Redwood Trust (RWT) President reports deferred stock unit conversion and tax withholding

Rhea-AI Filing Summary

Redwood Trust, Inc. insider equity activity: A director and President of Redwood Trust (RWT) reported equity transactions tied to the company’s Executive Deferred Compensation Plan on 12/24/2025. The filing shows the conversion of 39,392 Deferred Stock Units into the same number of shares of common stock at an exercise price of $0.0, reflecting the plan’s terms rather than an open-market purchase. The common stock is shown with a value of $5.49 per share for this conversion, and the insider’s directly held common stock increased to 310,959 shares after the transaction. The filing also records the withholding and disposition of 45,964 Deferred Stock Units to satisfy tax obligations related to these plan distributions, and notes that no Deferred Stock Units with this original grant date remain beneficially owned.

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^*

Robinson Dashiell I

(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)
	President

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)		39,392	A	$5.49(2)	310,959	D

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)			45,964	(5)	(6)	Common Stock	45,964	$0.0(1)	39,392	D
Deferred Stock Units	$13.18(3)	12/24/2025		M(1)			39,392	(5)	(6)	Common Stock	39,392	$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 are subject to a mandatory holding period and will be delivered to the Participant 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).
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FAQ

What insider transaction did Redwood Trust (RWT) report on 12/24/2025?

The filing reports that a director and President of Redwood Trust, Inc. converted 39,392 Deferred Stock Units into 39,392 shares of common stock on 12/24/2025 under the Executive Deferred Compensation Plan.

How many Redwood Trust (RWT) common shares does the insider hold after this transaction?

After the reported transactions, the insider beneficially owns 310,959 shares of Redwood Trust, Inc. common stock in direct form.

What price is associated with the Redwood Trust common stock in this Form 4?

The conversion of 39,392 Deferred Stock Units to common stock is shown with a value of $5.49 per share for Redwood Trust, Inc. common stock on the transaction date.

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

The insider converted 39,392 Deferred Stock Units into common stock and had 45,964 Deferred Stock Units withheld and disposed of to cover tax liabilities. The filing notes that no Deferred Stock Units with the same original grant date remain beneficially owned.

Why were some Redwood Trust Deferred Stock Units disposed of in this transaction?

The filing explains that the disposition of certain Deferred Stock Units reflects a Compensation Committee–approved withholding of securities to pay tax liabilities arising from the distribution and/or conversion of units under the Executive Deferred Compensation Plan.

Do Redwood Trust Deferred Stock Units in this plan have an expiration date?

The filing states that no expiration date is applicable to the Deferred Stock Units, which are subject to a mandatory holding period and delivered according to the Executive Deferred Compensation Plan.