Vanguard discloses 9.2% Redwood Trust (RWT) stake held for clients

Rhea-AI Filing Summary

The Vanguard Group filed an amended Schedule 13G reporting a large passive ownership position in Redwood Trust Inc. common stock. Vanguard disclosed beneficial ownership of 11,666,505 shares, representing 9.2% of the class as of December 31, 2025.

Vanguard reported no sole voting or dispositive power, with shared voting power over 999,684 shares and shared dispositive power over 11,666,505 shares. The filing explains that these securities are held on behalf of Vanguard’s clients, and no individual other client has more than 5% of the class. Vanguard also certified that the shares are held in the ordinary course of business and not for the purpose of changing or influencing control of Redwood Trust.

The document notes an internal realignment effective January 12, 2026, under which Vanguard no longer performs portfolio management or proxy voting. Certain Vanguard subsidiaries or business divisions are expected to report beneficial ownership separately while continuing the same investment strategies as before the realignment.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 12)

Redwood Trust Inc

(Name of Issuer)

Common Stock

(Title of Class of Securities)

758075402

(CUSIP Number)

12/31/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 758075402

1

Names of Reporting Persons

The Vanguard Group

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

PENNSYLVANIA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 999,684.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 11,666,505.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

11,666,505.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

9.20 %

12

Type of Reporting Person (See Instructions)

IA

Comment for Type of Reporting Person: On January 12, 2026, The Vanguard Group, Inc. went through an internal realignment. As of that date, The Vanguard Group, Inc. no longer performs portfolio management services or administers proxy voting. In accordance with SEC Release No. 34-39538 (January 12, 1998), The Vanguard Group, Inc. anticipates that certain subsidiaries or business divisions of subsidiaries of The Vanguard Group, Inc., that currently have, or are deemed to have, beneficial ownership with The Vanguard Group, Inc., will report beneficial ownership separately (on a disaggregated basis) from The Vanguard Group, Inc. in reliance on such release. These subsidiaries and/or business divisions pursue the same investment strategies as previously pursued by The Vanguard Group, Inc. prior to the realignment.

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Redwood Trust Inc
(b)	Address of issuer's principal executive offices: One Belvedere Place, Suite 300, Mill Valley, CA, 94941
Item 2.
(a)	Name of person filing: The Vanguard Group
(b)	Address or principal business office or, if none, residence: 100 Vanguard Blvd., Malvern, PA 19355
(c)	Citizenship: PA
(d)	Title of class of securities: Common Stock
(e)	CUSIP No.: 758075402
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 11666505
(b)	Percent of class: 9.2 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 0
	(ii) Shared power to vote or to direct the vote: 999684
	(iii) Sole power to dispose or to direct the disposition of: 0
	(iv) Shared power to dispose or to direct the disposition of: 11666505
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required. The Vanguard Group, Inc.'s clients, including investment companies registered under the Investment Company Act of 1940 and other managed accounts, have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the securities reported herein. No one other person's interest in the securities reported herein is more than 5%.
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

The Vanguard Group

Signature:	Ashley Grim
Name/Title:	Head of Global Fund Administration
Date:	01/30/2026

FAQ

What did The Vanguard Group report in its Schedule 13G/A for RWT?

The Vanguard Group reported a passive beneficial ownership stake in Redwood Trust Inc. common stock. It disclosed holding 11,666,505 shares, representing 9.2% of the outstanding class as of December 31, 2025, reflecting a significant institutional position without an activist control intent.

How many Redwood Trust (RWT) shares does Vanguard beneficially own and what percentage is this?

Vanguard reported beneficial ownership of 11,666,505 Redwood Trust common shares, equal to 9.2% of the class. This positions Vanguard as a major institutional holder, though it characterizes the investment as passive and held in the ordinary course of business for its clients.

What voting and dispositive powers did Vanguard report over Redwood Trust (RWT) shares?

Vanguard reported no sole voting or dispositive power over Redwood Trust shares. It listed shared voting power over 999,684 shares and shared dispositive power over 11,666,505 shares, indicating decisions are made collectively or through affiliated entities rather than by Vanguard alone.

On whose behalf does Vanguard hold its Redwood Trust (RWT) position?

Vanguard stated that its clients, including registered investment companies and other managed accounts, have rights to dividends and sale proceeds from the reported securities. It also noted that no other single person’s interest in these shares exceeds 5% of Redwood Trust’s outstanding common stock.

Did Vanguard indicate any intent to influence control of Redwood Trust (RWT)?

Vanguard certified that the securities were acquired and are held in the ordinary course of business. It expressly stated they were not acquired and are not held to change or influence control of Redwood Trust, aligning this holding with a passive investment strategy.

What internal realignment did Vanguard disclose in relation to its RWT holdings?

Vanguard disclosed that on January 12, 2026, it underwent an internal realignment and no longer performs portfolio management or proxy voting. Certain subsidiaries or business divisions are expected to report beneficial ownership separately, while continuing the same investment strategies previously pursued by Vanguard.