<SEC-DOCUMENT>0001144204-16-076326.txt : 20160120
<SEC-HEADER>0001144204-16-076326.hdr.sgml : 20160120
<ACCEPTANCE-DATETIME>20160120165748
ACCESSION NUMBER:		0001144204-16-076326
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20160120
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Regulation FD Disclosure
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20160120
DATE AS OF CHANGE:		20160120

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			REDWOOD TRUST INC
		CENTRAL INDEX KEY:			0000930236
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				680329422
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-13759
		FILM NUMBER:		161351600

	BUSINESS ADDRESS:	
		STREET 1:		ONE BELVEDERE PLACE
		STREET 2:		SUITE 300
		CITY:			MILL VALLEY
		STATE:			CA
		ZIP:			94941
		BUSINESS PHONE:		(415) 380-2317

	MAIL ADDRESS:	
		STREET 1:		ONE BELVEDERE PLACE
		STREET 2:		SUITE 300
		CITY:			MILL VALLEY
		STATE:			CA
		ZIP:			94941
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>v429297_8k.htm
<DESCRIPTION>FORM 8-K
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<HR NOSHADE SIZE="5" STYLE="color: Black; width: 100%; margin-top: 3pt; margin-bottom: 3pt">
<P STYLE="margin: 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B>
&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Washington, D.C. 20549</B> &nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>_______________</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>FORM 8-K</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>CURRENT REPORT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Pursuant to Section&nbsp;13 OR 15(d)
of The Securities Exchange Act of 1934</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Date of Report (Date of earliest event
reported): January 20, 2016</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>_______________</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 24pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>REDWOOD TRUST, INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(Exact name of registrant as specified in
its charter)</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 32%; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="width: 2%; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="width: 32%; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="width: 2%; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="width: 32%; padding-right: 0.8pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 0.8pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt"><B>Maryland</B> &nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 0.8pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt"><B>001-13759</B> &nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 0.8pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt"><B>68-0329422</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.8pt 0pt 0; text-align: center">(State or other</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.8pt 0pt 0; text-align: center">jurisdiction of</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.8pt 0pt 0; text-align: center">incorporation)</P></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 0.8pt; text-align: center"><FONT STYLE="font-size: 10pt">(Commission File Number)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.8pt 0pt 0; text-align: center">(I.R.S. Employer</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.8pt 0pt 0; text-align: center">Identification No.)</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>One Belvedere Place</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Suite&nbsp;300</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Mill Valley, California 94941</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(Address of principal executive offices
and Zip Code)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>(415)&nbsp;389-7373</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(Registrant&rsquo;s telephone number, including
area code)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Not Applicable</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Former name or former address, if changed
since last report)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>_______________</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction
A.2. below):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Wingdings">o</FONT> Written communications
pursuant to Rule&nbsp;425 under the Securities Act (17 CFR 230.425)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Wingdings">o</FONT> Soliciting material
pursuant to Rule&nbsp;14a-12 under the Exchange Act (17 CFR 240.14a-12)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Wingdings">o</FONT> Pre-commencement
communications pursuant to Rule&nbsp;14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Wingdings">o</FONT> Pre-commencement
communications pursuant to Rule&nbsp;13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<HR NOSHADE SIZE="5" STYLE="color: Black; width: 100%; margin-top: 3pt; margin-bottom: 3pt">
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 2.02. Results of Operations and Financial Condition.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 7.01. Regulation FD Disclosure.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On January 20, 2016,
Redwood Trust, Inc. (the &ldquo;Company&rdquo;) issued a press release announcing certain preliminary full-year 2015 financial
results and its preliminary 2016 outlook for its businesses, including the impact of its plans to restructure certain aspects of
its conforming residential mortgage loan operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The preliminary full-year
2015 financial results presented represent the most current information available to management. The Company&rsquo;s actual results
may differ from these preliminary results due to the completion of the Company&rsquo;s financial closing procedures, final adjustments
and other developments that may arise between the date of this Form 8-K and the time that financial results for the year ended
December 31, 2015 are finalized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Cautionary Statement:
Redwood Trust&rsquo;s press release may contain forward-looking statements within the meaning of the safe harbor provisions of
the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve numerous risks and uncertainties. Actual
results may differ from Redwood Trust&rsquo;s beliefs, expectations, estimates, and projections and, consequently, you should not
rely on these forward-looking statements as predictions of future events. Forward-looking statements are not historical in nature
and can be identified by words such as &ldquo;anticipate,&rdquo; &ldquo;estimate,&rdquo; &ldquo;will,&rdquo; &ldquo;should,&rdquo;
&ldquo;expect,&rdquo; &ldquo;believe,&rdquo; &ldquo;intend,&rdquo; &ldquo;seek,&rdquo; &ldquo;plan&rdquo; and similar expressions
or their negative forms, or by references to strategy, plans, or intentions. These forward-looking statements are subject to risks
and uncertainties, including, among other things, those described herein and in Redwood Trust&rsquo;s most recent Annual Report
on Form 10-K under the caption &ldquo;Risk Factors.&rdquo; Other risks, uncertainties, and factors that could cause actual results
to differ materially from those projected may be described from time to time in reports Redwood Trust files with the Securities
and Exchange Commission, including reports on Forms 10-Q and 8-K. Redwood Trust undertakes no obligation to update or revise any
forward-looking statements, whether as a result of new information, future events, or otherwise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Important factors,
among others, that may affect our actual results include: general economic trends, the performance of the housing, commercial real
estate, mortgage, credit, and broader financial markets, and their effects on the prices of earning assets and the credit status
of borrowers; federal and state legislative and regulatory developments, and the actions of governmental authorities, including
those affecting the mortgage industry or our business (including, but not limited to, the Federal Housing Finance Agency&rsquo;s
final regulation relating to FHLB membership requirements and the potential implications for our captive insurance subsidiary&rsquo;s
membership in the FHLB); developments related to the fixed income and mortgage finance markets and the Federal Reserve&rsquo;s
statements regarding its future open market activity and monetary policy; our exposure to credit risk and the timing of credit
losses within our portfolio; the concentration of the credit risks we are exposed to, including due to the structure of assets
we hold and the geographical concentration of real estate underlying assets we own; our exposure to adjustable-rate mortgage loans;
the efficacy and expense of our efforts to manage or hedge credit risk, interest rate risk, and other financial and operational
risks; changes in credit ratings on assets we own and changes in the rating agencies&rsquo; credit rating methodologies; changes
in interest rates; changes in mortgage prepayment rates; the availability of assets for purchase at attractive prices and our ability
to reinvest cash we hold; changes in the values of assets we own; changes in liquidity in the market for real estate securities
and loans; our ability to finance the acquisition of real estate-related assets with short-term debt; the ability of counterparties
to satisfy their obligations to us; our involvement in securitization transactions, the profitability of those transactions, and
the risks we are exposed to in engaging in securitization transactions; exposure to claims and litigation, including litigation
arising from our involvement in securitization transactions; whether we have sufficient liquid assets to meet short-term needs;
our ability to successfully compete and retain or attract key personnel; our ability to adapt our business model and strategies
to changing circumstances; changes in our investment, financing, and hedging strategies and new risks we may be exposed to if we
expand our business activities; our exposure to a disruption or breach of the security of our technology infrastructure and systems;
exposure to environmental liabilities; our failure to comply with applicable laws and regulations; our failure to maintain appropriate
internal controls over financial reporting and disclosure controls and procedures; the impact on our reputation that could result
from our actions or omissions or from those of others; changes in accounting principles and tax rules; our ability to maintain
our status as a REIT for tax purposes; limitations imposed on our business due to our REIT status and our status as exempt from
registration under the Investment Company Act of 1940; decisions about raising, managing, and distributing capital; and other factors
not presently identified.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The information contained
in these Items 2.02 and 7.01 and the attached Exhibit 99.1 is furnished to and not filed with the Securities and Exchange Commission,
and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of
1933, as amended, or the Securities Exchange Act of 1934, as amended, except as shall be expressly set forth by specific reference
in such filing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item&nbsp;9.01. Financial Statements and Exhibits.</B> &nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 4%; padding-right: 0.8pt"><FONT STYLE="font-size: 10pt">(d)</FONT></TD>
    <TD STYLE="width: 93%; padding-right: 0.8pt"><FONT STYLE="font-size: 10pt">Exhibits</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; padding-right: 0.8pt; padding-left: 1.25in; text-indent: -1.25in"><FONT STYLE="font-size: 10pt">Exhibit 99.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Press Release dated January 20, 2016</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"><BR>
&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to
the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf
by the undersigned thereunto duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-size: 10pt">Date: January 20, 2016</FONT></TD>
    <TD COLSPAN="2">REDWOOD TRUST, INC.</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 46%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">By:&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="text-transform: uppercase">/<FONT STYLE="font-size: 10pt">s</FONT>/ <FONT STYLE="font-size: 10pt">Andrew P. Stone</FONT></FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Andrew P. Stone</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Executive Vice President, General Counsel, and Secretary</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 4 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Exhibit Index</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 15%; text-align: center"><FONT STYLE="font-size: 10pt"><B><U>Exhibit
No</U></B>.</FONT> </TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 80%; padding-left: 0.25in"><FONT STYLE="font-size: 10pt"><B><U>Exhibit
Title</U></B> </FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">99.1</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Press Release dated January 20, 2016</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 5; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>v429297_ex99-1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>EXHIBIT 99.1</B></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><IMG SRC="image_001.jpg" ALT="" STYLE="height: 85px; width: 185px">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 60%"><U>FOR IMMEDIATE RELEASE</U></TD>
    <TD STYLE="width: 15%">CONTACTS:</TD>
    <TD STYLE="width: 25%">Christopher Abate</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>Redwood Trust, Inc.</TD>
    <TD>&nbsp;</TD>
    <TD>Chief Financial Officer</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>Wednesday, January 20, 2016</TD>
    <TD>&nbsp;</TD>
    <TD>(415) 384-3584</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Kristin Brown</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Investor Relations</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>(415) 384-3805</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#9;<FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>REDWOOD TRUST COMMENTS ON 2016 OUTLOOK<BR>
AND ANNOUNCES RESTRUCTURING OF CONFORMING LOAN OPERATIONS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>MILL VALLEY,
CA</B> </FONT><B>&ndash; Wednesday, January 20, 2016</B><FONT STYLE="font-size: 10pt"> &ndash; Redwood Trust, Inc. (NYSE: RWT)
announced today its preliminary 2016 outlook for its businesses, including the impact of its plans to restructure certain aspects
of its conforming residential mortgage loan operations.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;One of our goals over the past few
months has been to closely evaluate both our residential and commercial business operations and our corporate expense structure
to look for ways to increase efficiency and profitability in the face of significant competitive pressures and market dislocations,&rdquo;
said Marty Hughes, Chief Executive Officer of Redwood Trust. &ldquo;Today&rsquo;s announcement specifically addresses our actions
related to our conforming loan activities, which we view as necessary as we do not see the competitive pressures easing for the
foreseeable future.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Redwood plans to restructure its conforming
loan operations by discontinuing the acquisition and aggregation of conforming loans for resale to Fannie Mae and Freddie Mac,
and instead focus on direct conforming-related investments in mortgage servicing rights and risk-sharing transactions. Redwood
also plans to implement a workforce reduction, which primarily impacts employees engaged in and supporting the Company&rsquo;s
residential mortgage loan business. The reduction represents approximately 15% of the company&rsquo;s fixed compensation expense
at December 31, 2015 and a headcount reduction of 25%. Redwood expects non-recurring charges of approximately $2 million related
to these announcements, with approximately half included in the fourth quarter of 2015 and half in the first quarter of 2016.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;Redwood will maintain seller/servicer
approvals with both Fannie Mae and Freddie Mac and keep its options open to take advantage of future opportunities in the conforming
loan market,&rdquo; said Brett Nicholas, President of Redwood Trust. &ldquo;The full range of our jumbo loan business, as well
as our re-focused conforming loan business, will still be conducted in all of our current office locations.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Redwood&rsquo;s conforming business activities
utilize less than 5% of the Company&rsquo;s capital, while its investment portfolio, which utilizes 85% of the Company&rsquo;s
capital base, continues to exhibit strong credit performance and remains a steady and growing source of income. Preliminary net
interest income from Redwood&rsquo;s portfolio investments was $160 million for the full-year 2015. In 2016, the Company expects
continued growth in portfolio net interest income, highlighted by the full utilization of its newly expanded $2 billion of 9.5
year average term financing obtained through its FHLB-member subsidiary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;Our conforming loan purchase and
sale operations generated a pre-tax loss of $10 to $11 million in 2015 or a loss of $7 to $8 million on an after-tax basis based
on our preliminary full-year 2015 results. This included interest and fees of approximately $12 million associated with $5.2 billion
of loan purchases, and operating expenses of approximately $22 million,&rdquo; said Christopher Abate, Chief Financial Officer
of Redwood Trust. &ldquo;As a result of the restructuring we are announcing today, we will eliminate this earnings drag from our
conforming operating activities going forward and free up $45 million of capital for re-investment during 2016.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;Our strong balance sheet and liquidity
going into 2016 will allow us to take advantage of investment opportunities as they arise, including opportunities resulting from
market dislocations, and consider additional share repurchases,&rdquo; added Mr. Nicholas. &ldquo;Our thoughts on share repurchases
haven&rsquo;t changed &ndash; when repurchases present an attractive opportunity relative to other investment options, we will
look to allocate capital after consideration of our short-term liquidity needs.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Finally, Mr. Hughes commented, &ldquo;We
know the restructuring of our conforming operations will be difficult on the hardworking employees impacted by today&rsquo;s announcement
and we sincerely appreciate their contributions to the Company.&rdquo; Mr. Hughes continued, &ldquo;Our goal is to enhance Redwood&rsquo;s
competitive position in each of our businesses while boosting profitability through more efficient operating platforms. As market
conditions for both our residential and commercial businesses develop over the year, we will continue to respond to them from a
revenue, expense, and risk-management perspective to best position Redwood for success in the near- and long-term future.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For more information about Redwood Trust,
Inc., please visit our website at: www.redwoodtrust.com.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Cautionary Statement: This press release
contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform
Act of 1995, including forward-looking statements related to: the restructuring of Redwood&rsquo;s conforming residential loan
business and Redwood&rsquo;s workforce reduction (and the expected related non-recurring expense and the expected impact on future
payroll and other operating expenses), Redwood&rsquo;s future business activities, competitiveness, and profitability, future utilization
of financing by Redwood&rsquo;s FHLB-member subsidiary, preliminary full-year 2015 financial results, Redwood&rsquo;s future investment
opportunities and share repurchases. Forward-looking statements involve numerous risks and uncertainties. Actual results may differ
from Redwood Trust's beliefs, expectations, estimates, and projections and, consequently, you should not rely on these forward-looking
statements as predictions of future events. Forward-looking statements are not historical in nature and can be identified by words
such as &quot;anticipate,&quot; &quot;estimate,&quot; &quot;will,&quot; &quot;should,&quot; &quot;expect,&quot; &quot;believe,&quot;
&quot;intend,&quot; &quot;seek,&quot; &quot;plan&quot; and similar expressions or their negative forms, or by references to strategy,
plans, or intentions. These forward-looking statements are subject to risks and uncertainties, including, among other things, those
described herein and in Redwood Trust's most recent Annual Report on Form 10-K under the caption &quot;Risk Factors.&quot; Other
risks, uncertainties, and factors that could cause actual results to differ materially from those projected may be described from
time to time in reports Redwood Trust files with the Securities and Exchange Commission, including reports on Forms 10-Q and 8-K.
Redwood Trust undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information,
future events, or otherwise. </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 2; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>image_001.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 image_001.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  H'!PD'!@H)" D+"PH,#QD0#PX.
M#QX6%Q(9)" F)2,@(R(H+3DP*"HV*R(C,D0R-CL]0$! )C!&2T4^2CD_0#W_
MVP!# 0L+"P\-#QT0$!T]*2,I/3T]/3T]/3T]/3T]/3T]/3T]/3T]/3T]/3T]
M/3T]/3T]/3T]/3T]/3T]/3T]/3T]/3W_P  1" !5 +D# 2(  A$! Q$!_\0
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ME%A0KPF^5;G4T444&P4444 %%%% !1110 4444 %%%% !1110 4444 %%%%
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M !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444
#?__9

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
