Watch for potential board representation demands or strategic review proposals from Amster, given the 9% stake and activist 13D filing structure. The accelerated buying in September at declining prices ($3.58-$4.09) suggests conviction. Monitor for any follow-up 13D amendments or public letters to management.
Price Chart
Executive Summary
Howard Amster filed a Schedule 13D disclosing beneficial ownership of 11,269,634 shares of Redwood Trust Inc. (RWT), representing 9.0% of the outstanding common stock. The filing indicates an aggregate investment of approximately $46 million, with purchases accelerating in September 2026 at declining prices, including a large block of 2 million shares at $3.58 on September 10. While the filing states an investment purpose and no present plans for control changes, the 9% stake and activist filing structure suggest potential engagement with management.
Key Financial Metrics
Key Facts
- Howard Amster and related entities own 11,269,634 shares (9.0% of outstanding) as of September 25, 2026
- Total investment of approximately $46,005,443
- Recent purchases include 2,000,000 shares at $3.58 on September 10 and 2,225,000 shares at $4.00 on September 18
- Filing states investment purpose with no present plans for control changes, but reserves right to engage with management and board
- Shares acquired through personal funds and working capital; positions held at RBC Capital Markets and Interactive Brokers
Financial Impact
9.0% stake valued at approximately $46 million; average cost basis around $4.08 per share
Risk Factors
- Activist may push for changes that management resists, leading to proxy fight
- Stock price decline since large purchases (bought at $3.58-$4.09) could pressure Amster to escalate
- No specific demands stated yet; engagement could be passive despite 13D filing
Investment Themes
Documents Analyzed
This report is based on 3 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| SC 13D Filing (Primary) | 0000904853-26-000006 |
| Document: 0000904853-26-000006-index.html | 0000904853-26-000006 |
| Document: 0000904853-26-000006.txt | 0000904853-26-000006 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 13, 2026 14d ago | 8-K | $2.95 $3.11 | ▲ +5.42% | ▲ +5.14% | $3.24 (+9.83%) |
Oct 6, 2026 21d ago | SC 13G/A | $3.44 $3.34 | ▼ −2.91% | ▼ −2.67% | $3.24 (−5.81%) |
Sep 25, 2026 4w ago | SC 13D | $3.72 $3.69 | ▼ −0.81% | ▼ −0.06% | $3.24 (−12.90%) |
Sep 21, 2026 5w ago | Insider Cluster | $4.11 $3.72 | ▼ −9.49% | ▼ −8.77% | $3.24 (−21.17%) |
Sep 18, 2026 5w ago | Insider Cluster | $4.04 $4.11 | ▲ +1.73% | ▲ +1.75% | $3.24 (−19.80%) |
Sep 16, 2026 5w ago | Insider Cluster | $3.89 $3.94 | ▲ +1.29% | ▲ +0.15% | $3.24 (−16.71%) |
Sep 16, 2026 5w ago | SC 13G | $3.89 $3.94 | ▲ +1.29% | ▲ +0.15% | $3.24 (−16.71%) |
Sep 15, 2026 6w ago | Insider Cluster | $3.91 $3.93 | ▲ +0.51% | ▲ +0.19% | $3.24 (−17.14%) |
Sep 10, 2026 6w ago | 8-K | $3.63 $3.55 | ▲ +2.20% | ▲ +3.06% | $3.24 (+10.74%) |
Jul 28, 2026 13w ago | 8-K | $4.67 $4.68 | ▲ +0.21% | ▲ +1.75% | $3.24 (−30.62%) |
US Market Status
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