Falcon Armando 4

What Happened

• Armando Falcon, a director of Redwood Trust, converted 20,729 deferred stock units into 20,729 shares of common stock on May 26, 2026. The shares are valued at $5.28 each, totaling $109,449. The Form 4 shows the corresponding deferred-unit derivative position being removed (reported as disposed at $0.00), reflecting the conversion of units into shares rather than a market sale.

Key Details

• Transaction date: 2026-05-26.
• Acquired: 20,729 shares at $5.28 each (total value $109,449).
• Disposed (derivative): 20,729 units at $0.00 (conversion of deferred units).
• Shares owned after transaction: not reported in this filing.
• Notable footnotes: F1–F5 indicate these were Deferred Stock Units converted under the Executive Deferred Compensation Plan; values reflect fair market value at the transaction date (F2), original grant fair value (F3), units had a mandatory holding period (F4), and DSUs have no expiration (F5).
• Timeliness: filing shows no late-report indication.

Context

• This was a conversion/settlement of deferred compensation (not an open-market purchase or sale). The director received stock by converting previously granted Deferred Stock Units under the company’s Executive Deferred Compensation Plan. The derivative line at $0.00 simply records the removal of the deferred-unit position upon conversion. Such conversions reflect compensation vesting/settlement rather than a directional market trade.