Description of Notes” section in the preliminary offering memorandum, dated June 6, 2022, for the offering of the initial notes, as supplemented by the pricing term sheet, dated June 6, 2022, related to the offering of the initial notes.

The consent of the holders is not necessary under the indenture to approve the particular form of any proposed amendment. It is sufficient if such consent approves the substance of the proposed amendment.

After an amendment under the indenture becomes effective, we are required to send to the holders a notice briefly describing such amendment. However, the failure to give such notice to all the holders, or any defect in the notice, will not impair or affect the validity of the amendment.

#### Satisfaction and discharge
We may satisfy and discharge our obligations under the indenture by delivering to the registrar for cancellation all outstanding notes or by depositing with the trustee or delivering to the holders, as applicable, after the notes have become due and payable, whether at stated maturity or any redemption date or fundamental change repurchase date, or upon conversion or otherwise, cash and/or (in the case of conversion) shares of our common stock (or, if applicable, reference property) sufficient to pay all of the outstanding notes and paying all other sums payable under the indenture by us. Such discharge is subject to terms contained in the indenture.

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TABLE OF CONTENTS

#### Calculations in respect of notes
We will be responsible for making all calculations called for under the notes. These calculations include, but are not limited to, determinations of the last reported sale prices and daily VWAPs of our common stock, the daily conversion value, the daily cash amount, the daily share amount, accrued interest payable on the notes and the conversion rate of the notes. We will make all these calculations in good faith, and, absent manifest error, our calculations will be final and binding on holders of notes. We will provide a schedule of our calculations to each of the trustee and the conversion agent, and each of the trustee and conversion agent is entitled to rely conclusively upon the accuracy of our calculations without independent verification. The trustee will forward our calculations to any holder of notes upon the written request of that holder.

#### Trustee
Wilmington Trust, National Association is the trustee, registrar, paying agent and conversion agent.

#### Form, denomination and