Company: RWT-PA
Filing Date: 2025-08-22
Form Type: 424B5
Source: 0001104659-25-081925
Chunk: 2

Company: REDWOOD TRUST INC
Filing Date: 2025-08-22
Form: 424B5
Chunk 2
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 interest, if any, to, but excluding, the fundamental change repurchase date. We will have the right to redeem the notes, in whole or in part, at our option at any time, and from time to time, prior to their maturity to the extent, and only to the extent, necessary to preserve our status as a real estate investment trust, or REIT, for U.S. federal income tax purposes, which we refer to as a “REIT preservation redemption.” In addition, subject to the partial redemption limitation described in this prospectus supplement, we will have the right to redeem the notes (a “provisional redemption”), in whole or in part, at our option at any time, and from time to time, on or after June 16, 2025 and on or before the 25th scheduled trading day immediately before the maturity date, but only if the last reported sale price per share of our common stock exceeds 130% of the conversion price on (1) each of at least 20 trading days, whether or not consecutive, during the 30 consecutive trading days ending on, and including, the trading day immediately before the date we send the related redemption notice; and (2) the trading day immediately before the date we send such notice. The redemption price for any notes called for redemption will be a cash amount 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. Calling any note for provisional redemption will constitute a make-whole fundamental change with respect to that note, in which case the conversion rate applicable to the conversion of that note will be increased in certain circumstances if it is converted after it is called for provisional redemption. No sinking fund will be provided for the notes. 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 and senior in right of payment to any indebtedness that is contractually subordinated to the notes. The notes, however, will be effectively subordinated in right of payment to our existing and future secured indebtedness to the extent of the value of the collateral securing such indebtedness, and structurally subordinated to the claims of our subsidiaries’ creditors, including trade creditors. The existing notes are not listed or quoted, and we do not intend to apply to have the notes listed or quoted, on any securities exchange or automated dealer quotation system. Our common stock is listed on The New York Stock Exchange