Company: RWT-PA
Filing Date: 2025-08-22
Form Type: 424B5
Source: 0001104659-25-081925
Chunk: 59

Company: REDWOOD TRUST INC
Filing Date: 2025-08-22
Form: 424B5
Chunk 59
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 fixed for determination of holders of our common stock entitled to receive such cash, securities or other property (whether such date is fixed by our board of directors or a committee thereof, statute, contract or otherwise).

Notwithstanding anything to the contrary in the indenture or the notes, if:

•

a note is to be converted pursuant to combination settlement;

•

the record date or effective date for any dividend or distribution that requires an adjustment to the conversion rate pursuant to pursuant to the provisions described in clauses (1) through (4), inclusive, above has occurred on or before any VWAP trading day in the observation period for

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such conversion, but an adjustment to the conversion rate for such event has not yet become effective as of such VWAP trading day;

•

the consideration due in respect of such VWAP trading day includes any whole or fractional shares of our common stock; and

•

such shares are not entitled to participate in such event (because they were not held on the related record date or otherwise),

then, solely for purposes of such conversion, we will, without duplication, give effect to such adjustment on such VWAP trading day. In such case, if the date we are otherwise required to deliver the consideration due upon such conversion is before the first date on which the amount of such adjustment can be determined, then we will delay the settlement of such conversion until the second trading day after such first date.

Notwithstanding anything to the contrary in the indenture or the notes, if:

•

a conversion rate adjustment for any dividend or distribution becomes effective on any ex-dividend date pursuant to the provisions described in clauses (1) through (4), inclusive, above;

•

a note is to be converted pursuant to combination settlement;

•

any VWAP trading day in the observation period for such conversion occurs on or after such ex-dividend date and on or before the related record date;

•

the consideration due in respect of such VWAP trading day includes any whole or fractional shares of our common stock based on a conversion rate that is adjusted for such dividend or distribution; and

•

such shares would be entitled to participate in such dividend or distribution,

then the conversion rate adjustment relating to such ex-dividend date will be made for such conversion in respect of such VWAP trading day, but the shares of common stock issuable with respect to such VWAP trading day based on such adjusted conversion rate will not be entitled to participate in such dividend or distribution.

Except as stated herein, we will