Debora Horvath D 4

What Happened
Debora Horvath, a director of Redwood Trust, was granted 24,809 Deferred Stock Units (DSUs) on 2026-05-19. The filing reports the transaction price as $0.00 because this was an award/derivative grant; the units represent value tied to RWT common stock (per plan fair market value on the grant date). The DSUs are 100% vested at grant but are subject to a mandatory holding/deferral period and will not be delivered earlier than May 20, 2029.

Key Details

• Transaction date: 2026-05-19 (Filed: 2026-05-20 — timely filing)
• Transaction type: Grant/award of Deferred Stock Units (code A / derivative)
• Quantity: 24,809 DSUs; filing shows $0.00 price (award), fair market value per plan noted in footnote
• Vesting/delivery: 100% vested at grant (F3); delivery subject to mandatory holding and payable no sooner than May 20, 2029 (F4)
• Expiration: No expiration date for DSUs (F5)
• Shares owned after transaction: Not specified in this Form 4
• Footnotes: F1 = FMV representation under 2014 Incentive Award Plan; F2 = DSU grant

Context
Deferred Stock Units are a form of equity compensation that entitle the holder to receive shares (or cash tied to share value) at a later date. Because these units were granted (not purchased or sold) and are deferred, the award reflects director compensation rather than an open-market investment decision. Such grants are common for non-employee directors and do not by themselves indicate insider sentiment about the company’s near-term stock performance.