Company: RWT-PA
Filing Date: 2025-08-22
Form Type: 424B5
Source: 0001104659-25-081925
Chunk: 70

Company: REDWOOD TRUST INC
Filing Date: 2025-08-22
Form: 424B5
Chunk 70
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 the limited extent described below.

If we elect to redeem less than all of the outstanding notes pursuant to a provisional redemption, then the excess of the principal amount of notes outstanding as of the time we send the related redemption notice over the aggregate principal amount of notes set forth in such redemption notice as being subject to redemption must be at least $100.0 million. We refer to the requirement described in the preceding sentence as the “partial redemption limitation.” For the avoidance of doubt, the partial redemption limitation will not apply to any REIT preservation redemption.

In addition, if we elect to redeem less than all of the outstanding notes pursuant to a provisional redemption, and the holder of any note, or any owner of a beneficial interest in any global note, is reasonably not able to determine, before the close of business on the 27th scheduled trading day before the relevant redemption date, whether such note or beneficial interest, as applicable, is to be redeemed pursuant to such provisional redemption, then such holder or owner, as applicable, will be entitled to convert such note or beneficial interest, as applicable, at any time before the close of business on the second business day immediately before such redemption date, and each such conversion will be deemed to be of a note called for provisional redemption for purposes of these provisional redemption provisions and the provisions described above under the captions “— Conversion rights — When the notes may be converted — Conversion upon redemption” and “Conversion rights — Adjustment to shares delivered upon conversion upon make-whole fundamental change.”

#### Redemption of notes to preserve REIT status
If we determine that redeeming the notes is necessary to preserve our status as a REIT, then we may redeem all or part (in a principal amount that is an integral multiple of $1,000) of the notes for cash at the redemption price described below, but only to the extent necessary to preserve our status as a REIT. We refer to a redemption of the notes pursuant to the provision described in the preceding sentence as a “REIT preservation redemption.” For the avoidance of doubt, calling any note for REIT preservation redemption will not constitute a make-whole fundamental change with respect to that or any other note.

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TABLE OF CONTENTS

#### Redemption price
The redemption price for any note called for redemption will be a cash amount equal to 100% of the aggregate principal amount of such note to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the applicable redemption date. However, if such