Company: RWT-PA
Filing Date: 2025-08-22
Form Type: 424B5
Source: 0001104659-25-081925
Chunk: 9

Company: REDWOOD TRUST INC
Filing Date: 2025-08-22
Form: 424B5
Chunk 9
---
 principal amount of our 7.75% convertible senior notes due 2027 in October 2024, which we refer to as the “initial additional notes” and, together with the initial notes, the “existing notes.” In 2023 and 2024, we repurchased $7,590,000 aggregate principal amount of the initial notes, and, as of the date of this prospectus supplement, $247,170,000 aggregate principal amount of the existing notes are outstanding. The notes will have substantially identical terms as the existing notes and will be treated as a single series of securities with the existing notes under the indenture. Holders of the notes and the existing notes will vote as one class under the indenture. We expect to issue the notes with the same unrestricted CUSIP number under which the initial notes currently trade. The initial additional notes currently trade under a Rule 144A CUSIP number.

Issue Price

99.13194444% of principal amount, including accrued and unpaid interest from, and including, June 15, 2025 to, but excluding, August 25, 2025. If settlement occurs after August 25, 2025, then the purchase price will be adjusted by adding accrued interest from, and including, August 25, 2025 to, but excluding, the date of settlement.

Maturity Date

June 15, 2027.

Interest Rate

7.75% per year. Interest will accrue on the notes from, and including, June 15, 2025, or from the most recent date to which interest on the notes has been paid or duly provided for, and will be payable semi-annually in arrears on June 15 and December 15 of each year, beginning on December 15, 2025.

We will also be required to pay additional interest on the notes under the circumstances described under “Description of Notes — Events of default.”

Ranking

The notes will be our senior unsecured obligations and will rank equal in right of payment with our other existing and future senior unsecured indebtedness, including, as of June 30, 2025, $247 million outstanding aggregate principal amount of the existing notes, our guarantee of the $124 million outstanding aggregate principal amount of 5.75% exchangeable senior notes due 2025 issued by one of our subsidiaries (“2025 Notes”), $60.0 million outstanding aggregate principal amount of 9.125% senior notes due 2029 (