Company: RWT-PA
Filing Date: 2025-11-19
Form Type: 8-K
Source: 0001104659-25-114083
Chunk: 1

Company: REDWOOD TRUST INC
Filing Date: 2025-11-19
Form: 8-K
Item: Item 1.01
Chunk 1
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 2013 (the “ Base Indenture”) between the Company and Wilmington Trust, National Association, a national
banking association, as trustee (the “ Trustee”), as supplemented by the seventh supplemental indenture dated as of November 19,
2025, between the Company and the Trustee (the “ Supplemental Indenture” and, together with the Base Indenture, the “ Indenture”).

The Notes bear interest at a rate of 9.500% per
year, payable quarterly in arrears on March 1, June 1, September 1 and December 1 of each year, beginning on March 1,
2026. The Notes are senior unsecured obligations of the Company and rank equal in right of payment with the other existing and future
senior unsecured indebtedness of the Company and senior in right of payment to any indebtedness that is contractually subordinated to
the Notes. The Notes, however, are effectively subordinated in right of payment to the existing and future secured indebtedness of the
Company to the extent of the value of the collateral securing such indebtedness, and structurally subordinated to the claims of the Company’s
subsidiaries’ creditors, including trade creditors.

The Notes will mature on December 1, 2030
(the “ Maturity Date”), unless earlier redeemed or repurchased by the Company.

Upon the occurrence of a change of control repurchase
event (as defined in the Indenture) the Company must offer to repurchase the Notes at a purchase price equal to 101% of the principal
amount plus accrued and unpaid interest to, but excluding, the repurchase date.

The Company may redeem the Notes, in whole or
in part, at its option at any time and from time to time, on or after December 1, 2027 at a redemption price equal to 100% of the
principal amount of the Notes to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date. No “sinking
fund” is provided for the Notes, which means that the Company is not required to redeem or retire the Notes periodically.

If an event of default (as defined in the Indenture)
occurs and is continuing, the Trustee by notice to the Company, or the holders of at least 25% in aggregate principal amount of the Notes
then outstanding by notice to the Company and the Trustee, may, and the Trustee at the request of such