Redwood Trust (RWT) director converts 20,729 Deferred Stock Units into common shares

Filing Impact

(Moderate)

Filing Sentiment

(Neutral)

Form Type

Rhea-AI Filing Summary

REDWOOD TRUST INC director Armando Falcon exercised deferred compensation awards into common stock. On 2026-05-26, he converted 20,729 Deferred Stock Units into the same number of shares of common stock under the Executive Deferred Compensation Plan.

The filing shows this as an exercise or conversion of a derivative security, not an open-market purchase or sale. After the transaction, Falcon directly holds 52,551.17 shares of common stock, and no Deferred Stock Units remain outstanding from this award, reflecting routine delivery of previously deferred equity compensation.

Insider Trade Summary

20,729 shares exercised/converted

Mixed 2 txns

Insider Falcon Armando

Role null

Type	Security	Shares	Price	Value
Exercise	Deferred Stock Units	20,729	$0.00	--
Exercise	Common Stock	20,729	$5.28	$109K

Holdings After Transaction: Deferred Stock Units — 0 shares (Direct, null); Common Stock — 52,551.17 shares (Direct, null)

Footnotes (1)

This transaction relates to the distribution and/or conversion of Deferred Stock Units to common stock under the Executive Deferred Compensation Plan. 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. Represents fair value of Deferred Stock Units, based on the original grant date fair market value. 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. No expiration date is applicable to deferred stock units.

Key Figures

Deferred Stock Units converted: 20,729 units Common shares received: 20,729 shares Shares held after transaction: 52,551.17 shares +2 more

5 metrics

Deferred Stock Units converted 20,729 units Converted to common stock on May 26, 2026

Common shares received 20,729 shares Delivered upon DSU conversion

Shares held after transaction 52,551.17 shares Director’s direct common stock holdings post-transaction

Fair market value on transaction date $5.28 per share Value used for distribution/conversion of DSUs

Original grant date value $6.03 per unit Fair value of Deferred Stock Units at grant

Key Terms

Deferred Stock Units, Executive Deferred Compensation Plan, fair market value, grant date fair market value, +1 more

5 terms

Deferred Stock Units financial

"This transaction relates to the distribution and/or conversion of Deferred Stock Units to common stock under the Executive Deferred Compensation Plan."

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

"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."

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.

grant date fair market value financial

"Represents fair value of Deferred Stock Units, based on the original grant date fair market value."

Exercise or conversion of derivative security financial

"transaction_code_description: Exercise or conversion of derivative security"

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Form 4 Insider Transactions: What Each Field Means →

05/27/2026 - 05:04 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^*

Falcon Armando

(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)
05/26/2026

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)
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)
Common Stock	05/26/2026		M⁽¹⁾		20,729	A	$5.28⁽²⁾	52,551.17	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)
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	$6.03⁽³⁾	05/26/2026		M⁽¹⁾			20,729	⁽⁴⁾	⁽⁵⁾	Common Stock	20,729	$0.0⁽¹⁾	0	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. 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.

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

	Attorney-In-Fact:/Andrew P. Stone	05/27/2026
	** 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)

Source: View Original Filing on SEC EDGAR

FAQ

What did Armando Falcon report in this Redwood Trust (RWT) Form 4?

Armando Falcon reported the conversion of 20,729 Deferred Stock Units into 20,729 shares of Redwood Trust common stock. This reflects routine delivery of previously deferred equity compensation under the Executive Deferred Compensation Plan, not an open-market stock purchase or sale.

How many Redwood Trust (RWT) shares does Armando Falcon hold after this transaction?

After the transaction, Armando Falcon directly holds 52,551.17 shares of Redwood Trust common stock. This balance reflects the addition of 20,729 shares delivered upon conversion of Deferred Stock Units under the Executive Deferred Compensation Plan on May 26, 2026.

Was this Redwood Trust (RWT) Form 4 a stock purchase or sale?

The Form 4 does not report an open-market purchase or sale. It records an exercise or conversion of 20,729 Deferred Stock Units into common stock under an Executive Deferred Compensation Plan, a compensation-related event rather than a discretionary market trade.

What are Deferred Stock Units in the Redwood Trust (RWT) filing?

Deferred Stock Units are equity-based awards whose delivery was postponed under the Executive Deferred Compensation Plan. In this filing, 20,729 Deferred Stock Units were converted and distributed as 20,729 shares of common stock once the mandatory holding period and timing conditions in the grant agreement were met.

What prices are disclosed in the Redwood Trust (RWT) Form 4 transaction?

The Form 4 shows a fair market value of $5.28 per share for the common stock on the transaction date and a $6.03 value per Deferred Stock Unit based on the original grant date fair market value, describing how the deferred compensation amounts were determined and delivered.