Company: RWT-PA
Filing Date: 2025-01-17
Form Type: 8-K
Source: 0001104659-25-004470
Chunk: 1

Company: REDWOOD TRUST INC
Filing Date: 2025-01-17
Form: 8-K
Item: Item 1.01
Chunk 1
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 due 2025 issued by one of the Company’s subsidiaries or the Company’s 7.75% convertible senior notes due 2027.

Base Indenture and Supplemental Indenture

The Company issued the Notes under an indenture
dated as of March 6, 2013 (the “ Base Indenture”) between the Company and Wilmington Trust, National Association, a national
banking association, as trustee (the “ Trustee”), as supplemented by the sixth supplemental indenture dated as of January 17,
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 9.125% per
year, payable quarterly in arrears on March 1, June 1, September 1 and December 1 of each year, beginning on March 1, 2025. 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 March 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 at its option,
in whole or in part, at any time and from time to time, on or after March 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 Ind