REDWOOD TRUST INC

Issuer

REDWOOD TRUST INC

Security title

COMMON STOCK PAR VALUE $0.01 PER SHARE

Principal address

Comment

This Schedule 13D relates to the common stock of Redwood Trust, Inc. (the Issuer). The principal executive office of the Issuer is One Belvedere Place, Suite 300, Mill Valley, CA 94941

Citizenship

All natural Reporting Persons are United States citizens. All Reporting Persons that are entities are entities organized or formed under the laws of the State of Ohio other than Pleasant Lake Skoien Investments LLC, which is a Delaware limited liability companies, and Horizon Group Properties Inc. which is a Delaware corporation

Principal occupation

In addition to his investment-related activities, Mr. Amster serves as President of Pleasant Lake Apartments Corp., which is the General Partner of Pleasant Lake Apartments Limited Partnership, which is the Manager of Pleasant Lake Skoien Investments LLC. Mr. Amster is a member of the board of directors and the majority shareholder of Horizon Group Properties Inc. Mr. Amster also serves as the sole trustee of the following trusts: (A) the Howard Amster 2019 Charitable Remainder Unitrust #1 U/A DTD 05/20/2019, (B) the Howard Amster 2019 Charitable Remainder Unitrust #2 U/A DTD 05/20/2019, (C) the Howard Amster 2019 Charitable Remainder Unitrust #3 U/A DTD 05/20/2019, (D) the Howard Amster 2019 Charitable Remainder Unitrust #4 DTD 05/20/2019, (E) the Howard Amster 2019 Charitable Remainder Unitrust #7 U/A 05/20/219, (F) the Howard Amster 2021 Charitable Remainder Unitrust #3 U/A DTD 11/23/2021, (G) the Howard Amster 2022 Charitable Remainder Unitrust #1 U/A 03/09/2022 (H) The Howard Amster 2019 Charitable Remainder Unitrust #5 U/A DTD 05/20/2019 (I) the Howard Amster 2021 Charitable Remainder Unitrust #1 U/A DTD 08/10/2021, (J) the Howard Amster 2021 Charitable Remainder .Unitrust #2 U/A DTD 08/10/2021, (L) the Howard Amster and Tamra Gould Charitable Remainder Unitrust U/A DTD 03/18/1993,(M) the Howard Amster Charitable Remainder Unitrust U/A DTD 04/22/1998, and (L) the Howard Amster Charitable Remainder Unitrust U/A DTD 01/11/2005. Mr. Amster also is (i) the co-general partner of Amster Limited Partnership and (ii) President of the Howard Amster Foundation. All Reporting Persons are engaged in investments.

Filing person

This Schedule 13D is filed as a joint statement by the Reporting Persons (as defined below) 1. Howard Amster, individually 2. Howard Amster 2019 Charitable Remainder Unitrust #1 U/A DTD 05/20/2019 3. Howard Amster 2019 Charitable Remainder Unitrust #2 U/A DTD 05/20/2019 4. Howard Amster 2019 Charitable Remainder Unitrust #3 U/A DTD 05/20/2019 5. Howard Amster 2019 Charitable Remainder Unitrust #4 U/A DTD 05/20/2019 6. Howard Amster 2019 Charitable Remainder Unitrust #7 U/A DTD 05/20/2019 7. Howard Amster 2021 Charitable Remainder Unitrust #3 U/A DTD 11/23/2021 8. Amster Limited Partnership 9. Pleasant Lake Apartments Limited Partnership 10. Pleasant Lake Apartments Corp 11. Howard Amster 2022 Charitable Remainder Unitrust #1 U/A DTD 03/09/2022 12. Howard Amster Foundation 13. Pleasant Lake Skoien Investments LLC 14. Howard Amster 2019 Charitable Remainder Unitrust #5 U/A DTD 05/20/2019 15. Howard Amster 2021 Charitable Remainder Unitrust #1 U/A DTD 08/10/2021 16. Howard Amster 2021 Charitable Remainder Unitrust #2 U/A DTD 08/10/2021 17. Howard Amster and Tamra Gould Charitable Remainder Unitrust U/A DTD 03/18/1993 18. Howard Amster Charitable Remainder Unitrust U/A DTD 04/22/1998 19. Howard Amster Charitable Remainder Unitrust U/A DTD 01/11/2005 20. Horizon Group Properties Inc. (together, the Reporting Persons). Further Information regarding the Reporting Persons is set forth below The Reporting Persons are making this single, joint filing because they may be deemed to be a group within the meaning of Section 13(d)(3) of the Securities Exchange Act of 1934, as amended (the Act). This filing, however, should not be deemed an affirmation that such a group exists for the purposes of the Act or for any other purpose, and each Reporting Person expressly disclaims beneficial ownership of any securities beneficially owned or directly held by any other person. The agreement among Reporting Persons to file jointly is attached hereto as Exhibit 99.1

Criminal proceedings response

During the last five years, none of the Reporting Persons or any of their executive officers, directors or control persons has been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors).

Proceedings description

During the last five years, no Reporting Person has been a party to a civil proceeding of a judicial or administrative body of competent jurisdiction as a result of which proceeding such Reporting Person is or was subject to a judgment, decree, or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws.

Principal business address

The principal business address of each of the Reporting Persons is 521 35th Street, West Palm Beach, FL 33407

Source of funds

As of September 25, 2026, the Reporting Persons had, in the aggregate, invested approximately $46,005,443 to acquire 11,269,634 shares of the Common Stock of the Issuer. The Reporting Persons used personal funds and working capital for such purchases. The Reporting Persons may effect purchases of securities primarily through margin accounts maintained for them with RBC Capital Markets LLC and Interactive Brokers LLC, which may extend margin credit to the Reporting Persons as and when required to open and carry positions in the margin accounts, subject to applicable Federal margin regulations, stock exchange rules, and the firms respective credit policies. In such instances, the positions held in the margin accounts are pledged as collateral security for the repayment of debit balances in the accounts.

Purpose of transaction

The Reporting Persons acquired the shares of Common Stock to which this Schedule 13D relates for investment purposes because they believe they represent an attractive investment opportunity. While the Reporting Persons have no present intention to dispose of all or any portion of the Common Stock beneficially owned by them, the Reporting Persons may, from time to time, modify their present intention as stated in this Item 4. In addition, they may at their discretion purchase additional shares of Common Stock of the Issuer. Any such sales of the Common Stock may be made in the open market, privately negotiated transactions, or otherwise. Except as set forth herein, no Reporting Person has any present plan or proposal which relate to or would result in any of the matters set forth in subparagraphs (a)-(f) of Item 4 of this Schedule 13D except as would occur upon on in connection with the completion of, or following, any of the actions discussed herein. The Reporting Persons intend to review their investment in the Issuer on a continuing basis. Depending on various factors, including, without limitation, the Issuer's financial condition, the price levels of the shares of its Common Stock, conditions in the overall securities markets, and general economic and industry conditions, the Reporting Persons may in the future take such actions with respect to their investment in the Issuer as they deem appropriate, including, without limitation, engaging in communications with management and the Board of Directors of the Issuer, engaging in discussions with the stockholders of the Issuer or other third parties about the Issuer and the Reporting Persons' holdings of the Issuers Common Stock, including potential business combinations or dispositions involving the Issuer or certain of its businesses, making recommendations or proposals to the Issuer concerning changes to the capitalization, ownership structure, board structure, (including board composition), potential business combinations or dispositions involving the Issuer or certain of its businesses, or suggestions for improving the Issuer's financial and/or operational performance, purchasing additional shares of Common Stock, selling some or all of their shares of Common Stock, engaging in short selling or hedging or similar transactions with respect to the shares of Common Stock, including swaps and other derivative instruments, or changing their intention with respect to any and all matters referred to in Item 4. Except as set forth above, the Reporting Persons do not have at this time any specific plans which would result in (a) the acquisition by the Reporting Persons of additional securities of the Issuer or the disposition by the Reporting Persons of securities of the Issuer, other than described above, (b) any extraordinary corporate transactions such as a merger, reorganization, or liquidation involving the Issuer or any of its subsidiaries, (c) any sale or transfer of a material amount of the assets of the Issuer or any of its subsidiaries, (d) any change in the present management or board of directors of the Issuer, including any plans or proposals to change the number or term of directors, or to fill any existing vacancies on the Issuer's board of directors, (e) any material change in the present capitalization or dividend policy of the Issuer, (f) any material change in the Issuer's business or corporate structure, (g) any change in the Issuer's charter, bylaws, or instruments corresponding thereto or other actions which may impede the acquisition of control of the Issuer by any person, (h) the Common Stock being delisted from a national securities exchange or ceasing to be authorized to be quoted in an inter-dealer quotation system or a registered national securities association, (i) causing a class of equity securities of the Issuer to be eligible for termination of registration pursuant to Section 12(g)(4) of the Act, or (j) any action similar to those enumerated above.

Number of shares

See items 7, 8, 9, and 10 of the respective cover pages to this Schedule 13D, which Items are incorporated herein by reference, for the aggregate number and percentage of the shares of the Common Stock beneficially owned by each of the Reporting Persons as to which there is sole or shared power to vote or direct the vote and sole or shared power to dispose or to direct the disposition of such shares of the Common Stock.

Transactions

The following table sets forth all transactions with respect to shares of the Common Stock effected during the past sixty (60) days by any of the Reporting Persons, inclusive of any transactions effected through 5:00 p.m., New York City time, on September 25, 2026. All transactions were purchases and were conducted on the open market. If the shares were purchased in multiple transactions on a single trading day, the price per share reported is the weighted average price. Date Shares Purchased Per Share Total Price Purchaser 07/22/26 44,250 $5.09 $224,819 Howard Amster* 07/23/26 472 $5.14 $1,887 Howard Amster and T Gould 1993 CRUT** 07/23/26 979 $5.06 $4,954 Howard Amster 1998 CRUT** 07/23/26 16,000 $4.96 $79,429 Howard Amster** 07/24/26 9,903 $4.97 $49,221 Howard Amster*** 07/28/26 15,400 $4.67 $71,655 Howard Amster 2019 CRUT 1**** 07/28/26 495 $4.66 $2,338 Howard Amster 2019 CRUT 2**** 07/28/28 6,732 $4.65 $31,335 Howard Amster 2019 CRUT 4**** 07/28/26 1,504 $4.65 $6,988 Howard Amster 2019 CRUT 5**** 07/28/26 290 $4.69 $1,359 Howard Amster 2021 CRUT 1**** 07/28/26 318 $4.69 $1,491 Howard Amster 2021 CRUT 2**** 07/28/26 8,860 $4.63 $41,009 Howard Amster 2021 CRUT 3**** 07/28/26 4,500 $4.59 $20,669 Howard Amster 2022 CRUT 1**** 07/28/26 717 $4.63 $3,323 Amster Limited Partnership**** 07/28/26 21,500 $4.67 $100,400 Howard Amster Foundation**** 07/28/26 582 $4.64 $2,703 Horizon Group Properties Inc.**** 07/28/26 1,465 $4.60 $6,741 Horizon Group Properties Inc.*** 07/28/26 308,000 $4.68 $1,440,430 Howard Amster**** 07/29/26 6,400 $4.68 $29,981 Howard Amster 2019 CRUT 2***** 07/29/26 6,524 $4.67 $30,499 Howard Amster 2019 CRUT 3***** 07/29/26 4,956 $4.67 $23,159 Howard Amster 2021 CRUT 3***** 07/29/26 1,260 $4.70 $5,922 Howard Amster 1998 CRUT***** 07/29/26 780 $4.71 $3,671 Horizon Group Properties Inc.***** 07/30/26 32,050 $4.67 $149,818 Howard Amster 2019 CRUT 1****** 07/30/26 12,850 $4.66 $59,822 Howard Amster 2021 CRUT 1****** 07/30/26 17,606 $4.68 $82,361 Pleasant Lake Apartments LTD****** 07/30/26 16,610 $4.61 $76,610 PLA-Skoien Investments LLC****** 07/31/26 27,700 $4.54 $125,777.28 Howard Amster 2019 CRUT 1******* 07/31/26 6,321 $4.53 $28,634 Howard Amster 2019 CRUT 4******* 07/31/26 1,308 $4.57 $5,976 Howard Amster 2019 CRUT 7******* 07/31/26 4,819 $4.57 $22,006 Howard Amster 2022 CRUT 1******* 07/31/26 1,665 $4.57 $7,616 Amster Limited Partnership******* 07/31/26 10,900 $4.54 $49,513 Howard Amster Foundation******* 07/31/26 5,692 $4.54 $25,817 Horizon Group Properties Inc.***** 07/31/26 43,950 $4.54 $199,799 Howard Amster******* 08/03/26 13,147 $4.64 $60,998 Howard Amster******** 08/04/26 65,500 $4.64 $304,090 Howard Amster********* 08/05/26 67,700 $4.58 $310,052 Howard Amster********** 08/11/26 24,270 $4.68 $113,540 Howard Amster*********** 08/11/26 1,480 $4.71 $6,971 Howard Amster*********** 08/13/26 23,400 $4.78 $111,786 Pleasant Lake Apartments LTD************ 08/14/26 6,150 $4.81 $29,552 Howard Amster************* 08/18/26 27,700 $4.70 $130,257 Pleasant Lake Apartments LTD************** 08/20/26 111,800 $4.75 $530,560 Howard Amster*************** 08/26/26 72,900 $4.68 $340,909 Howard Amster**************** 08/26/26 737 $4.67 $3,441 Horizon Group Properties Inc.**************** 08/27/26 7,400 $4.65 $34,535 Howard Amster********************* 08/27/26 53,100 $4.63 $245,640 Howard Amster********************* 08/28/26 57,600 $4.63 $266,481 Howard Amster********************** 08/28/26 5,000 $4.64 $13,771 Howard Amster 2019 CRUT 2********************** 08/28/26 9,200 $4.64 $42,714 Pleasant Lake Apartments LTD********************** 08/31/26 3,030 $4.65 $14,802 Howard Amster 2019 CRUT 7*********************** 08/31/26 566 $4.68 $2,650 Horizon Group Properties Inc.*********************** 08/31/26 5,000 $4.61 $23,035 Howard Amster *********************** 09/1/26 4,500 $4.55 $20,458 Howard Amster 2005 CRUT******************** 09/01/26 4,600 $4.54 $20,869 Howard Amster******************** 09/02/26 12,400 $4.49 $55,652 Howard Amster 2005 CRUT******************** 09/02/26 68,300 $4.50 $307,500 Howard Amster********************* 09/03/26 68,100 $4.49 $305,687 Howard Amster********************** 09/04/26 44,800 $4.54 $203,192 Howard Amster*********************** 09/09/26 40,600 $4.31 $175,143 Howard Amster************************ 09/10/26 2,000,000 $3.58 $7,173,185 Howard Amster************************* 09/11/26 850,000 $3.54 $3,006,287 Howard Amster************************** 09/17/26 475,000 $3.97 $1,887,989 Howard Amster*************************** 09/18/26 709,000 $4.00 $2,836,910 Howard Amster**************************** 09/18/26 2,225,000 $4.00 $9,002,873 Howard Amster 2019 CRUT 1**************************** 09/21/26 2,032,283 $4.09 $8,317,375 Howard Amster***************************** 09/21/26 8,717 $4.09 $35,685 Howard Amster 2019 CRUT 1***************************** *For purchases on 07/22/29, the High Price was $5.08 and the Low Price was $5.08 **For purchases on 07/23/26, the High Price was $5.14 and the Low Price was $4.96 ***For purchases on 07/24/26, the High Price was $4.97 and the Low Price was $4.97 ****For purchases on 07/28/26, the High Price was $4.78, and the Low Price was $4.59 *****For purchases on 07/29/26, the High Price was $4.71, and the Low Price was $4.67 ******For purchases on 07/30/26, the High Price was $4.68, and the Low Price was $4.61 *******For purchases on 07/31/26, the High Price was $4.57, and the Low Price was $4.53 ********For purchases on 08/03/26, the High Price was $4.64, and the Low Price was $4.64 *********For purchases on 08/04/26, the High Price was $4.67, and the Low Price was $4.64 **********For purchases on 08/05/26, the High Price was $4.58, and the Low Price was $4.58 ***********For purchases on 08/11/26, the High Price was $4.71, and the Low Price was $4.68 ************For purchases on 08/13/26, the High Price was $4.78, and the Low Price was $4.78 *************For purchases on 08/14/26, the High Price was $4.83, and the Low Price was $4.80 **************For purchases on 08/18/26, the High Price was $4.70, and the Low Price was $4.70 ***************For purchases on 08/20/26, the High Price was $4.77, and the Low Price was $4.72 ****************For purchases on 08/26/26, the High Price was $4.71, and the Low Price was $4.64 *****************For purchases on 08/27/26, the High Price was $4.65, and the Low Price was $4.62 ******************For purchases on 08/28/26, the High Price was $4.67, and the Low Price was $4.62 *******************For purchases on 08/31/26, the High Price was $4.68, and the Low Price was $4.60 ********************For purchases on 09/01/26, the High Price was $4.55, and the Low Price was $4.54 *********************For purchases on 09/02/26, the High Price was $4.52, and the Low Price was $4.48 **********************For purchases on 09/03/26, the High Price was $4.50, and the Low Price was $4.45 ***********************For purchases on 09/04/26, the High Price was $4.54, and the Low Price was $4.52 ************************For purchases on 09/09/26, the High Price was $4.33, and the Low Price was $4.27 *************************For purchases on 09/10/26, the High Price was $3.73, and the Low Price was $3.40 **************************For purchases on 09/11/26, the High Price was $3.58, and the Low Price was $3.52 ***************************For purchases on 09/17/26, the High Price was $4.00, and the Low Price was $3.94 ****************************For purchases on 09/18/26, the High Price was $4.05, and the Low Price was $3.92 *****************************For purchases on 09/21/26, the High Price was $4.14, and the Low Price was $4.00

Other persons with an interest

Other than the Reporting Persons, no other person is known by the Reporting Persons to have the right to receive or direct the receipt of dividends from, or the proceeds from the sale of, the shares of the Common Stock of the Issuer beneficially owned by the Reporting Persons.

Date ownership ceased to exceed 5%

Not Applicable

Percentage of class

See Items 11 and 13 of the respective cover pages to this Schedule 13D, which Items are incorporated herein by reference, for the aggregate number of shares and percentage of the Common Stock identified pursuant to Item 1 beneficially owned by each of the Reporting Persons.

Contracts and arrangements

There are no contracts, arrangements, understandings, or relationships with respect to the securities of the Issuer with any person except as set forth in Items 2 and 4 above. The Reporting Persons entered into a joint filing agreement (the Joint Filing Agreement) pursuant to which each the Reporting Person agreed to the joint filing of this Schedule 13D to the extent required by applicable law. The Joint Filing Agreement is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

Filed exhibits

Exhibit EX. 99.1 Joint Filing Agreement