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

Rhea-AI Filing Summary

Redwood Trust Inc. Chief Financial Officer reported equity transactions involving Deferred Stock Units tied to company common stock. On 12/24/2025, the officer converted deferred stock units into 24,073 shares of Redwood Trust common stock at a value of $5.49 per share, as shown in the non-derivative table.

The filing also reports activity in deferred stock units with a referenced fair value of $13.18 per unit, including a disposition approved by the Compensation Committee to withhold securities to cover tax liabilities related to the distribution and/or conversion. Following these transactions, the officer reports that no other deferred stock units with the same original grant date are 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

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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^*

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)
12/24/2025

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)		24,073	A	$5.49(2)	95,142	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)			28,089	(5)	(6)	Common Stock	28,089	$0.0(1)	24,073	D
Deferred Stock Units	$13.18(3)	12/24/2025		M(1)			24,073	(5)	(6)	Common Stock	24,073	$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 were subject to a mandatory holding period and are being delivered to the Participant at the time specified in the grant agreement, 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.
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FAQ

What insider transaction did Redwood Trust Inc (RWT) disclose in this Form 4?

The filing discloses that the Chief Financial Officer converted Deferred Stock Units into 24,073 shares of Redwood Trust Inc. common stock on 12/24/2025, as shown in Table I.

At what value were the Redwood Trust (RWT) shares from Deferred Stock Units recorded?

The conversion of Deferred Stock Units to common stock was based on a value of $5.49 per share of Redwood Trust Inc. common stock on the transaction date, according to the explanation of responses.

How many Deferred Stock Units were involved in the Redwood Trust (RWT) CFO’s Form 4 transactions?

Table II shows activity in Deferred Stock Units, including 28,089 units referenced at a fair value of $13.18 per unit and a separate transaction involving 24,073 units, both tied to underlying Redwood Trust common stock.

Why were some Redwood Trust (RWT) securities withheld in the CFO’s transaction?

The filing states that one disposition transaction represents a Compensation Committee approved withholding of securities to pay tax liabilities related to the distribution and/or conversion of Deferred Stock Units under the Executive Deferred Compensation Plan.

Does the Redwood Trust (RWT) CFO still hold Deferred Stock Units from this grant after the reported transactions?

The explanation notes that following these reported transactions, no other Deferred Stock Units with the same original grant date are beneficially owned by the reporting person.

What plan governed the Redwood Trust (RWT) Deferred Stock Units in this Form 4?

The Deferred Stock Units and their conversion to common stock are reported as occurring under the Executive Deferred Compensation Plan, with timing specified in the applicable grant agreement.