secwatch.observer — SEC 8-K summary
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Issuer:     REDWOOD TRUST INC (RWT)
CIK:        0000930236
Form:       8-K
Filed at:   2023-01-19T23:59:59+00:00
Accession:  0001104659-23-005011
Event type: debt
Sentiment:  neutral
Materiality: 0.60
Item codes: 5.03, 3.03, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Redwood Trust issues 2.8M shares of 10% Series A Preferred Stock for $67M net proceeds
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- Issued 2,800,000 shares of 10.00% Series A Fixed-Rate Reset Cumulative Redeemable Preferred Stock; net proceeds ~$67.1M.
- Quarterly dividends at 10% annual rate (equivalent to $2.50/share) until April 2028, then reset at 5Yr UST + 6.278%.
- Liquidation preference $25.00 per share; senior to common stock; redeemable after April 2028 at $25.00 plus accrued dividends.
- Holders have conversion rights upon Change of Control into common stock at lower of $25.00/Common Stock Price or 6.98324 shares.
- Offered via underwritten public offering; Morgan Stanley & Co. LLC acted as representative of underwriters.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/930236/000110465923005011/0001104659-23-005011-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/930236/000110465923005011/tm233836d1_8k.htm
  HTML page:      https://secwatch.observer/filing/0001104659-23-005011

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