Company: RWT-PA
Filing Date: 2025-08-22
Form Type: 424B5
Source: 0001104659-25-081925
Chunk: 32

Company: REDWOOD TRUST INC
Filing Date: 2025-08-22
Form: 424B5
Chunk 32
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ants or other provisions to afford protection to holders of the notes in the event of a fundamental change involving us except to the extent described under “Description of Notes — Conversion rights — Recapitalizations, reclassifications and changes of our common stock,” “Description of Notes — Conversion rights — Adjustment to shares delivered upon conversion upon make-whole fundamental change,” “Description of Notes — Fundamental change permits holders to require us to repurchase notes” and “Description of Notes — Consolidation, merger and sale of assets.”

The notes will share voting power with the existing notes.

Upon completion of this offering, the aggregate principal amount of outstanding notes will be $297,170,000. Accordingly, the holders of the $50,000,000 aggregate principal amount of notes will be entitled to exercise only 16.8% of the total voting power of the notes.

Holders of the notes will not, as such, be entitled to any rights with respect to our common stock but will be subject to all changes made with respect to our common stock.

Holders of the notes will not, as such, be entitled to any rights with respect to our common stock (including, without limitation, voting rights and rights to receive any dividends or other distributions on our common stock), but holders of the notes will be subject to all changes affecting our common stock. Holders of the notes will not be entitled to the rights of the common stock underlying such notes, except to the extent they convert such notes and shares of our commons stock are deliverable upon settlement of such conversion, and, in such case, will be deemed to be the record holder of such notes as of the close of business on the last VWAP trading day of the observation period for such conversion. For example, if an amendment is proposed to our charter or bylaws requiring stockholder approval and the record date for determining the stockholders of record entitled to vote on the amendment occurs prior to the date as of which a holder is deemed to be the holder of record of the shares, if any, due upon conversion of such holder’s notes, then such holder will not be entitled to vote those shares due upon conversion on the amendment, although such holder will, upon conversion, nevertheless be subject to any changes affecting our common stock.

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TABLE OF CONTENTS

### USE OF PROCEEDS
We estimate that the net proceeds from this offering will be approximately $49.2 million, after deducting estimated offering expenses payable by us.

We intend to use the