Company: RWT-PA
Filing Date: 2025-08-22
Form Type: 424B5
Source: 0001104659-25-081925
Chunk: 68

Company: REDWOOD TRUST INC
Filing Date: 2025-08-22
Form: 424B5
Chunk 68
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0 | ​ | ​ | ​ | ​      | ​ | 0.0000 | ​ | ​ |
| June 15, 2027  | ​ | ​ | ​           | ​ | 11.9603 | ​ | ​ | ​ | ​     | ​ |  9.5811 | ​ | ​ | ​ | ​      | ​ | 4.3180 | ​ | ​ | ​ | ​      | ​ | 0.0000 | ​ | ​ | ​ | ​      | ​ | 0.0000 | ​ | ​ | ​ | ​      | ​ | 0.0000 | ​ | ​ | ​ | ​      | ​ | 0.0000 | ​ | ​ | ​ | ​      | ​ | 0.0000 | ​ | ​ | ​ | ​      | ​ | 0.0000 | ​ | ​ | ​ | ​      | ​ | 0.0000 | ​ | ​ | ​ | ​      | ​ | 0.0000 | ​ | ​ |

The exact stock prices and effective dates may not be set forth in the table above, in which case: • if the stock price is between two stock prices in the table or the effective date is between two effective dates in the table, the number of additional shares will be determined by a straight-line interpolation between the number of additional shares set forth for the higher and lower stock prices and the two dates, as applicable, based on a 365- or 366-day year, as applicable; • if the stock price is greater than $14.00 per share (subject to adjustment in the same manner as the stock prices set forth in the table above), no additional shares will be added to the conversion rate; and • if the stock price is less than $9.29 per share (subject to adjustment in the same manner as the stock prices set forth in the table above), no additional shares will be added to the conversion rate. Notwithstanding the foregoing, in no event will the conversion rate exceed 107.6426 shares of common stock per $1,000 principal amount of notes, subject to adjustments in the same manner as the conversion rate as set forth under “— Conversion rate adjustments.” Our obligation to increase the conversion rate as described above could be considered a penalty, in which case its enforceability would be subject to general principles of equitable remedies. In the event of a conversion of notes in connection with a make-whole fundamental change