Company: RWT-PA
Filing Date: 2025-08-22
Form Type: 424B5
Source: 0001104659-25-081925
Chunk: 48

Company: REDWOOD TRUST INC
Filing Date: 2025-08-22
Form: 424B5
Chunk 48
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 before the second business day before the related redemption date, the 25 consecutive VWAP trading days beginning on, and including, the 26th scheduled trading day immediately before such redemption date; and (iii) subject to clause (ii) above, if such conversion date occurs after March 15, 2027, the 25 consecutive VWAP trading days beginning on, and including, the 26th scheduled trading day immediately before the maturity date.

“Specified dollar amount” means, with respect to the conversion of a note to which combination settlement applies, the maximum cash amount per $1,000 principal amount of such note deliverable upon such conversion (excluding cash in lieu of any fractional share of common stock); provided , however , that in no event will the specified dollar amount be less than $1,000 per $1,000 principal amount of such note.

Settlement method

We will have the right, as described below, to elect the settlement method applicable to the conversion of any notes. Except as described below, we must use the same settlement method for all conversions with the same conversion date, but we will not be obligated to use the same settlement method for conversions with different conversion dates. All conversions with a conversion date that occurs on or after March 15, 2027 will be settled using the same settlement method, and we will send notice of such settlement method to holders no later than the open of business on March 15, 2027. If we elect a settlement method for a conversion with a conversion date that occurs before March 15, 2027, then we will send notice of such settlement method to the converting holder no later than the close of business on the business day immediately after the conversion date. Notwithstanding anything to the contrary described above, if we call any notes for redemption, then (i) we will specify in the related redemption notice (and, in the case of a redemption of less than all outstanding notes, in a notice simultaneously sent to all holders of notes not called for redemption) the settlement method that will apply to all conversions with a conversion date that occurs on or after the date we send such redemption notice and on or before the second business day before the related redemption date; and (ii) if the related redemption date is on or after March 15, 2027, then such settlement method must be the same settlement method that applies to all conversions with a conversion date that occurs on or after March 15, 2027.

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