[Form 4] Redwood Trust, Inc. Insider Trading Activity

Q: What return do the BMO Digital Return Buffer Notes provide at maturity?

Investors receive $1,104 per $1,000 note (a 10.40% gain) if the worst of the S&P 500, NASDAQ-100 or Russell 2000 ends at or above 85% of its initial level.

Q: How much principal protection do the notes offer?

The notes include a 15% buffer; losses begin only if the worst index is more than 15% below its initial level, after which loss is 1-for-1 down to an 85% maximum loss.

Q: When do the notes mature and what are the key dates?

Pricing Date: 27 Jun 2025; Settlement Date: 2 Jul 2025; Valuation Date: 29 Jul 2026; Maturity Date: 3 Aug 2026.

Q: Are the notes listed or tradable on an exchange?

No. The notes will not be listed; any resale depends on dealer quotes from BMOCM, which may be limited and at a discount.

Q: What is the estimated initial value versus the issue price?

BMO estimates the initial value at $981.99 per $1,000 note, below the $1,000 price, reflecting commissions and hedging costs.

Q: What are the U.S. federal tax considerations?

BMO intends to treat the notes as pre-paid derivative contracts; however, the IRS could assert a different treatment. Investors should consult tax advisors.

Filing Impact

(Low)

Filing Sentiment

(Neutral)

Form Type

Rhea-AI Filing Summary

Bank of Montreal (BMO) is offering US$425,000 of Senior Medium-Term Notes, Series K – “Digital Return Buffer Notes” – maturing 3 August 2026. The notes are linked to the worst performer of three U.S. equity benchmarks: the S&P 500, NASDAQ-100 and Russell 2000 (each a “Reference Asset”).

Key economic terms:

Digital Return: 10.40% payable at maturity if the closing level of the Least Performing Reference Asset on 29 July 2026 (the Valuation Date) is ≥ 85% of its 27 June 2025 Initial Level (“Digital Barrier”).
Buffer: first 15% downside is absorbed. If the Least Performing Reference Asset drops >15%, principal is reduced point-for-point beyond the buffer, exposing investors to a maximum loss of 85%.
No periodic coupons; single payment at maturity.
Issue price: 100%; agent’s commission 0.375%; estimated initial value: $981.99 per $1,000, reflecting embedded fees and hedging costs.
Credit exposure: unsecured, unsubordinated obligations of BMO; CUSIP 06376EMN9; not FDIC or CDIC insured; not exchange-listed.

Illustrative payouts: any Final Level ≥ 85% triggers a fixed $1,104 per $1,000 note (10.40% gain). A Final Level of 80% returns $950 (-5%); 60% returns $750 (-25%); 0% returns $150 (-85%). Upside is capped at 10.40% irrespective of index performance.

Risk considerations include potential loss of up to 85% of principal, limited upside versus direct index exposure, secondary-market illiquidity (no listing; dealer market making discretionary), BMO credit risk, tax uncertainty (treated as prepaid derivative contracts), and a price-to-public that exceeds the bank’s modeled value.

The product may appeal to investors with a moderately bullish to sideways view on large-, mega- and small-cap U.S. equities over the next ~13 months who are willing to trade upside beyond 10.40% for a 15% buffer and accept issuer credit and liquidity risk.

La Bank of Montreal (BMO) offre Senior Medium-Term Notes per un valore di 425.000 USD, Serie K – "Digital Return Buffer Notes" – con scadenza il 3 agosto 2026. Le note sono collegate al peggior rendimento tra tre indici azionari statunitensi: S&P 500, NASDAQ-100 e Russell 2000 (ciascuno un "Reference Asset").

Termini economici principali:

Rendimento Digitale: 10,40% pagabile a scadenza se il livello di chiusura dell'Asset di Riferimento meno performante al 29 luglio 2026 (Data di Valutazione) è ≥ 85% del suo livello iniziale del 27 giugno 2025 ("Barriera Digitale").
Buffer: il primo 15% di ribasso è assorbito. Se l'Asset di Riferimento meno performante scende oltre il 15%, il capitale viene ridotto proporzionalmente oltre il buffer, esponendo gli investitori a una perdita massima dell'85%.
Nessuna cedola periodica; pagamento unico a scadenza.
Prezzo di emissione: 100%; commissione agente 0,375%; valore iniziale stimato: 981,99 USD per ogni 1.000 USD, riflettendo costi incorporati e di copertura.
Esposizione creditizia: obbligazioni non garantite e non subordinate di BMO; CUSIP 06376EMN9; non assicurate FDIC o CDIC; non quotate in borsa.

Esempi di payout: qualsiasi livello finale ≥ 85% comporta un pagamento fisso di 1.104 USD per ogni 1.000 USD di nota (guadagno del 10,40%). Un livello finale dell'80% restituisce 950 USD (-5%); 60% restituisce 750 USD (-25%); 0% restituisce 150 USD (-85%). Il guadagno massimo è limitato al 10,40% indipendentemente dalla performance degli indici.

Considerazioni sui rischi includono la possibile perdita fino all'85% del capitale, guadagno limitato rispetto all'esposizione diretta agli indici, illiquidità sul mercato secondario (assenza di quotazione; market making discrezionale da parte del dealer), rischio di credito BMO, incertezza fiscale (trattato come contratto derivato prepagato) e prezzo di offerta superiore al valore modellato dalla banca.

Il prodotto può interessare investitori con una visione moderatamente rialzista o laterale sulle azioni statunitensi large-, mega- e small-cap nei prossimi ~13 mesi, disposti a scambiare guadagni superiori al 10,40% per un buffer del 15% e ad accettare rischi di credito emittente e di liquidità.

Bank of Montreal (BMO) ofrece Notas Senior a Mediano Plazo por US$425,000, Serie K – "Digital Return Buffer Notes" – con vencimiento el 3 de agosto de 2026. Las notas están vinculadas al peor desempeño entre tres índices bursátiles estadounidenses: S&P 500, NASDAQ-100 y Russell 2000 (cada uno un "Activo de Referencia").

Términos económicos clave:

Retorno Digital: 10.40% pagadero al vencimiento si el nivel de cierre del Activo de Referencia con peor desempeño al 29 de julio de 2026 (Fecha de Valoración) es ≥ 85% de su nivel inicial del 27 de junio de 2025 ("Barrera Digital").
Buffer: se absorbe la primera 15% de caída. Si el Activo de Referencia con peor desempeño cae más del 15%, el principal se reduce punto por punto más allá del buffer, exponiendo a los inversionistas a una pérdida máxima del 85%.
No hay cupones periódicos; pago único al vencimiento.
Precio de emisión: 100%; comisión del agente 0.375%; valor inicial estimado: $981.99 por cada $1,000, reflejando costos incorporados y de cobertura.
Exposición crediticia: obligaciones no garantizadas y no subordinadas de BMO; CUSIP 06376EMN9; no aseguradas por FDIC o CDIC; no listadas en bolsa.

Pagos ilustrativos: cualquier nivel final ≥ 85% activa un pago fijo de $1,104 por cada nota de $1,000 (ganancia del 10.40%). Un nivel final del 80% devuelve $950 (-5%); 60% devuelve $750 (-25%); 0% devuelve $150 (-85%). La ganancia máxima está limitada al 10.40% independientemente del desempeño del índice.

Consideraciones de riesgo incluyen la posible pérdida de hasta el 85% del principal, ganancia limitada en comparación con la exposición directa al índice, iliquidez en el mercado secundario (sin listado; creación de mercado discrecional por parte del dealer), riesgo crediticio de BMO, incertidumbre fiscal (tratado como contratos derivados prepagados) y un precio público superior al valor modelado por el banco.

El producto puede atraer a inversionistas con una visión moderadamente alcista o lateral sobre acciones estadounidenses de gran, mega y pequeña capitalización durante los próximos ~13 meses que estén dispuestos a sacrificar ganancias superiores al 10.40% por un buffer del 15% y a aceptar riesgos de crédito del emisor y de liquidez.

뱅크 오브 몬트리올(BMO)은 2026년 8월 3일 만기인 시니어 중기채권 시리즈 K – "디지털 리턴 버퍼 노트" – 425,000달러를 발행합니다. 이 노트들은 미국 주식 벤치마크 세 가지 중 가장 저조한 성과를 보이는 지수(S&P 500, NASDAQ-100, Russell 2000; 각각 "기준 자산")에 연동됩니다.

주요 경제 조건:

디지털 리턴: 10.40%는 2026년 7월 29일(평가일)에 가장 저조한 기준 자산의 종가가 2025년 6월 27일 초기 수준의 85% 이상(“디지털 배리어”)일 경우 만기 시 지급됩니다.
버퍼: 첫 15% 하락은 흡수됩니다. 가장 저조한 기준 자산이 15% 이상 하락할 경우, 버퍼를 초과하는 부분에 대해 원금이 포인트 단위로 감소하여 투자자는 최대 85% 손실에 노출됩니다.
정기 쿠폰 없음; 만기 시 단일 지급.
발행가: 100%; 대리인 수수료 0.375%; 추정 초기 가치: $981.99 (1,000달러당), 내재 수수료 및 헤지 비용 반영.
신용 노출: BMO의 무담보 비후순위 채무; CUSIP 06376EMN9; FDIC 또는 CDIC 보험 미적용; 거래소 미상장.

예시 지급: 최종 수준이 85% 이상이면 1,000달러당 고정 지급액 $1,104 (10.40% 수익) 지급. 최종 수준 80%는 $950 (–5%); 60%는 $750 (–25%); 0%는 $150 (–85%) 지급. 수익은 지수 성과와 관계없이 최대 10.40%로 제한됩니다.

위험 고려 사항에는 최대 85% 원금 손실 가능성, 직접 지수 노출 대비 제한된 상승 잠재력, 2차 시장 유동성 부족(미상장; 딜러 재량 시장 조성), BMO 신용 위험, 세금 불확실성(선불 파생상품 계약으로 취급), 은행 모델 가치 초과 공모가 등이 포함됩니다.

이 상품은 향후 약 13개월간 미국 대형주, 메가캡 및 소형주에 대해 다소 강세 또는 횡보 전망을 가진 투자자 중 10.40% 이상의 상승을 포기하고 15% 버퍼를 수용하며 발행자 신용 및 유동성 위험을 감수할 의향이 있는 투자자에게 적합할 수 있습니다.

La Bank of Montreal (BMO) propose des Senior Medium-Term Notes d’un montant de 425 000 USD, Série K – « Digital Return Buffer Notes » – arrivant à échéance le 3 août 2026. Les notes sont liées à la moins bonne performance parmi trois indices boursiers américains : le S&P 500, le NASDAQ-100 et le Russell 2000 (chacun un « actif de référence »).

Principaux termes économiques :

Retour numérique : 10,40% payable à l’échéance si le niveau de clôture de l’actif de référence le moins performant au 29 juillet 2026 (date d’évaluation) est ≥ 85 % de son niveau initial du 27 juin 2025 (« barrière numérique »).
Buffer : les 15 % de baisse initiaux sont absorbés. Si l’actif de référence le moins performant chute de plus de 15 %, le capital est réduit point par point au-delà du buffer, exposant les investisseurs à une perte maximale de 85 %.
Pas de coupons périodiques ; paiement unique à l’échéance.
Prix d’émission : 100 % ; commission de l’agent 0,375 % ; valeur initiale estimée : 981,99 $ par tranche de 1 000 $, reflétant les frais intégrés et les coûts de couverture.
Exposition au crédit : obligations non garanties et non subordonnées de BMO ; CUSIP 06376EMN9 ; non assurées par la FDIC ou la CDIC ; non cotées en bourse.

Exemples de paiements : tout niveau final ≥ 85 % déclenche un paiement fixe de 1 104 $ par note de 1 000 $ (gain de 10,40 %). Un niveau final à 80 % rend 950 $ (-5 %) ; 60 % rend 750 $ (-25 %) ; 0 % rend 150 $ (-85 %). Le gain est plafonné à 10,40 % quelle que soit la performance des indices.

Considérations sur les risques incluent une perte potentielle allant jusqu’à 85 % du capital, un potentiel limité à la hausse comparé à une exposition directe aux indices, une illiquidité sur le marché secondaire (pas de cotation ; tenue de marché discrétionnaire par le teneur de marché), un risque de crédit BMO, une incertitude fiscale (traitement comme contrats dérivés prépayés) et un prix public supérieur à la valeur modélisée par la banque.

Ce produit peut intéresser les investisseurs ayant une vision modérément haussière à neutre sur les actions américaines large-, méga- et small-cap pour les ~13 prochains mois, prêts à échanger un potentiel de gain supérieur à 10,40 % contre un buffer de 15 % et à accepter les risques liés au crédit de l’émetteur et à la liquidité.

Die Bank of Montreal (BMO) bietet Senior Medium-Term Notes im Wert von 425.000 US-Dollar an, Serie K – „Digital Return Buffer Notes“ – mit Fälligkeit am 3. August 2026. Die Notes sind an die schlechteste Performance von drei US-Aktienbenchmarks gekoppelt: S&P 500, NASDAQ-100 und Russell 2000 (jeweils ein „Referenzwert“).

Wesentliche wirtschaftliche Bedingungen:

Digitaler Ertrag: 10,40% zahlbar bei Fälligkeit, wenn der Schlusskurs des am schlechtesten performenden Referenzwerts am 29. Juli 2026 (Bewertungsdatum) ≥ 85 % seines Anfangswerts vom 27. Juni 2025 („Digitale Barriere“) beträgt.
Buffer: Die ersten 15% Verlust werden absorbiert. Fällt der am schlechtesten performende Referenzwert um mehr als 15 %, wird der Kapitalbetrag punktgenau über den Buffer hinaus reduziert, wodurch Anleger einem maximalen Verlust von 85 % ausgesetzt sind.
Keine periodischen Kupons; Einmalzahlung bei Fälligkeit.
Ausgabepreis: 100 %; Agenturprovision 0,375 %; geschätzter Anfangswert: 981,99 $ pro 1.000 $, unter Berücksichtigung eingebetteter Gebühren und Absicherungskosten.
Kreditrisiko: unbesicherte, nicht nachrangige Verbindlichkeiten von BMO; CUSIP 06376EMN9; nicht FDIC- oder CDIC-versichert; nicht börsennotiert.

Beispielhafte Auszahlungen: Ein Endstand ≥ 85 % löst eine feste Auszahlung von 1.104 $ pro 1.000 $ Note aus (10,40 % Gewinn). Ein Endstand von 80 % zahlt 950 $ (-5 %); 60 % zahlt 750 $ (-25 %); 0 % zahlt 150 $ (-85 %). Der Gewinn ist auf 10,40 % begrenzt, unabhängig von der Indexentwicklung.

Risikohinweise umfassen potenziellen Verlust von bis zu 85 % des Kapitals, begrenztes Aufwärtspotenzial im Vergleich zur direkten Indexexponierung, Illiquidität am Sekundärmarkt (keine Notierung; Market Making nach Ermessen des Händlers), BMO-Kreditrisiko, steuerliche Unsicherheit (Behandlung als vorausbezahlte Derivatekontrakte) und einen öffentlichen Preis, der den modellierten Wert der Bank übersteigt.

Das Produkt könnte für Anleger interessant sein, die in den nächsten ca. 13 Monaten eine moderat bullische bis seitwärts gerichtete Sicht auf US-Aktien mit großer, Mega- und Small-Cap-Marktkapitalisierung haben, bereit sind, potenzielle Gewinne über 10,40 % zugunsten eines 15 % Buffers zu tauschen und Emittenten-Kredit- sowie Liquiditätsrisiken zu akzeptieren.

Positive

10.40% fixed upside if worst-performing index finishes ≥ 85%, providing an above-market yield in a flat or modestly rising environment.
15% downside buffer mitigates moderate equity declines, offering partial capital protection compared with direct index exposure.
Short 13-month tenor limits long-term market and rate uncertainty.

Negative

Upside capped at 10.40%, materially underperforming equities if indices rally >10.4%.
Potential loss up to 85% of principal if the worst index falls more than 15%.
Issuer credit risk: payments depend solely on Bank of Montreal’s ability to pay.
Liquidity risk: no exchange listing; secondary market, if any, depends on BMOCM’s discretion at likely discounts.
Initial value below issue price ($981.99 vs $1,000) reflects embedded fees and hedging costs, creating negative carry from day one.

Insights

TL;DR Limited-term note offers 10.40% fixed upside with 15% buffer but significant tail-risk and BMO credit exposure.

The design is straightforward: a 13-month digital payoff contingent on the worst of three broad U.S. indices. Statistically, the 85% barrier provides moderate protection, yet historical drawdowns in small-caps (RTY) make breach plausible. Investors forfeit all upside beyond 10.40%, so risk-adjusted appeal depends on one’s view that a <15% decline is more likely than >10.4% appreciation. The 1.88-point markup (price – modeled value) plus 0.375% commission and potential 0.35% referral fee illustrate typical structured-note friction. An estimated breakeven occurs if the worst index ends between 84.999% and 90% of initial, where the buffer or digital feature marginally outperforms passive exposure. Net: product suits yield-seeking allocators comfortable with issuer risk; not compelling for growth-oriented investors.

TL;DR Attractive headline return, but capped upside, liquidity constraints and small-cap drag temper enthusiasm.

From a portfolio construction angle, the note behaves like a credit-linked call spread: long digital on worst-of basket, short equity upside beyond 10.4%, long put struck at 85%. Correlation among SPX/NDX/RTY means RTY dominates risk; historical vol ≈ 22% vs 15% (SPX) makes buffer less reliable. Duration just over a year mitigates rate risk but heightens reinvestment uncertainty. Lack of listing complicates exit; dealer bids likely 2–4 points under theoretical value, especially after the three-month temporary premium expires. I would size conservatively (<2% of total AUM) and treat as a tactical expression if one has high conviction of sideways markets. Impact on BMO’s credit profile is immaterial given size.

Termini economici principali:

Rendimento Digitale: 10,40% pagabile a scadenza se il livello di chiusura dell'Asset di Riferimento meno performante al 29 luglio 2026 (Data di Valutazione) è ≥ 85% del suo livello iniziale del 27 giugno 2025 ("Barriera Digitale").
Buffer: il primo 15% di ribasso è assorbito. Se l'Asset di Riferimento meno performante scende oltre il 15%, il capitale viene ridotto proporzionalmente oltre il buffer, esponendo gli investitori a una perdita massima dell'85%.
Nessuna cedola periodica; pagamento unico a scadenza.
Prezzo di emissione: 100%; commissione agente 0,375%; valore iniziale stimato: 981,99 USD per ogni 1.000 USD, riflettendo costi incorporati e di copertura.
Esposizione creditizia: obbligazioni non garantite e non subordinate di BMO; CUSIP 06376EMN9; non assicurate FDIC o CDIC; non quotate in borsa.

Términos económicos clave:

Retorno Digital: 10.40% pagadero al vencimiento si el nivel de cierre del Activo de Referencia con peor desempeño al 29 de julio de 2026 (Fecha de Valoración) es ≥ 85% de su nivel inicial del 27 de junio de 2025 ("Barrera Digital").
Buffer: se absorbe la primera 15% de caída. Si el Activo de Referencia con peor desempeño cae más del 15%, el principal se reduce punto por punto más allá del buffer, exponiendo a los inversionistas a una pérdida máxima del 85%.
No hay cupones periódicos; pago único al vencimiento.
Precio de emisión: 100%; comisión del agente 0.375%; valor inicial estimado: $981.99 por cada $1,000, reflejando costos incorporados y de cobertura.
Exposición crediticia: obligaciones no garantizadas y no subordinadas de BMO; CUSIP 06376EMN9; no aseguradas por FDIC o CDIC; no listadas en bolsa.

주요 경제 조건:

디지털 리턴: 10.40%는 2026년 7월 29일(평가일)에 가장 저조한 기준 자산의 종가가 2025년 6월 27일 초기 수준의 85% 이상(“디지털 배리어”)일 경우 만기 시 지급됩니다.
버퍼: 첫 15% 하락은 흡수됩니다. 가장 저조한 기준 자산이 15% 이상 하락할 경우, 버퍼를 초과하는 부분에 대해 원금이 포인트 단위로 감소하여 투자자는 최대 85% 손실에 노출됩니다.
정기 쿠폰 없음; 만기 시 단일 지급.
발행가: 100%; 대리인 수수료 0.375%; 추정 초기 가치: $981.99 (1,000달러당), 내재 수수료 및 헤지 비용 반영.
신용 노출: BMO의 무담보 비후순위 채무; CUSIP 06376EMN9; FDIC 또는 CDIC 보험 미적용; 거래소 미상장.

Principaux termes économiques :

Retour numérique : 10,40% payable à l’échéance si le niveau de clôture de l’actif de référence le moins performant au 29 juillet 2026 (date d’évaluation) est ≥ 85 % de son niveau initial du 27 juin 2025 (« barrière numérique »).
Buffer : les 15 % de baisse initiaux sont absorbés. Si l’actif de référence le moins performant chute de plus de 15 %, le capital est réduit point par point au-delà du buffer, exposant les investisseurs à une perte maximale de 85 %.
Pas de coupons périodiques ; paiement unique à l’échéance.
Prix d’émission : 100 % ; commission de l’agent 0,375 % ; valeur initiale estimée : 981,99 $ par tranche de 1 000 $, reflétant les frais intégrés et les coûts de couverture.
Exposition au crédit : obligations non garanties et non subordonnées de BMO ; CUSIP 06376EMN9 ; non assurées par la FDIC ou la CDIC ; non cotées en bourse.

Wesentliche wirtschaftliche Bedingungen:

Digitaler Ertrag: 10,40% zahlbar bei Fälligkeit, wenn der Schlusskurs des am schlechtesten performenden Referenzwerts am 29. Juli 2026 (Bewertungsdatum) ≥ 85 % seines Anfangswerts vom 27. Juni 2025 („Digitale Barriere“) beträgt.
Buffer: Die ersten 15% Verlust werden absorbiert. Fällt der am schlechtesten performende Referenzwert um mehr als 15 %, wird der Kapitalbetrag punktgenau über den Buffer hinaus reduziert, wodurch Anleger einem maximalen Verlust von 85 % ausgesetzt sind.
Keine periodischen Kupons; Einmalzahlung bei Fälligkeit.
Ausgabepreis: 100 %; Agenturprovision 0,375 %; geschätzter Anfangswert: 981,99 $ pro 1.000 $, unter Berücksichtigung eingebetteter Gebühren und Absicherungskosten.
Kreditrisiko: unbesicherte, nicht nachrangige Verbindlichkeiten von BMO; CUSIP 06376EMN9; nicht FDIC- oder CDIC-versichert; nicht börsennotiert.

07/01/2025 - 04:30 PM

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^*

PROCTOR GEORGANNE

(Last)

(First)

(Middle)

1 BELVEDERE PLACE

SUITE 300

(Street)

MILL VALLEY

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)
06/30/2025

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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)

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)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Deferred Stock Units	$5.83	06/30/2025		A		3,863.13⁽¹⁾		⁽²⁾	⁽³⁾	Common Stock	3,863.13	$0.0	3,863.13	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	07/01/2025
	** 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.

Source: View Original Filing on SEC EDGAR

FAQ

What return do the BMO Digital Return Buffer Notes provide at maturity?

Investors receive $1,104 per $1,000 note (a 10.40% gain) if the worst of the S&P 500, NASDAQ-100 or Russell 2000 ends at or above 85% of its initial level.

How much principal protection do the notes offer?

The notes include a 15% buffer; losses begin only if the worst index is more than 15% below its initial level, after which loss is 1-for-1 down to an 85% maximum loss.

When do the notes mature and what are the key dates?

Pricing Date: 27 Jun 2025; Settlement Date: 2 Jul 2025; Valuation Date: 29 Jul 2026; Maturity Date: 3 Aug 2026.

Are the notes listed or tradable on an exchange?

No. The notes will not be listed; any resale depends on dealer quotes from BMOCM, which may be limited and at a discount.

What is the estimated initial value versus the issue price?

BMO estimates the initial value at $981.99 per $1,000 note, below the $1,000 price, reflecting commissions and hedging costs.

What are the U.S. federal tax considerations?

BMO intends to treat the notes as pre-paid derivative contracts; however, the IRS could assert a different treatment. Investors should consult tax advisors.

[Form 4] Redwood Trust, Inc. Insider Trading Activity

Insights

FAQ

What return do the BMO Digital Return Buffer Notes provide at maturity?

How much principal protection do the notes offer?

When do the notes mature and what are the key dates?

Are the notes listed or tradable on an exchange?

What is the estimated initial value versus the issue price?

What are the U.S. federal tax considerations?

NYSE:RWT

RWT Rankings

RWT Latest News

RWT Latest SEC Filings

RWT Stock Data

Trending News

[Form 4] Redwood Trust, Inc. Insider Trading Activity

Insights

Structured-Product Analyst neutral

Portfolio Manager neutral

FAQ

What return do the BMO Digital Return Buffer Notes provide at maturity?

How much principal protection do the notes offer?

When do the notes mature and what are the key dates?

Are the notes listed or tradable on an exchange?

What is the estimated initial value versus the issue price?

What are the U.S. federal tax considerations?

NYSE:RWT

RWT Rankings

RWT Latest News

RWT Latest SEC Filings

RWT Stock Data