Company: RWT-PA
Filing Date: 2025-08-22
Form Type: 424B5
Source: 0001104659-25-081925
Chunk: 61

Company: REDWOOD TRUST INC
Filing Date: 2025-08-22
Form: 424B5
Chunk 61
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 fundamental change or make-whole fundamental change occurs; (iii) the date we call any notes for redemption; and (iv) March 15, 2027. We refer to the provisions described in this paragraph as the “deferral exception.”

**Recapitalizations, reclassifications and changes of our common stock**

In the event of:

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any recapitalization, reclassification or change of our common stock (other than changes resulting from a share split or combination);

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a consolidation, merger or combination involving us;

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a sale or conveyance to another person of all or substantially all of our property and assets; or

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any statutory share exchange,

in each case, in which holders of our outstanding common stock would be entitled to receive cash, securities or other property for their shares of common stock (such an event, a “common stock change event,” and such cash, securities or other property, the “reference property,” and the amount and kind of reference property that a holder of one share of our common stock would be entitled to receive on account of such common stock change event (without giving effect to any arrangement not to issue or deliver a fractional portion of any security or other property), a “reference property unit”), then:

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from and after the effective time of such common stock change event,

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the consideration due upon conversion of any note, and the conditions to any such conversion, will be determined in the same manner as if each reference to any number of shares of common stock in the provisions described under this “— Conversion rights” caption (or in any related definitions) were instead a reference to the same number of reference property units;

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for purposes of the redemption provisions described below under the caption “Optional redemption — Redemption on or after June 16, 2025 based on stock price condition,” each reference to any number of shares of our common stock in such provisions (or in any related definitions) will instead be deemed to be a reference to the same number of reference property units;

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for purposes of the definition of “ex-dividend date” and “record date,” the term “common stock” will be deemed to refer to any class of securities forming part of such reference property; and

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for purposes of the definition of “fundamental change” and “make-whole fundamental change,” references to our “common stock” and “common equity” will be deemed to refer the common equity (including depositary receipts representing common equity), if any, forming part of such reference property;

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if such reference property