Abate Christopher J 4

What Happened
Christopher J. Abate, CEO of Redwood Trust (RWT), had 51,396 performance stock units (PSUs) convert to common stock on 2026-04-14. The conversion is reported at a fair-market value of $5.97 per share, totaling $306,834. As part of the distribution, the company withheld shares to cover income taxes.

Key Details

• Transaction date: 2026-04-14. Filing date: 2026-04-15 (timely).
• Conversion/acquisition: 51,396 shares at $5.97/share = $306,834 (reported as conversion of PSUs).
• Withholding/tax disposition: 60,212 shares were surrendered/withheld to satisfy tax liabilities (reported as disposition, $0 value in filing lines).
• Additional derivative line: 51,396 shares also appear as a disposition entry tied to the conversion process (see footnotes).
• Post-transaction: No remaining PSUs with the same original grant date are beneficially owned (per filing).
• Footnotes: The shares arose from the Executive Deferred Compensation Plan; values are based on fair market value on the transaction date and original grant-date fair value (ASC 718); PSUs had a mandatory holding/conversion window within 45 days after April 1, 2026; the withholding represents securities surrendered to pay taxes.

Context

• This was not an open-market sale by the insider for investment purposes but a routine conversion/distribution of granted PSUs with company withholding to satisfy tax obligations (similar to a cashless exercise/settlement).
• The transaction reflects compensation settlement mechanics rather than a discretionary buy or sell signaling a view on the stock.