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  4. [Form 4] REDWOOD TRUST INC Insider Trading Activity

CFO at Redwood Trust (RWT) converts performance units and covers taxes with shares

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

Rhea-AI Filing Summary

Redwood Trust Inc. Chief Financial Officer Brooke Carillo reported routine compensation-related equity transactions involving performance stock units under the Executive Deferred Compensation Plan. On the transaction date, 22,579 underlying shares of common stock were withheld to cover income taxes related to the distribution and/or conversion of Performance Stock Units, as approved by the Compensation Committee.

Carillo then exercised 19,274 Performance Stock Units, converting them into 19,274 shares of common stock. Following this conversion, no Performance Stock Units from the same original grant date remain beneficially owned, and direct holdings of Redwood Trust common stock increased to 114,416 shares. The filing reflects non-market transactions tied to previously granted equity awards rather than open-market buying or selling.

Positive

  • None.

Negative

  • None.
Insider Carillo Brooke
Role Chief Financial Officer
Type Security Shares Price Value
Tax Withholding Performance Stock Units 22,579 $0.00 --
Exercise Performance Stock Units 19,274 $0.00 --
Exercise Common Stock 19,274 $5.97 $115K
Holdings After Transaction: Performance Stock Units — 19,274 shares (Direct); Common Stock — 114,416 shares (Direct)
Footnotes (1)
  1. This transaction relates to the distribution and/or conversion of Performance 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 Performance 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 fair value per stock unit of Performance Stock Units based on the original grant date fair value determined at such time in accordance with FASB Accounting Standards Codification Topic 718. This disposition transaction represents a Compensation Committee approved withholding of securities incident to the payment of income tax liability relating to the distribution and/or conversion of Performance Stock Units under the Executive Deferred Compensation Plan. Performance Stock Units were subject to a mandatory holding period and conversion and/or distribution to the Reporting Person within 45 days following April 1, 2026. No expiration date is applicable to performance stock units. Following these reported transactions, no other Performance Stock Units with the same original grant date are beneficially owned.
Tax-withheld shares 22,579 shares Shares withheld to cover income taxes on PSU distribution
PSUs converted 19,274 units Performance Stock Units exercised and converted to common stock
Shares after transaction 114,416 shares Common stock directly owned following reported transactions
Common stock fair market value $5.97 per share Fair market value of Redwood Trust common stock on transaction date
PSU grant-date fair value $9.0917 per unit Original grant-date fair value per Performance Stock Unit under ASC 718
Performance Stock Units financial
"This transaction relates to the distribution and/or conversion of Performance Stock Units to common stock under the Executive Deferred Compensation Plan."
Performance stock units are a type of company award that grants employees shares of stock only if certain performance goals are met. They motivate employees to work toward specific company achievements, aligning their interests with those of shareholders. For investors, they can influence a company's future stock supply and reflect management’s confidence in reaching key targets.
Executive Deferred Compensation Plan financial
"This transaction relates to the distribution and/or conversion of Performance Stock Units to common stock under the Executive Deferred Compensation Plan."
FASB Accounting Standards Codification Topic 718 financial
"Represents fair value per stock unit of Performance Stock Units based on the original grant date fair value determined at such time in accordance with FASB Accounting Standards Codification Topic 718."
Compensation Committee financial
"This disposition transaction represents a Compensation Committee approved withholding of securities incident to the payment of income tax liability relating to the distribution and/or conversion of Performance Stock Units under the Executive Deferred Compensation Plan."
A compensation committee is a group within a company's leadership responsible for setting and reviewing how much top executives and employees are paid, including salaries, bonuses, and benefits. It matters to investors because fair and effective pay decisions can influence a company's performance, leadership motivation, and overall governance, helping ensure that the company’s management is aligned with shareholders’ interests.
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*
Carillo Brooke
(Last)(First)(Middle)
1 BELVEDERE PLACE
1 BELVEDERE PLACE
(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)
Director10% Owner
XOfficer (give title below)Other (specify below)
Chief Financial Officer
2a. Foreign Trading Symbol
3. Date of Earliest Transaction (Month/Day/Year)
04/14/2026		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 Stock04/14/2026M(1)19,274A$5.97(2)114,416D
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
Performance Stock Units$9.0917(3)04/14/2026F(4)22,579 (5) (6)Common Stock22,579$0.019,274D
Performance Stock Units$9.0917(3)04/14/2026M(1)19,274 (5) (6)Common Stock19,274$0.00(7)D
Explanation of Responses:
1. This transaction relates to the distribution and/or conversion of Performance 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 Performance 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 fair value per stock unit of Performance Stock Units based on the original grant date fair value determined at such time in accordance with FASB Accounting Standards Codification Topic 718.
4. This disposition transaction represents a Compensation Committee approved withholding of securities incident to the payment of income tax liability relating to the distribution and/or conversion of Performance Stock Units under the Executive Deferred Compensation Plan.
5. Performance Stock Units were subject to a mandatory holding period and conversion and/or distribution to the Reporting Person within 45 days following April 1, 2026.
6. No expiration date is applicable to performance stock units.
7. Following these reported transactions, no other Performance Stock Units with the same original grant date are beneficially owned.
Attorney-In-Fact:/Andrew P. Stone04/15/2026
** 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 insider transaction did Redwood Trust (RWT) report for CFO Brooke Carillo?

Redwood Trust reported that CFO Brooke Carillo converted Performance Stock Units into 19,274 shares of common stock and had 22,579 underlying shares withheld to pay income taxes related to this distribution under the Executive Deferred Compensation Plan.

Were Brooke Carillo’s Redwood Trust (RWT) transactions open-market buys or sells?

The reported transactions were not open-market buys or sells. They involved the conversion of Performance Stock Units into common stock and a Compensation Committee–approved withholding of 22,579 shares to satisfy income tax liabilities on that equity distribution.

How many Redwood Trust (RWT) shares does CFO Brooke Carillo hold after the Form 4?

After these transactions, CFO Brooke Carillo directly holds 114,416 shares of Redwood Trust common stock. This reflects the addition of 19,274 shares from the conversion of Performance Stock Units, net of the separate tax-withholding disposition of 22,579 underlying shares.

What happened to Brooke Carillo’s Performance Stock Units in the latest Redwood Trust (RWT) filing?

The filing shows that 19,274 Performance Stock Units were exercised and converted into common stock, and 22,579 underlying shares were withheld for taxes. After these transactions, no Performance Stock Units with the same original grant date remain beneficially owned by the reporting person.

What prices are disclosed for the Redwood Trust (RWT) equity transactions?

The Form 4 discloses a fair market value of $5.97 per share of common stock on the transaction date and a $9.0917 fair value per Performance Stock Unit based on the original grant date valuation under FASB Accounting Standards Codification Topic 718.