Company: RWT-PA
Filing Date: 2025-08-22
Form Type: 424B5
Source: 0001104659-25-081925
Chunk: 36

Company: REDWOOD TRUST INC
Filing Date: 2025-08-22
Form: 424B5
Chunk 36
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, shares of our common stock, based on the current conversion rate of 95.6823 shares of common stock per $1,000 principal amount of notes (equivalent to a conversion price of approximately $10.45 per share of common stock) at any time prior to the close of business on the second scheduled trading day prior to the maturity date, unless the notes have been previously redeemed or repurchased. The conversion rate is subject to adjustment if certain events occur. You will not be entitled to receive any separate cash payment for interest, if any, accrued and unpaid to the conversion date, except under the limited circumstances described below.

Any conversions of notes into shares of our common stock will be subject to certain ownership limitations more fully described in “— Ownership limit; limitation on stock issuable upon conversion.”

We may, without the consent of the holders of the notes, issue additional notes under the indenture with the same terms as the notes offered hereby (except for certain differences, such as the date as of which interest begins to accrue and the first interest payment date for such additional notes) in an unlimited aggregate principal amount; provided that if any such additional notes are not fungible with the notes initially offered hereby for U.S. federal income tax purposes, such additional notes will be identified by a separate CUSIP number or by no CUSIP number. We may also from time to time repurchase the notes in open market purchases or negotiated transactions without prior notice to holders.

The registered holder of a note will be treated as the owner of it for all purposes under the indenture.

Other than the restrictions described under “— Fundamental change permits holders to require us to repurchase notes” and “— Consolidation, merger and sale of assets” below, and, except for the provisions set forth under “— Conversion rights — Recapitalizations, reclassifications and changes of our common stock” and “— Conversion rights — Adjustment to shares delivered upon conversion upon make-whole fundamental change,” the indenture does not contain any covenants or other provisions designed to afford holders of the notes protection in the event of a highly leveraged transaction involving us or in the

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event of a decline in our credit rating as the result of a takeover, recapitalization, highly leveraged transaction or similar restructuring involving us that could adversely affect such holders.

No sinking fund will be provided for the notes.

The existing notes are not listed or quoted, and we do not intend