Company: RWT-PA
Filing Date: 2025-08-22
Form Type: 424B5
Source: 0001104659-25-081925
Chunk: 55

Company: REDWOOD TRUST INC
Filing Date: 2025-08-22
Form: 424B5
Chunk 55
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 foregoing, if “FMV” (as defined above) is equal to or greater than “SP 0 ” (as defined above), then, in lieu of the foregoing increase, each holder of a note shall receive upon conversion, in respect of each $1,000 principal amount thereof, the amount and kind of our capital stock, evidences of our indebtedness or other assets or property of ours or rights, options or warrants to acquire our capital stock or other securities that such holder would have received if such holder owned a number of shares of common stock equal to the conversion rate in effect immediately after the close of business on the record date for the distribution. With respect to an adjustment pursuant to this clause (3) where there has been a payment of a dividend or other distribution on our common stock in shares of capital stock of any class or series, or similar equity interest, of or relating to a subsidiary or other business unit of ours, where such capital stock or similar equity interest is listed or quoted on a U.S. national securities exchange (or will be so listed or quoted when issued), which we refer to as a “spin-off,” the conversion rate will be increased based on the following formula: where,

| ​ | CR0  | ​ | ​ | = | ​ | ​ | the conversion rate in effect immediately prior to the open of business on the ex-dividend date of the spin-off;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | ​ |
| ​ | CR1  | ​ | ​ | = | ​ | ​ | the conversion rate in effect immediately after the open of business on such ex-dividend date;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | ​ |
| ​ | FMV0 | ​ | ​ | = | ​ | ​ | the product of (x) the average of the last reported sale prices per share or unit of the capital stock or similar equity interest distributed to holders of our common stock in the spin-off (determined by reference to the definitions of “last reported sale price,” “trading day” and “market disruption event” set forth above as if references therein to our common stock were to such capital stock or similar equity interest) over the first 10 consecutive trading-day period beginning on, and including, the ex-dividend date of the spin-off (the “valuation period”); and (y) the number of shares or units of such capital stock or similar equity interest distributed per share of our common stock in the spin-off; and | ​ |
| ​ | MP0  | ​