Company: RWT-PA
Filing Date: 2025-08-22
Form Type: 424B5
Source: 0001104659-25-081925
Chunk: 87

Company: REDWOOD TRUST INC
Filing Date: 2025-08-22
Form: 424B5
Chunk 87
---
0.25% per annum of the aggregate principal amount of such note that is then outstanding for each day during such six-month period for which such failure to file has occurred and is continuing.

<div align='center'>S-49</div>

TABLE OF CONTENTS

Furthermore, if, at any time on or after the “de-legending deadline date” (as defined below) for any note:

•

the certificate representing such note bears a restricted note legend referring to transfer restrictions under the Securities Act;

•

such note is identified by restricted CUSIP number; or

•

such note is not otherwise freely tradable pursuant to Rule 144 under the Securities Act (“Rule 144”) without restrictions by a holder that is not, and has not been at any time during the preceding three months, an affiliate of ours (as a result of restrictions pursuant to U.S. securities laws or the terms of the indenture or the notes),

(each a “restricted event”), then we will pay additional interest on such note for each day on or after such de-legending deadline date and on which such restricted event is continuing at an annual rate equal to 0.50% of the aggregate principal amount of such note. Additional interest payable under the provision of the indenture described in this section will be in addition to any additional interest under the provision described under “— Events of default” above, except to the extent described in the following paragraph.

Additional interest payable as a result of this section will be payable in arrears on each interest payment date following accrual in the same manner as regular interest on the notes. However, in no event will any additional interest payable pursuant to the provisions described under this “— No registration rights; additional interest” section, when taken together with any additional interest payable pursuant to the provisions described above under the caption “— Events of default,” accrue on any note at a combined rate that exceeds 0.50% per annum, regardless of the number of events or circumstances giving rise to the requirement to pay such additional interest.

“Last original issue date” means, with respect to the notes we are offering pursuant to this prospectus supplement, and any notes issued in exchange therefor or in substitution thereof, June 21, 2022, which is the last original issue date of the initial notes. If we issue any additional notes after the completion of this offering, then those notes may have a different last original issue date.

“De-legending deadline date” means, with respect to any note, the 15th