Company: RWT-PA
Filing Date: 2025-08-22
Form Type: 424B5
Source: 0001104659-25-081925
Chunk: 54

Company: REDWOOD TRUST INC
Filing Date: 2025-08-22
Form: 424B5
Chunk 54
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 all holders of our common stock, excluding:

•

dividends, distributions, rights, options or warrants as to which an adjustment was effected (or would be effected without regard to the “deferral exception” (as described below)) pursuant to clause (1) or (2) above;

•

rights issued or otherwise distributed pursuant to a preferred stock rights plan, except to the extent provided below under the caption “— Treatment of rights”;

•

dividends or distributions paid exclusively in cash as to which an adjustment was effected (or would be effected without regard to the dividend threshold amount, and without regard to the deferral exception) pursuant to clause (4) below;

•

a distribution solely pursuant to a tender offer or exchange offer for shares of our common stock, as to which the provisions described below in clause (5) will apply;

•

a distribution solely pursuant to a common stock change event, as to which the provisions described below under the caption “— Recapitalizations, reclassifications and changes of our common stock” will apply; or

•

spin-offs as to which the provisions set forth below in this clause (3) shall apply,

then the conversion rate will be increased based on the following formula:

where,

CR 0 =

the conversion rate in effect immediately prior to the open of business on the ex-dividend date for such distribution;

CR 1 =

the conversion rate in effect immediately after the open of business on such ex-dividend date;

SP 0 =

the average of the last reported sale prices per share of our common stock over the 10 consecutive trading day period ending on, and including, the trading day immediately preceding the ex-dividend date for such distribution; and

FMV =

the fair market value, as determined by us in good faith, of the shares of capital stock, evidences of indebtedness, assets or property of ours or rights, options or warrants to acquire our capital stock or other securities to be distributed with respect to each outstanding share of our common stock on the ex-dividend date for such distribution.

The foregoing increase made in the conversion rate under the portion of this clause (3) above will become effective immediately after the open of business on the ex-dividend date for such distribution. If such distribution is not so paid or made, the conversion rate shall be immediately

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decreased to be the conversion rate that would then be in effect if such dividend or distribution had not been declared. Notwithstanding the