Company: RWT-PA
Filing Date: 2025-08-22
Form Type: 424B5
Source: 0001104659-25-081925
Chunk: 39

Company: REDWOOD TRUST INC
Filing Date: 2025-08-22
Form: 424B5
Chunk 39
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” and at our election as the sole remedy relating to the failure to comply with our reporting obligations as described under “— Events of default.”

#### Conversion rights

#### General
Holders may convert any of their notes, in the circumstances described below, into cash and, if applicable, shares of our common stock, based on the current conversion rate of 95.6823 shares per $1,000 principal amount of notes (which represents a conversion price of approximately $10.45 per share), which is subject to adjustment. Holders of notes may convert their notes only in the circumstances described below under the caption “— When the notes may be converted.”

Any conversions of notes into shares of our common stock will be subject to certain ownership limitations more fully described in “— Ownership limit; limitation on stock issuable upon conversion.”

If you have already delivered a repurchase notice as described under “— Fundamental change permits holders to require us to repurchase notes” with respect to a note, you may not surrender that note for conversion until you have withdrawn the notice in accordance with the indenture.

“Scheduled trading day” means a day that is scheduled to be a trading day on the principal U.S. national securities exchange or market on which our common stock is listed or admitted for trading. If our common stock is not so listed or admitted for trading, “scheduled trading day” means a “business day.”

“Trading day” means a day during which (i) trading in our common stock generally occurs on a U.S. national securities exchange or market and (ii) there is no market disruption event (as defined below). If our common stock is not so traded, “trading day” means a “business day.”

“Market disruption event” means the occurrence or existence on any scheduled trading day for our common stock of any suspension or limitation imposed on trading (by reason of movements in price exceeding limits permitted by the stock exchange or otherwise) in our common stock or in any options contracts or futures contracts relating to our common stock, and such suspension or limitation occurs or exists at any time within the 30 minutes prior to the closing time of the relevant exchange on such day.

The conversion rate and the equivalent conversion price in effect at any given time are referred to as the “applicable conversion rate” and the “applicable conversion price,” respectively, and will be subject to adjustment as described below. The applicable conversion price at any given time will be computed by dividing $1,000 by the applicable conversion rate at such time. A holder may convert