Key Highlights

● Howard Amster and a network of 20 reporting persons disclosed a combined 9.0% stake in Redwood Trust, totaling 11,269,634 shares as of the September 25, 2026 filing.

● The group says it has spent roughly $46,005,443 acquiring its position, funded with personal funds, working capital, and some margin accounts at RBC Capital Markets and Interactive Brokers.

● The filing states the reporting persons have no present plan or proposal for a specific corporate transaction, but reserves the right to discuss board structure, Business combinations, and other strategic steps.

● Amster personally holds 8,601,143 of the shares, with the stake calculated against 125,612,432 shares outstanding as of August 5, 2026.

Cleveland-area investor Howard Amster and a network of trusts, partnerships and foundations he controls disclosed a fresh 9.0% stake in Redwood Trust Inc. (NYSE:RWT) in a Schedule 13D filed September 25, 2026, reporting 11,269,634 shares and reserving the right to push for board or capital changes, or even a business combination, if the real estate Investment trust's shares stay undervalued.

A Long-Building Position

The filing lists 20 reporting persons tied to Amster, who personally holds 8,601,143 of the shares. Together the group's stake is calculated against 125,612,432 shares outstanding as of August 5, 2026, the most recent count cited in the filing. The event triggering the filing occurred September 18, 2026, and the group says it has spent roughly $46,005,443 acquiring its position.

The filing states the shares were bought with "personal funds and working capital," with some purchases made through margin accounts at RBC Capital Markets LLC and Interactive Brokers LLC. Under Schedule 13D rules, any investor whose combined holdings cross 5% of a company's stock must disclose the position and describe its intentions.

What the Filing Says About Intentions

Redwood Trust, a Maryland-incorporated Mortgage REIT, is described in the filing as a company whose shares the Amster group believes "represent an attractive investment opportunity." Beyond that framing, the group is careful to say it currently has no fixed plan. The filing states the reporting persons "do not have any present plan or proposal" to force a specific corporate transaction.

Instead, the document lists a menu of steps the group reserves the right to take. Those include "engaging in communications with management," holding "discussions with stockholders," and making recommendations on "board structure, (including board composition), potential business combinations." The filing also leaves open the possibility that Amster and his affiliated entities could buy more shares, sell some of their existing position, or do neither, depending on how the company performs and how its stock trades.

A Network of Entities

Because the position is spread across roughly 20 separate trusts, partnerships and foundations tied to Amster, the 13D itself functions partly as an accounting exercise, tallying each entity's individual holdings so investors can see the full combined stake in one place. That structure is common among long-time individual investors who have accumulated shares across different accounts and family vehicles over time, rather than through a single fund.

Why a 13D, Not a 13G

Investors who intend to remain purely passive can often use the shorter Schedule 13G instead of a 13D. Choosing the 13D format signals that Amster wants the flexibility to become more actively involved if he judges it necessary, even though the filing does not commit him to any specific campaign right now. That distinction matters for how Redwood Trust's board and management are likely to read the disclosure: it is a notice that a Shareholder with a meaningful, nine-figure-adjacent position wants a seat at the table for future conversations about strategy, capital allocation or even a sale of the company, without yet demanding one.

Redwood Trust invests in and finances residential mortgages and related assets, structuring and holding both whole loans and securities backed by them. The filing itself does not restate the company's full business description beyond identifying it as the subject issuer with CUSIP number 758075402, so readers should look to Redwood's own periodic reports for details on its Loan portfolio, Leverage and recent earnings.

No Set Timetable for Next Steps

There is no deadline attached to a Schedule 13D beyond the requirement to promptly amend it if the group's holdings or intentions materially change. Investors should watch for a 13D/A if Amster's stake crosses another reporting threshold, if he begins actual talks with Redwood's board, or if he sells down the position. The filing does not mention any specific meeting date, shareholder proposal deadline or scheduled call with management, meaning any next step would arrive as a future amendment rather than on a set calendar.