Redwood Trust (RWT) Director Granted 16,251 Fully Vested Deferred Units

Rhea-AI Filing Summary

Redwood Trust Inc. (RWT) Director Greg H. Kubicek acquired 16,251 Deferred Stock Units on 09/30/2025 under the companys Amended and Restated Executive Deferred Compensation Plan. The units were granted as part of a director compensation deferral election and are 100% vested at grant. Deferred Stock Units have no expiration date and each unit corresponds to one share of common stock upon settlement. Following the transaction Mr. Kubicek beneficially owns 16,251 shares directly.

Positive

• Acquisition of 16,251 Deferred Stock Units indicating equity alignment between director and shareholders
• Units are 100% vested at grant, so there are no vesting contingencies
• No expiration date on the deferred stock units simplifies future settlement timing

Negative

• None.

Insights

Financial Analyst

TL;DR: Director received 16,251 fully vested deferred stock units, a routine equity-based compensation event with limited immediate market impact.

The Form 4 reports a non-derivative acquisition of 16,251 Deferred Stock Units at a per-unit reference of $5.76, granted under the firm's deferred compensation plan and 100% vested at grant. This is a compensation-related issuance to a director, not a market purchase or sale, so it does not signal insider selling pressure. The holding is recorded as direct beneficial ownership of 16,251 shares following the grant.

Corporate Governance Expert

TL;DR: Governance-standard director compensation deferral recorded; fully vested units raise routine disclosure, not a governance red flag.

The filing documents compliance with the Amended and Restated Executive Deferred Compensation Plan and discloses vesting and lack of expiration for deferred stock units. The use of deferred units aligns director compensation with shareholder alignment practices. The disclosure is complete with respect to itemized transaction details and signature by attorney-in-fact, meeting section 16 reporting requirements.

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

OMB Number:			3235-0287
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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).

1. Name and Address of Reporting Person^*

KUBICEK GREG H

(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
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
09/30/2025

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

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	$5.76	09/30/2025		A		16,251(1)		(2)	(3)	Common Stock	16,251	$0.0	16,251	D

Explanation of Responses:

1. This transaction relates to the acquisition of Deferred Stock Units in accordance with the deferral election made with respect to director compensation and/or dividend equivalent rights according to the terms and conditions of the Redwood Trust Inc. Amended and Restated Executive Deferred Compensation Plan.

2. 100% vested at grant.

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

	Attorney-In-Fact:/s/Andrew P. Stone	10/01/2025
	** 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).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did RWT director Greg H. Kubicek acquire on 09/30/2025?

He acquired 16,251 Deferred Stock Units under the companys deferred compensation plan.

Are the deferred stock units vested or subject to restrictions?

The filing states the units are 100% vested at grant and have no expiration date.

How many shares does Mr. Kubicek beneficially own after the transaction?

He beneficially owns 16,251 shares following the reported transaction.

Under what plan were the deferred stock units granted?

They were granted under the Redwood Trust Inc. Amended and Restated Executive Deferred Compensation Plan.

Was the Form 4 properly executed and filed?

The Form 4 includes a signature by Attorney-In-Fact Andrew P. Stone dated 10/01/2025, indicating filing formalities were completed.