Redwood Trust director granted 24,809 deferred stock units

Debora Horvath D reported acquisition or exercise transactions in this Form 4 filing.

Rhea-AI Filing Summary

Debora Horvath D reported acquisition or exercise transactions in this Form 4 filing.

REDWOOD TRUST INC director Debora Horvath received a grant of 24,809 Deferred Stock Units as equity compensation. The units are fully vested at grant and are based on the fair market value of Redwood Trust common stock on the grant date under the 2014 Incentive Award Plan. Each unit represents the right to receive one share of common stock, subject to a minimum mandatory holding period. Shares will be delivered according to the deferral election, but no earlier than May 20, 2029, and the deferred stock units have no expiration date.

Insider Trade Summary

Grant/Award: 24,809 shares

Grant/Award 1 txn

Insider Debora Horvath D

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Deferred Stock Units	24,809	$0.00	$0.00

Holdings After Transaction: Deferred Stock Units — 24,809 contracts (Direct)

Footnotes (5)

1. F1. Represents fair market value RWT common stock on the grant date under the 2014 Incentive Award Plan.
2. F2. This transaction relates to the grant of Deferred Stock Units.
3. F3. 100% vested at grant.
4. F4. Shares are subject to a minimum mandatory holding period and will be delivered to the Participant at the time provided in the Deferral Election but no sooner than May 20, 2029.
5. F5. No expiration date is applicable to deferred stock units.

Key Figures

Deferred Stock Units granted: 24,809 units Underlying common shares: 24,809 shares Conversion/exercise price reference: $5.2400 per share +3 more

6 metrics

Deferred Stock Units granted 24,809 units Grant to director Debora Horvath on May 19, 2026

Underlying common shares 24,809 shares Each Deferred Stock Unit corresponds to one common share

Conversion/exercise price reference $5.2400 per share Fair market value reference for the Deferred Stock Units grant

Units held after transaction 24,809 units Total Deferred Stock Units after the reported grant

Earliest delivery date May 20, 2029 No shares delivered before this date under deferral election

Vesting status at grant 100% vested Deferred Stock Units fully vested on grant date

Key Terms

Deferred Stock Units, 2014 Incentive Award Plan, Deferral Election, minimum mandatory holding period, +1 more

5 terms

Deferred Stock Units financial

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

Deferred stock units are promises from a company to give an employee shares of stock at a future date, often after certain conditions are met or after leaving the company. They function like a form of delayed compensation, allowing employees to earn shares over time. For investors, they represent potential future ownership in the company, but do not provide immediate voting rights or dividends until the shares are actually received.

2014 Incentive Award Plan financial

"Represents fair market value RWT common stock on the grant date under the 2014 Incentive Award Plan."

Deferral Election financial

"will be delivered to the Participant at the time provided in the Deferral Election but no sooner than May 20, 2029."

minimum mandatory holding period financial

"Shares are subject to a minimum mandatory holding period and will be delivered to the Participant"

fair market value financial

"Represents fair market value RWT common stock on the grant date under the 2014 Incentive Award Plan."

The price a willing buyer and a willing seller would agree on for an asset or security when neither is under pressure and both have access to the same information. Think of it as the market’s neutral estimate of what something is worth, like the price two neighbors would settle on for a car after comparing similar listings. Investors care because fair market value guides buying and selling decisions, tax reporting, portfolio valuation, and how accurately company assets are reflected in financial statements.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What insider transaction did REDWOOD TRUST INC (RWT) report for Debora Horvath?

REDWOOD TRUST INC reported that director Debora Horvath received a grant of 24,809 Deferred Stock Units. These equity awards are fully vested at grant and represent the right to receive an equal number of common shares at a future settlement date.

How many Deferred Stock Units did Debora Horvath receive from RWT?

Debora Horvath received 24,809 Deferred Stock Units from REDWOOD TRUST INC. Each unit corresponds to one share of common stock, giving her the right to receive 24,809 common shares in the future, subject to the plan’s holding and deferral rules.

When will Debora Horvath’s RWT Deferred Stock Units be delivered?

The shares underlying Debora Horvath’s Deferred Stock Units will be delivered at the time specified in her deferral election, but not earlier than May 20, 2029. This creates a long-term holding and deferral structure for the equity award.

Are Debora Horvath’s RWT Deferred Stock Units vested immediately?

Yes. The filing states that 100% of the Deferred Stock Units granted to Debora Horvath are vested at grant. Although fully vested, the units are still subject to a minimum mandatory holding period before underlying shares can be delivered.

What plan governs Debora Horvath’s Deferred Stock Units at REDWOOD TRUST INC?

The Deferred Stock Units granted to Debora Horvath are issued under REDWOOD TRUST INC’s 2014 Incentive Award Plan. The grant is based on the fair market value of Redwood Trust common stock on the grant date, according to the filing footnotes.

Do Debora Horvath’s Deferred Stock Units in RWT have an expiration date?

No. The filing specifies that no expiration date applies to the Deferred Stock Units granted to Debora Horvath. They remain outstanding until they are ultimately settled in common shares under the terms of her deferral election.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 05/20/2026 - 06:27 PM EDT Learn about SEC filing dates

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^*

Debora Horvath D

(Last) (First) (Middle)

1 BELVEDERE PLACE

SUITE 300

(Street)

MILL VALLEY CALIFORNIA 94941

(City) (State) (Zip)

UNITED STATES

(Country)

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)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
05/19/2026

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

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

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

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	$5.24(1)	05/19/2026		A(2)		24,809(3)		(4)	(5)	Common Stock	24,809	$0.0	24,809	D

Explanation of Responses:

1. Represents fair market value RWT common stock on the grant date under the 2014 Incentive Award Plan.

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

3. 100% vested at grant.

4. Shares are subject to a minimum mandatory holding period and will be delivered to the Participant at the time provided in the Deferral Election but no sooner than May 20, 2029.

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

	Attorney-In-Fact:/Andrew P. Stone	05/20/2026
	** 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.
* Form 4: SEC 1474 (03-26)