Company: RWT-PA
Filing Date: 2025-08-22
Form Type: 424B5
Source: 0001104659-25-081925
Chunk: 52

Company: REDWOOD TRUST INC
Filing Date: 2025-08-22
Form: 424B5
Chunk 52
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 such dividend or distribution, or immediately prior to the open of business on the effective date of such share split or combination, as the case may be;

CR 1 =

the conversion rate in effect immediately after the open of business on such ex-dividend date or immediately after the open of business on such effective date, as the case may be;

OS 0 =

the number of shares of our common stock outstanding immediately prior to the open of business on such ex-dividend date or immediately prior to the open of business on such effective date, as the case may be; and

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TABLE OF CONTENTS

OS 1 =

the number of shares of our common stock that will be outstanding immediately after giving effect to such dividend or distribution or such share split or combination, as the case may be.

The foregoing adjustment to the conversion rate made under this clause (1) shall become effective immediately after the open of business on the ex-dividend date for such dividend or distribution or immediately after the open of business on the effective date of such share split or combination, as the case may be. If any dividend or distribution of the type described in this clause (1) is declared but not so paid or made, the conversion rate shall be immediately readjusted, effective as of the date our board of directors or a committee thereof determines not to pay such dividend or distribution, to the conversion rate that would then be in effect if such dividend or distribution had not been declared.

(2)

If we distribute to all or substantially all holders of our common stock any rights, options or warrants entitling them for a period of not more than 45 days after the record date for such distribution to subscribe for or purchase shares of our common stock, at a price per share less than the average of the last reported sale prices per share of our common stock over the 10 consecutive trading day period ending on, and including, the trading day immediately preceding the date of announcement of such distribution (other than rights issued or otherwise distributed pursuant to a preferred stock rights plan, as to which the provisions described below in paragraph (3) and under the caption “— Treatment of rights” will apply), the conversion rate will be increased based on the following formula:

where,

CR 0 =

the conversion rate in effect immediately prior to the open of business on the ex-dividend date for such distribution;

CR 1 =

the conversion rate in effect immediately after the open of business on such ex-dividend date;

OS 0 =