Redwood Trust Director Reports 9,613.67 Deferred Stock Units

Rhea-AI Filing Summary

Debora Horvath, a director of Redwood Trust, Inc. (RWT), reported the acquisition of 9,613.67 Deferred Stock Units on 09/30/2025 pursuant to her deferral election under the companys Amended and Restated Executive Deferred Compensation Plan. The units have an identified value of $5.76 and are 100% vested at grant. Deferred stock units have no expiration date and convert into 9,613.67 shares of common stock for reporting purposes; the filing shows 9,613.67 shares beneficially owned following the transaction, held directly. The Form 4 was signed by an attorney-in-fact on 10/01/2025.

Positive

• 9,613.67 Deferred Stock Units acquired, aligning director compensation with shareholder outcomes
• Units are 100% vested at grant, giving immediate ownership rights
• No expiration date on the deferred stock units simplifies future settlement

Negative

• None.

Insights

Securities Analyst

TL;DR: Routine director compensation deferral, fully vested, small equity impact.

The report documents a standard director compensation deferral: 9,613.67 Deferred Stock Units recorded at a unit value of $5.76, fully vested and without expiration. For a public company, such grants are routine and typically reflect non-cash, long-term alignment of director incentives with shareholders. The transaction increases reported direct ownership by 9,613.67 shares, which is unlikely to be material to RWTs market capitalization absent additional context on total shares outstanding.

Corporate Governance Expert

TL;DR: Standard governance practice: director elected to defer compensation into equity-linked units.

This filing indicates the director used an established deferral election under the company's deferred compensation plan, and the units are 100% vested at grant. The absence of termination, acceleration, or special vesting conditions in the disclosure suggests a routine award tied to director service and dividend equivalents. The filing contains clear identification of ownership form as direct and notes no expiration date for the deferred 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).

1. Name and Address of Reporting Person^*

Debora Horvath D

(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		9,613.67(1)		(2)	(3)	Common Stock	9,613.67	$0.0	9,613.67	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 transaction did Debora Horvath report on Form 4 for RWT?

She reported the acquisition of 9,613.67 Deferred Stock Units on 09/30/2025 under the company's deferred compensation plan.

Are the deferred stock units vested or subject to future vesting?

The filing states the units are 100% vested at grant.

What is the reported value per deferred stock unit?

The deferred stock units are shown with a value of $5.76 per unit in the filing.

How many shares does the filing show beneficially owned after the transaction?

The Form 4 reports 9,613.67 shares beneficially owned following the transaction, held directly.

Does the deferred stock unit award expire?

No expiration date is applicable to the deferred stock units according to the filing.