Company: RWT-PA
Filing Date: 2025-08-22
Form Type: 424B5
Source: 0001104659-25-081925
Chunk: 10

Company: REDWOOD TRUST INC
Filing Date: 2025-08-22
Form: 424B5
Chunk 10
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the “9.125% 2029 Notes”), $85.0 million outstanding aggregate principal amount of 9.00% senior notes due 2029 (the “9.00% 2029 Notes”) and $90.0 million outstanding aggregate principal

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amount of 9.125% senior notes due 2030 (the “2030 Notes” and, together with the 9.125% 2029 Notes and 9.00% 2029 Notes, the “Senior Notes”), and senior in right of payment to any existing and future indebtedness that is contractually subordinated to the notes. The notes, however, will be effectively subordinated to our existing and future secured indebtedness to the extent of the value of the collateral securing such indebtedness, and structurally subordinated to the claims of our subsidiaries’ creditors, including trade creditors and our subsidiary’s obligations under the 2025 Notes.

As of June 30, 2025, on a consolidated basis, we and our subsidiaries had $3.01 billion in outstanding secured indebtedness and $757 million in outstanding senior unsecured indebtedness, in each case exclusive of trade and other payables. As of June 30, 2025, the aggregate amount of secured liabilities of our subsidiaries was $2.88 billion and the aggregate amount of unsecured liabilities of our subsidiaries was $135 million, including the 2025 Notes, in each case excluding trade and other payables and excluding intercompany liabilities. The indenture does not limit the amount of debt that may be issued by us or our subsidiaries under the indenture or otherwise.

Conversion Rights

Holders may convert their notes at their option only in the following circumstances:

•

during any calendar quarter commencing after the calendar quarter ending on September 30, 2022, if the last reported sale price per share of our common stock exceeds 110% of the conversion price for each of at least 20 trading days during the 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter;

•

during the five consecutive business days immediately after any 10 consecutive trading day period (such 10 consecutive trading day period, the “measurement period”) in which the trading price per $1,000 principal amount of notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price per share of our common stock on