Company: RWT-PA
Filing Date: 2025-08-22
Form Type: 424B5
Source: 0001104659-25-081925
Chunk: 35

Company: REDWOOD TRUST INC
Filing Date: 2025-08-22
Form: 424B5
Chunk 35
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, on or after June 16, 2025 and on or before the 25th scheduled trading day immediately before the maturity date at a cash redemption price equal to 100% of the aggregate principal amount of the notes to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date, but only if the last reported sale price per share of our common stock exceeds 130% of the conversion price for a specified period of time (as described under “— Optional redemption — Redemption on or after June 16, 2025 based on stock price condition”);

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will be redeemable, in whole or in part, at our election at any time prior to maturity, at a cash redemption price equal to 100% of the aggregate principal amount of the notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date, but only to the extent necessary to preserve our status as a REIT (as described under “— Optional redemption — Redemption of notes to preserve REIT status”);

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will be subject to optional repurchase by us at your request upon a fundamental change (as described under “— Fundamental change permits holders to require us to repurchase notes”);

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will be issued in denominations of $1,000 and integral multiples of $1,000; and

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will be represented by one or more registered notes in global form, but in certain limited circumstances may be represented by notes in definitive form.

As of June 30, 2025, on a consolidated basis, we and our subsidiaries had $3.01 billion in outstanding secured indebtedness and $757 million in outstanding senior unsecured indebtedness, in each case exclusive of trade and other payables. As of June 30, 2025, the aggregate amount of secured liabilities of our subsidiaries was $2.88 billion and the aggregate amount of unsecured liabilities of our subsidiaries was $135 million, including the 2025 Notes, in each case excluding trade and other payables and excluding intercompany liabilities. The indenture does not limit the amount of debt that may be issued by us or our subsidiaries under the indenture or otherwise. Our subsidiaries will not guarantee any of our obligations under the notes. See “Risk Factors — Risks related to the notes, our common stock and this offering — The notes are effectively subordinated to any of our existing and future secured debt and structurally subordinated to the liabilities of our subsidiaries.”

The notes may be converted into cash and, if applicable