Company: RWT-PA
Filing Date: 2025-08-22
Form Type: 424B5
Source: 0001104659-25-081925
Chunk: 64

Company: REDWOOD TRUST INC
Filing Date: 2025-08-22
Form: 424B5
Chunk 64
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 reported sale prices over a span of multiple days (including (x) with respect to the “stock price” for purposes of a make-whole fundamental change or (y) to calculate daily VWAPs over an observation period), we will make appropriate adjustments to account for any adjustment to the conversion rate that becomes effective, or any event requiring an adjustment to the conversion rate where the ex-dividend date, record date, effective date or expiration date, as applicable, of the event occurs, at any time during the period during which such prices are to be calculated.

**Adjustment to shares delivered upon conversion upon make-whole fundamental change**

If the effective date (as defined below) of a “make-whole fundamental change” (as defined below) occurs prior to the maturity date with respect to any note and the holder of such note elects to convert such note in connection with such make-whole fundamental change, then we will, under certain circumstances, increase the conversion rate applicable to such conversion by a number of additional shares of common stock (the “additional shares”), as described below.

“Make-whole fundamental change” means (i) a fundamental change, as defined below and determined after giving effect to any exceptions to or exclusions from such definition, but without regard to the proviso in clause (2) of the definition thereof; or (ii) the sending of any notice of redemption pursuant to the provisions described above under the caption “— Optional redemption — Redemption notice” calling any note for provisional redemption; provided , however , that (x) the sending of any such notice of redemption will constitute a make-whole fundamental change only with respect to the notes called (or deemed to be called pursuant to the provisions described below under the caption “— Optional redemption — Redemption on or after June 16, 2025 based on stock price condition”) for provisional redemption or REIT preservation redemption pursuant to such notice and not with respect to any other notes; and (y) the calling of any note for REIT preservation redemption will not, in itself, constitute a make-whole fundamental change with respect to that or any other note.

The “effective date” of a make-whole fundamental change will be deemed to be as follows: (x) with respect to a make-whole fundamental change pursuant to clause (i) of the definition thereof, the date on which such make-whole fundamental change occurs or becomes effective; and (y) with respect to a make-whole fundamental change pursuant to clause (ii) of the definition thereof,