UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 1)
REDWOOD TRUST, INC. (RWT)
(Name of Issuer)
Common Stock
(Title of Class of Securities)
758075402
(CUSIP Number)
David Nierenberg
The D3 Family Funds
19605 NE 8th Street
Camas, WA 98607
(360) 604-8600
With a copy to:
Henry Lesser, Esq.
DLA Piper US LLP
2000 University Avenue
East Palo Alto, CA 94303
(650) 833-2000
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
October 14, 2008
(Date of Event which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box o.
1
CUSIP No. 758075402
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1 |
NAME OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (entities only)
The D3 Family Fund, L.P. |
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2 |
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions) (a)x (b) o
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3 |
SEC USE ONLY
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4 |
SOURCE OF FUNDS (See Instructions) WC |
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5 |
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) o
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6 |
CITIZENSHIP OR PLACE OF ORGANIZATION Washington |
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NUMBER OF SHARES BENEFICIALLY |
7 |
SOLE VOTING POWER 0 |
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OWNED BY EACH REPORTING |
8 |
SHARED VOTING POWER 235,090 Common shares (0.7%) |
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PERSON WITH |
9 |
SOLE DISPOSITIVE POWER 0 |
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10 |
SHARED DISPOSITIVE POWER 235,090 |
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11 |
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON For the reporting person listed on this page, 235,090; for all reporting persons as a group, 1,318,933 shares (3.9%) |
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12 |
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (See Instructions) o |
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13 |
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 3.9% |
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14 |
TYPE OF REPORTING PERSON (See Instructions) PN |
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2
CUSIP No. 758075402
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1 |
NAME OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (entities only)
The D3 Family Bulldog Fund, L.P. |
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2 |
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions) (a)x (b) o
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3 |
SEC USE ONLY
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4 |
SOURCE OF FUNDS (See Instructions) WC |
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5 |
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) o
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6 |
CITIZENSHIP OR PLACE OF ORGANIZATION Washington |
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NUMBER OF SHARES BENEFICIALLY |
7 |
SOLE VOTING POWER 0 |
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OWNED BY EACH REPORTING |
8 |
SHARED VOTING POWER 987,064 common shares (2.9%) |
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PERSON WITH |
9 |
SOLE DISPOSITIVE POWER 0 |
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10 |
SHARED DISPOSITIVE POWER 987,064 |
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11 |
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON For the reporting person listed on this page, 987,064; for all reporting persons as a group, 1,318,933 shares (3.9%) |
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12 |
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (See Instructions) o |
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13 |
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 3.9% |
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14 |
TYPE OF REPORTING PERSON PN |
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3
CUSIP No. 758075402
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1 |
NAME OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (entities only)
The D3 Family Canadian Fund, L.P. |
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2 |
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions) (c)x (d) o
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3 |
SEC USE ONLY
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4 |
SOURCE OF FUNDS (See Instructions) WC |
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5 |
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) o
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6 |
CITIZENSHIP OR PLACE OF ORGANIZATION Washington |
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NUMBER OF SHARES BENEFICIALLY |
7 |
SOLE VOTING POWER 0 |
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OWNED BY EACH REPORTING |
8 |
SHARED VOTING POWER 96,777 common shares (0.3%) |
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PERSON WITH |
9 |
SOLE DISPOSITIVE POWER 0 |
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10 |
SHARED DISPOSITIVE POWER 96,777 |
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11 |
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON For the reporting person listed on this page, 96,777 shares; for all reporting persons as a group, 1,318,933 shares (3.9%) |
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12 |
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (See Instructions) o |
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13 |
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 3.9% |
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14 |
TYPE OF REPORTING PERSON PN |
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4
CUSIP No. 758075402
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1 |
NAME OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (entities only)
The DIII Offshore Fund, L.P. |
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2 |
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions) (a) x (b) o
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3 |
SEC USE ONLY
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4 |
SOURCE OF FUNDS (See Instructions) WC |
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5 |
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) o
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6 |
CITIZENSHIP OR PLACE OF ORGANIZATION Bahamas |
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NUMBER OF SHARES BENEFICIALLY |
7 |
SOLE VOTING POWER 0 |
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OWNED BY EACH REPORTING |
8 |
SHARED VOTING POWER 0 common shares (0.0%) |
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PERSON WITH |
9 |
SOLE DISPOSITIVE POWER 0 |
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10 |
SHARED DISPOSITIVE POWER 0 |
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11 |
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON For the reporting person listed on this page, 0; for all reporting persons as a group, 1,318,933 shares (3.9%) |
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12 |
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (See Instructions) o |
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13 |
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 3.9% |
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14 |
TYPE OF REPORTING PERSON PN |
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5
CUSIP No. 758075402
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1 |
NAME OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (entities only)
Nierenberg Investment Management Company, Inc. |
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2 |
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions) (a)x (b) o
|
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|
3 |
SEC USE ONLY
|
||
|
4 |
SOURCE OF FUNDS (See Instructions) WC |
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|
5 |
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) o
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6 |
CITIZENSHIP OR PLACE OF ORGANIZATION Washington |
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NUMBER OF SHARES BENEFICIALLY |
7 |
SOLE VOTING POWER 0 |
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OWNED BY EACH REPORTING |
8 |
SHARED VOTING POWER 1,318,933 shares (3.9%) |
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PERSON WITH |
9 |
SOLE DISPOSITIVE POWER 0 |
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10 |
SHARED DISPOSITIVE POWER 1,318,933 shares |
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11 |
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON For the reporting person listed on this page, 1,318,933; for all reporting persons as a group, 1,318,933 shares (3.9%) |
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12 |
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (See Instructions) o |
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13 |
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 3.9% |
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14 |
TYPE OF REPORTING PERSON CO |
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6
CUSIP No. 758075402
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1 |
NAME OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (entities only)
Nierenberg Investment Management Offshore, Inc. |
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|
2 |
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions) (a) x (b) o
|
||
|
3 |
SEC USE ONLY
|
||
|
4 |
SOURCE OF FUNDS (See Instructions) WC |
||
|
5 |
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) o
|
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6 |
CITIZENSHIP OR PLACE OF ORGANIZATION Bahamas |
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NUMBER OF SHARES BENEFICIALLY |
7 |
SOLE VOTING POWER 0 |
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OWNED BY EACH REPORTING |
8 |
SHARED VOTING POWER 0 common shares (0.0%) |
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PERSON WITH |
9 |
SOLE DISPOSITIVE POWER 0 |
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10 |
SHARED DISPOSITIVE POWER 0 common shares |
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11 |
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON For the reporting person listed on this page, 0; for all reporting persons as a group, 1,318,933 shares (3.9%) |
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12 |
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (See Instructions) o |
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13 |
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 3.9% |
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14 |
TYPE OF REPORTING PERSON CO |
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7
CUSIP No. 758075402
|
1 |
NAME OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (entities only)
David Nierenberg |
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|
2 |
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions) (a) x (b) o
|
||
|
3 |
SEC USE ONLY
|
||
|
4 |
SOURCE OF FUNDS (See Instructions) AF |
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|
5 |
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) o
|
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6 |
CITIZENSHIP OR PLACE OF ORGANIZATION United States of America |
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NUMBER OF SHARES BENEFICIALLY |
7 |
SOLE VOTING POWER 0 |
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OWNED BY EACH REPORTING |
8 |
SHARED VOTING POWER 1,318,933 shares (3.9%) |
|
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PERSON WITH |
9 |
SOLE DISPOSITIVE POWER 0 |
|
|
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10 |
SHARED DISPOSITIVE POWER 1,318,933 shares |
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11 |
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON For the reporting person listed on this page, 1,318,933; for all reporting persons as a group, 1,318,933 shares (3.9%) |
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|
12 |
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (See Instructions) o |
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13 |
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 3.9% |
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14 |
TYPE OF REPORTING PERSON IN |
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8
This Amendment No. 1 to Schedule 13D (this “Amendment”) amends the below-indicated items from the Schedule 13D previously filed by or on behalf of the undersigned parties (the “Reporting Persons”) (the “Schedule 13D”), by supplementing such Items with the information below:
Item 2. Identity and Background.
David Nierenberg is hereby added as a Reporting Person; his business address is 19605 NE 8th Street, Camas WA 98607; his principal occupation is President of Nierenberg Investment Management Company, Inc. and Nierenberg Investment Management Offshore, Inc, two of the other Reporting Persons; during the past five years he has not been convicted in a criminal proceeding required to be reported in response to Item 2(d), or a party to a civil proceeding required to be reported in response to Item 2(e), of Schedule 13D; and he is a citizen of the United States of America.
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Item 5. Interest in Securities of the Issuer. |
(a, b) The Reporting Persons, in the aggregate, beneficially own 1,318,933 Shares, constituting approximately 3.9% of the outstanding Shares.
At the Reporting Persons' current aggregate beneficial ownership level of less than 5% of the outstanding Shares, they have no continuing obligation to report on Schedule 13D with respect to their investment in the Shares.
(c) During the past sixty (60) days, the following sales of Shares were made by the Reporting Persons named below in open market transactions:
|
Fund |
Trade Date |
Shares Sold |
Price |
|
D3 Family Fund, LP |
09/19/2008 |
44,760 |
27.23 |
|
D3 Family Bulldog Fund, LP |
09/19/2008 |
297,770 |
27.23 |
|
D3 Family Canadian Fund, LP |
09/19/2008 |
32,720 |
27.23 |
|
DIII Offshore Fund, LP |
09/19/2008 |
42,169 |
27.23 |
|
D3 Family Fund, LP |
10/06/2008 |
9,180 |
17.73 |
|
D3 Family Bulldog Fund, LP |
10/06/2008 |
19,200 |
17.73 |
|
D3 Family Canadian Fund |
10/06/2008 |
230 |
17.73 |
|
DIII Offshore Fund, LP |
10/06/2008 |
15,390 |
17.73 |
|
DIII Offshore Fund, LP |
10/08/2008 |
50,000 |
16.51 |
|
DIII Offshore Fund, LP |
10/09/2008 |
6,550 |
15.99 |
|
DIII Offshore Fund, LP |
10/10/2008 |
43,450 |
15.69 |
|
DIII Offshore Fund, LP |
10/13/2008 |
50,000 |
15.52 |
|
D3 Family Fund, LP |
10/14/2008 |
6,654 |
16.01 |
|
DIII Offshore Fund, LP |
10/14/2008 |
118,395 |
16.01 |
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Item 7. Material to be filed as Exhibits
Exhibit 1 to this Schedule 13D is the Joint Filing Agreement among the Reporting Persons dated March 5, 2008 pursuant to which all of the Reporting Persons have authorized the filing of Schedule 13D’s and amendments thereto as a group.
10
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, each of the undersigned certifies that the information set forth in the Statement is true, complete and correct.
D3 Family Fund, L.P., D3 Family Bulldog
Fund, L.P., and D3 Family Canadian Fund, L.P.
By: Nierenberg Investment Management
Company, Inc.
Its: General Partner
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October 16, 2008 |
By: /s/ David Nierenberg |
David Nierenberg, President
DIII Offshore Fund, L.P.
By: Nierenberg Investment Management
Offshore, Inc.
Its: General Partner
|
|
October 16, 2008 |
By: /s/ David Nierenberg |
David Nierenberg, President
Nierenberg Investment Management
Company, Inc.
|
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October 16, 2008 |
By: /s/ David Nierenberg |
David Nierenberg, President
Nierenberg Investment Management
Offshore, Inc.
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October 16, 2008 |
By: /s/ David Nierenberg |
David Nierenberg, President
|
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October 16, 2008 |
/s/ David Nierenberg |
David Nierenberg
11