Company: RWT-PA
Filing Date: 2025-08-22
Form Type: 424B5
Source: 0001104659-25-081925
Chunk: 43

Company: REDWOOD TRUST INC
Filing Date: 2025-08-22
Form: 424B5
Chunk 43
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 stock on such trading day and the conversion rate in effect immediately after the close of business on such trading day, then we will notify the holders of the same.

“Bid solicitation agent” means the person who is required to obtain bids for the trading price in accordance with the provisions described under this “— Conversion rights — When the notes may be converted — Conversion upon satisfaction of note trading price condition” section and in the definition of “trading price.” We will act as the initial bid solicitation agent. However, we may change the bid solicitation agent, and we may appoint any of our subsidiaries to act in that capacity as well, without prior notice to the holders.

Conversion upon specified corporate events

Certain distributions

If, before March 15, 2027, we elect to:

•

distribute, to all or substantially all holders of our common stock, any rights, options or warrants (other than rights issued pursuant to a stockholder rights plan, so long as such rights have not separated from our common stock and are not exercisable until the occurrence of a triggering event, except that such rights will be deemed to be distributed under this bullet point upon their separation from our common stock or upon the occurrence of such triggering event) entitling them, for a period of not more than 45 calendar days after the record date of such distribution, to subscribe for or purchase shares of our common stock at a price per share that is less than the average of the “last reported sale prices” (as defined below) per share of our common stock for the

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10 consecutive trading days ending on, and including, the trading day immediately before the date such distribution is announced (determined in accordance with the provisions described in the third paragraph of clause (2) under the heading “— Conversion rate adjustments” below); or

•

distribute, to all or substantially all holders of our common stock, assets or securities of ours or rights to purchase our securities (other than a cash distribution required to preserve our status as a real estate investment trust for U.S. federal income tax purposes), which distribution per share of our common stock has a value, as reasonably determined by our board of directors, exceeding 10% of the last reported sale price per share of our common stock on the trading day immediately before the date such distribution is announced,

then, in either case, we will send notice of such distribution, and of the related right to convert notes, to holders at