Debora Horvath D 4

What Happened
Debora Horvath, a director of Redwood Trust, converted 25,065 Deferred Stock Units (DSUs) into 25,065 shares of Redwood Trust common stock on May 1, 2026. The filing reports an acquisition of 25,065 shares at $5.56 per share for a total value of $139,361 and a corresponding disposition of the derivative units (reported at $0) reflecting the conversion.

Key Details

• Transaction date: 2026-05-01
• Primary action: Conversion/distribution of Deferred Stock Units to common stock (transaction code M — exercise/conversion of derivative)
• Shares acquired: 25,065 at $5.56 each; reported value $139,361
• Derivative disposed: 25,065 units reported at $0 (represents conversion of DSUs)
• Shares owned after transaction: Not specified in this filing
• Footnotes: Conversion pursuant to the Redwood Trust Amended and Restated Executive Deferred Compensation Plan; value based on fair market value on the transaction date (F1–F3); DSUs subject to a mandatory holding period and delivered per deferral election (F4); DSUs have no expiration date (F5)
• Filing timeliness: Reported on 2026-05-01 (same date as the transaction), indicating timely filing

Context
This was a routine distribution/conversion of deferred director compensation (DSUs) rather than an open-market purchase or sale. Because the shares resulted from a deferred compensation plan and are subject to a mandatory holding period, this transaction should not be interpreted as a typical buy/sell signal about the director's near-term market view.