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Redwood Trust (NYSE: RWT) director converts 7,259 deferred stock units into common shares

Filing Impact
(Neutral)
Filing Sentiment
(Neutral)
Form Type
4

Rhea-AI Filing Summary

REDWOOD TRUST INC director Debora D. Horvath exercised deferred stock units into common stock as part of her director compensation plan. She converted 7,259 Deferred Stock Units into 7,259 shares of common stock in accordance with her prior deferral election under the Amended and Restated Executive Deferred Compensation Plan.

The units were distributed based on the fair market value of Redwood Trust common stock on the transaction date, with the related non-derivative entry showing a reference price of $4.73 per share. Following the conversion, she holds 156,295 common shares indirectly through a trust and 9,568.49 common shares indirectly in an IRA, while the reported Deferred Stock Units balance is now zero after the mandatory holding period ended and distribution occurred.

Positive

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Insider Debora Horvath D
Role null
Type Security Shares Price Value
Exercise Deferred Stock Units 7,259 $0.00 --
Exercise Common stock 7,259 $4.73 $34K
holding Common stock -- -- --
Holdings After Transaction: Deferred Stock Units — 0 shares (Direct, null); Common stock — 156,295 shares (Indirect, Trust)
Footnotes (1)
  1. This transaction relates to the distribution and/or conversion of Deferred Stock Units to common stock in accordance with the deferral election made with respect to director compensation and dividend equivalent rights according to the terms and conditions of the Redwood Trust Inc. Amended and Restated Executive Deferred Compensation Plan. Represents the value of the distribution and/or conversion of Deferred Stock Units 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. Represents average grant date fair value of Deferred Stock Units acquired based on the fair market value of Redwood Trust, Inc. common stock on the acquisition dates. Deferred Stock Units were subject to a mandatory holding period and are being delivered to the Participant at the time provided in the Deferral Election Fonn, according to the terms and conditions of the Redwood Trust, Lnc. Amended and Restated Executive Deferred Compensation Plan. No expiration date is applicable to Deferred Stock Units.
Deferred Stock Units exercised 7,259 units Converted to 7,259 common shares on 2026-06-26
Common stock reference price $4.73 per share Non-derivative common stock entry on 2026-06-26
Exercise price for DSUs $6.13 per unit Conversion or exercise price for Deferred Stock Units
Indirect trust holdings after transaction 156,295 shares Common stock indirectly owned through a trust after conversion
Indirect IRA holdings after transaction 9,568.49 shares Common stock indirectly owned via IRA after reported entries
Deferred Stock Units balance 0 units Deferred Stock Units following distribution and conversion
Deferred Stock Units financial
"This transaction relates to the distribution and/or conversion of Deferred Stock Units to common stock"
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.
Executive Deferred Compensation Plan financial
"according to the terms and conditions of the Redwood Trust Inc. Amended and Restated Executive Deferred Compensation Plan"
dividend equivalent rights financial
"with respect to director compensation and dividend equivalent rights according to the terms and conditions"
Dividend equivalent rights are promises that mirror the cash payments shareholders get from a company’s profits, but they are paid to holders of certain awards (like stock options or restricted stock units) rather than to actual shares. Think of them as a paycheck top‑up that matches dividends while the award is not yet a real stock, and they matter to investors because they add to employee compensation costs and potential share dilution, affecting company profitability and per‑share value.
mandatory holding period financial
"Deferred Stock Units were subject to a mandatory holding period and are being delivered"
fair market value financial
"based on the fair market value of Redwood Trust, Inc. common stock on the transaction date"
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.
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Form 4 Insider Transactions: What Each Field Means →
SEC Form 4
FORM 4UNITED 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)
XDirector10% Owner
Officer (give title below)Other (specify below)
2a. Foreign Trading Symbol
3. Date of Earliest Transaction (Month/Day/Year)
06/26/2026		6. Individual or Joint/Group Filing (Check Applicable Line)
XForm 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)
CodeVAmount(A) or (D)Price
Common stock06/26/2026M(1)7,259A$4.73(2)156,295ITrust
Common stock9,568.49IIRA
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)
CodeV(A)(D)Date ExercisableExpiration DateTitleAmount or Number of Shares
Deferred Stock Units$6.13(3)06/26/2026M(1)7,259 (4) (5)Common Stock7,259$00D
Explanation of Responses:
1. This transaction relates to the distribution and/or conversion of Deferred Stock Units to common stock in accordance with the deferral election made with respect to director compensation and dividend equivalent rights according to the terms and conditions of the Redwood Trust Inc. Amended and Restated Executive Deferred Compensation Plan.
2. Represents the value of the distribution and/or conversion of Deferred Stock Units 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 average grant date fair value of Deferred Stock Units acquired based on the fair market value of Redwood Trust, Inc. common stock on the acquisition dates.
4. Deferred Stock Units were subject to a mandatory holding period and are being delivered to the Participant at the time provided in the Deferral Election Fonn, according to the terms and conditions of the Redwood Trust, Lnc. Amended and Restated Executive Deferred Compensation Plan.
5. No expiration date is applicable to Deferred Stock Units.
Attorney-In-Fact: /s/ Andrew P. Stone06/29/2026
** Signature of Reporting PersonDate
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)

Source: View Original Filing on SEC EDGAR

FAQ

What did Redwood Trust (RWT) director Debora Horvath report in this Form 4?

Debora D. Horvath reported converting 7,259 Deferred Stock Units into common stock under Redwood Trust’s Executive Deferred Compensation Plan. The transaction reflects distribution of previously earned director compensation rather than an open-market stock purchase or sale.

How many Redwood Trust shares did Debora Horvath acquire through this deferred stock unit conversion?

She converted 7,259 Deferred Stock Units into 7,259 shares of Redwood Trust common stock. The distribution and conversion followed the terms of her deferral election related to director compensation and associated dividend equivalent rights under the company’s Executive Deferred Compensation Plan.

What are Debora Horvath’s Redwood Trust share holdings after this Form 4 transaction?

After the reported transactions, Debora Horvath indirectly holds 156,295 shares of Redwood Trust common stock through a trust and 9,568.49 shares in an IRA. The Form 4 also shows that her reported Deferred Stock Units balance has been reduced to zero following the distribution.

Was Debora Horvath’s Form 4 transaction an open-market trade in Redwood Trust stock?

No, the filing describes an exercise and distribution of Deferred Stock Units into common stock, not an open-market purchase or sale. It stems from director compensation deferral elections and dividend equivalent rights under Redwood Trust’s Amended and Restated Executive Deferred Compensation Plan.

How was the value of Debora Horvath’s deferred stock unit distribution in Redwood Trust determined?

The filing states the value of the distribution and conversion of Deferred Stock Units to common stock was based on the fair market value of Redwood Trust common stock on the transaction date, consistent with the terms of the Executive Deferred Compensation Plan for director compensation.