Company: RWT-PA
Filing Date: 2025-08-22
Form Type: 424B5
Source: 0001104659-25-081925
Chunk: 44

Company: REDWOOD TRUST INC
Filing Date: 2025-08-22
Form: 424B5
Chunk 44
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 least 30 scheduled trading days before the “ex-dividend date” (as defined below under the caption “— Conversion rate adjustments”) for such distribution (or, if later in the case of any such separation of rights issued pursuant to a stockholder rights plan or the occurrence of any such triggering event under a stockholder rights plan, as soon as reasonably practicable after we become aware that such separation or triggering event has occurred or will occur). Once we have sent such notice, holders may convert their notes at any time until the earlier of the close of business on the business day immediately before such ex-dividend date and our announcement that such distribution will not take place. However, the notes will not become convertible on account of such distribution (but we will still be required to send notice of such distribution as described above) if each holder participates, at the same time and on the same terms as holders of our common stock, and solely by virtue of being a holder, in such distribution without having to convert such holder’s notes and as if such holder held a number of shares of our common stock equal to the product of (i) the conversion rate in effect immediately after the close of business on the record date for such distribution; and (ii) the aggregate principal amount (expressed in thousands) of notes held by such holder on such record date.

The “last reported sale price” of our common stock on any date means the closing sale price (or if no closing sale price is reported, the average of the last bid and ask prices or, if more than one in either case, the average of the average last bid and the average last ask prices) per share on that date as reported in composite transactions on principal U.S. national securities exchange or market on which our common stock is listed or admitted for trading. If our common stock is not so listed or admitted for trading, the “last reported share price” of our common stock will be the last quoted bid price per share of our common stock in the over-the-counter market on the relevant trading day as reported by OTC Markets Group Inc. or another similar organization selected by us. If our common stock is not so quoted, the “last reported sale price” of our common stock will be the average of the midpoint of the last bid and ask per share prices for shares of our common stock on the relevant date from a nationally recognized independent investment banking firm selected by us for this purpose, which may be one of the initial purchasers.

Certain corporate events

If a fundamental change, make-whole