Company: RWT-PA
Filing Date: 2025-08-22
Form Type: 424B5
Source: 0001104659-25-081925
Chunk: 66

Company: REDWOOD TRUST INC
Filing Date: 2025-08-22
Form: 424B5
Chunk 66
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,” then the “stock price” of such make-whole fundamental change will be the cash amount paid per share in such make-whole fundamental change. In all other cases, the “stock price” of the make-whole fundamental change will be the average of the last reported sale prices per share of our common stock over the five consecutive trading-day period ending on, and including, the trading day immediately preceding the effective date of the make-whole fundamental change. The stock prices set forth in the first row of the table below ( i.e. , the column headers) will be adjusted as of any date on which the conversion rate of the notes is otherwise adjusted. The adjusted stock prices will equal the stock prices applicable immediately prior to such adjustment, multiplied by a fraction, the numerator of which is the conversion rate immediately prior to the adjustment giving rise to the stock price adjustment and the denominator of which is the conversion rate as so adjusted. The number of additional shares will be adjusted in the same manner as the conversion rate as set forth under “— Conversion rate adjustments.” The following table sets forth the hypothetical stock prices and the number of additional shares to be added to the conversion rate for any note that is converted in connection with a make-whole fundamental change occurring with respect to such note:

| ​              
 Effective Date 
 June 9, 2022   
 June 15, 2023  | ​ 
 ​ 
 ​ 
 ​ | ​ 
 ​ 
 ​ 
 ​ | Stock Price 
 $9.29       
 ​           
 ​           | ​ 
 ​ | 11.9603 
 11.9603 | ​ 
 ​ | ​ 
 ​ 
 ​ | ​ 
 ​ 
 ​ | $9.50 
 ​     
 ​     | ​ 
 ​ | 10.5505 
 10.5505 | ​ 
 ​ | ​ 
 ​ 
 ​ | ​ 
 ​ 
 ​ | $10.00 
 ​      
 ​      | ​ 
 ​ | 7.6870 
 7.6230 | ​ 
 ​ | ​ 
 ​ 
 ​ | ​ 
 ​ 
 ​ | $10.45 
 ​      
 ​      | ​ 
 ​ | 5.6306 
 5.5349 | ​ 
 ​ | ​ 
 ​ 
 ​ | ​ 
 ​ 
 ​ | $11.00 
 ​      
 ​      | ​ 
 ​ | 3.6782 
 3.5745 | ​ 
 ​ | ​ 
 ​ 
 ​ | ​ 
 ​ 
 ​ | $11.