Redwood Trust (RWT) CFO receives 93,250 DSUs under 2014 Incentive Plan

Rhea-AI Filing Summary

Redwood Trust, Inc. reported an equity award to its Chief Financial Officer on a Form 4. On 12/11/2025, the CFO received 93,250 Deferred Stock Units (DSUs) under the company’s 2014 Incentive Award Plan. The grant date fair value of the DSUs is stated as $5.63 per DSU, based on the fair market value of Redwood Trust common stock on the transaction date.

Each DSU relates to one share of common stock, and a total of 93,250 underlying common shares are referenced. The vesting schedule provides that 25% of the DSUs vest on 1/31/2027, with an additional 6.25% vesting every quarter thereafter beginning on 4/1/2027, until the award is fully vested on 12/11/2029. The disclosure notes that no expiration date applies to these deferred stock units.

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
Estimated average burden
hours per response:			0.5

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^*

Carillo Brooke

(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)

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

3. Date of Earliest Transaction (Month/Day/Year)
12/11/2025

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(1)	$5.63(2)	12/11/2025		A		93,250		(3)	(4)	Common Stock	93,250	$0.0	93,250	D

Explanation of Responses:

1. This transaction relates to the grant of Deferred Stock Units.

2. Represents grant date fair value of the DSUs issued, based on the fair market value of RWT common stock on the transaction date under the 2014 Incentive Award Plan.

3. 25% vests 1/31/2027, 6.25% every quarter thereafter (beginning with 4/1/2027). Fully vested 12/11/2029

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

	Attorney-In-Fact:/Andrew P. Stone	12/11/2025
	** 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 Redwood Trust (RWT) report in this Form 4 filing?

The filing reports that the Chief Financial Officer of Redwood Trust, Inc. received an equity award of 93,250 Deferred Stock Units (DSUs) on 12/11/2025 under the company’s 2014 Incentive Award Plan.

How many deferred stock units did the Redwood Trust CFO receive?

The Chief Financial Officer received 93,250 Deferred Stock Units (DSUs), with 93,250 shares of Redwood Trust common stock underlying those DSUs.

What is the grant date fair value of the DSUs reported by Redwood Trust (RWT)?

The DSU award has a grant date fair value of $5.63 per Deferred Stock Unit, based on the fair market value of RWT common stock on the 12/11/2025 transaction date.

What is the vesting schedule for the Redwood Trust CFO’s DSU grant?

According to the disclosure, 25% of the DSUs vest on 1/31/2027, and 6.25% of the units vest every quarter thereafter beginning on 4/1/2027, with the award becoming fully vested on 12/11/2029.

Do the Redwood Trust deferred stock units reported here have an expiration date?

The filing states that no expiration date is applicable to these Deferred Stock Units.

Under which plan were the Redwood Trust (RWT) DSUs granted?

The Deferred Stock Units reported in this Form 4 were granted under Redwood Trust’s 2014 Incentive Award Plan, using the fair market value of RWT common stock on the grant date.