Redwood Trust (RWT) CEO reports DSU conversion and 527,887 shares owned

Rhea-AI Filing Summary

Redwood Trust, Inc. (RWT) reported an insider equity transaction by its Chief Executive Officer and Director involving Deferred Stock Units under the Executive Deferred Compensation Plan. On 12/24/2025, 52,523 Deferred Stock Units were converted to the same number of shares of common stock, shown as an acquisition at a value of $5.49 per share. Part of the Deferred Stock Units, totaling 61,285 units, was withheld to cover tax liabilities related to the distribution and conversion, as approved by the Compensation Committee.

After these transactions, 527,887 shares of Redwood Trust common stock are reported as beneficially owned indirectly through a trust, and no Deferred Stock Units with the same original grant date remain outstanding.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Abate Christopher J

(Last) (First) (Middle)

1 BELVEDERE PLACE

SUITE 300

(Street)

MILL VALLEY CA 94941

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
REDWOOD TRUST INC [ RWT ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chief Executive Officer

3. Date of Earliest Transaction (Month/Day/Year)
12/24/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	12/24/2025		M(1)		52,523	A	$5.49(2)	527,887	I	by Trust

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Deferred Stock Units	$13.18(3)	12/24/2025		F(4)			61,285	(5)	(6)	Common Stock	61,285	$0.0(1)	52,523	D
Deferred Stock Units	$13.18(3)	12/24/2025		M(1)			52,523	(5)	(6)	Common Stock	52,523	$0.0(1)	0(7)	D

Explanation of Responses:

1. This transaction relates to the distribution and/or conversion of Deferred Stock Units to common stock under the Executive Deferred Compensation Plan.

2. Represents the value (per stock unit or share of common stock) of the distribution and/or conversion of Deferred Stock Units, including to common stock under the Executive Deferred Compensation Plan, based on the fair market value of Redwood Trust, Inc. common stock on the transaction date.

3. Represents fair value of Deferred Stock Units, based on the original grant date fair market value.

4. This disposition transaction represents a Compensation Committee approved withholding of securities incident to the payment of tax liability relating to the distribution and/or conversion of Deferred Stock Units in the Executive Deferred Compensation Plan.

5. Deferred Stock Units were subject to a mandatory holding period and are being delivered to the Participant at the time specified in the grant agreement, according to the terms and conditions of the Executive Deferred Compensation Plan.

6. No expiration date is applicable to deferred stock units.

7. Following these reported transactions, no other Deferred Stock Units with the same original grant date are beneficially owned.

	Attorney-In-Fact:/Andrew P. Stone	12/24/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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FAQ

What insider transaction did Redwood Trust (RWT) report in this Form 4?

The Chief Executive Officer and Director converted 52,523 Deferred Stock Units into 52,523 shares of common stock under the Executive Deferred Compensation Plan on 12/24/2025.

What is the reported value per share for the Redwood Trust (RWT) Deferred Stock Unit conversion?

The filing reports a value of $5.49 per share for the distribution and/or conversion of Deferred Stock Units to common stock, based on the fair market value on the transaction date.

How many Redwood Trust (RWT) shares does the reporting person beneficially own after the transaction?

Following the reported transactions, the reporting person beneficially owns 527,887 shares of Redwood Trust common stock, held indirectly through a trust.

Were any Redwood Trust (RWT) securities withheld for taxes in this transaction?

Yes. The filing states that a disposition transaction represents a Compensation Committee approved withholding of securities to pay tax liabilities related to the distribution and/or conversion of Deferred Stock Units.

What happened to the Deferred Stock Units of Redwood Trust (RWT) reported in this filing?

The Deferred Stock Units were subject to a mandatory holding period and were delivered to the participant at the time specified in the grant agreement, and no Deferred Stock Units with the same original grant date remain beneficially owned after these transactions.

Is the ownership in Redwood Trust (RWT) reported as direct or indirect after the transaction?

The 527,887 shares of Redwood Trust common stock are reported as indirectly owned, with the nature of ownership described as being held by Trust.