Company: RWT-PA
Filing Date: 2025-08-22
Form Type: 424B5
Source: 0001104659-25-081925
Chunk: 65

Company: REDWOOD TRUST INC
Filing Date: 2025-08-22
Form: 424B5
Chunk 65
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 the date we send the related redemption notice.

A conversion of a note with respect to which a make-whole fundamental change has occurred will be deemed to be “in connection with” such make-whole fundamental change if the conversion date for such conversion occurs during the related “make-whole fundamental change conversion period,” which will be as follows:

•

in the case of a make-whole fundamental change pursuant to clause (i) of the definition thereof, the period from, and including, the effective date of such make-whole fundamental change to, and including, the second scheduled trading day immediately prior to the related fundamental change repurchase date (or, in the case of an exempted fundamental change, or a make-whole fundamental change that would have been a fundamental change but for the proviso in clause (2) of the definition thereof, to, and including, the 30th scheduled trading day immediately following the effective date of such make-whole fundamental change); and

•

in the case of a make-whole fundamental change pursuant to clause (ii) of the definition thereof, the period from, and including, the date we send the redemption notice for the related provisional redemption to, and including, the second business day immediately before the related redemption date;

provided , however , that if the conversion date for the conversion of a note that has been called (or deemed called) for provisional redemption occurs during the make-whole fundamental change conversion period for both a make-whole fundamental change occurring pursuant to clause (i) of the definition of “make-whole fundamental change” and a make-whole fundamental change resulting from such provisional redemption pursuant to clause (ii) of such definition, then, solely for purposes of such

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conversion, (x) such conversion date will be deemed to occur solely during the make-whole fundamental change conversion period for the make-whole fundamental change with the earlier effective date; and (y) the make-whole fundamental change with the later effective date will be deemed not to have occurred. The number of additional shares by which the conversion rate will be increased in the event of a make-whole fundamental change will be determined by reference to the table below, based on the effective date of the make-whole fundamental change and the “stock price” of such make-whole fundamental change. If holders of our common stock receive only cash in a make-whole fundamental change that is pursuant to clause (2) of the definition of “fundamental change