<SEC-DOCUMENT>0001144204-17-046589.txt : 20170905
<SEC-HEADER>0001144204-17-046589.hdr.sgml : 20170904
<ACCEPTANCE-DATETIME>20170905161524
ACCESSION NUMBER:		0001144204-17-046589
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20170905
ITEM INFORMATION:		Regulation FD Disclosure
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20170905
DATE AS OF CHANGE:		20170905

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:		171068914

	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>v474237_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"></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 12pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin: 0">&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-top: 0pt; margin-bottom: 0pt; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

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

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

<!-- Field: Rule-Page --><DIV ALIGN="CENTER"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 20%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<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>FORM 8-K</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-top: 0pt; margin-bottom: 0pt; text-align: center"><B>CURRENT REPORT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Pursuant to Section 13 or 15(d) of the</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Securities Exchange Act of 1934</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-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Date of Report (Date of earliest event
reported): September 5, 2017</B></P>

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

<!-- Field: Rule-Page --><DIV ALIGN="CENTER"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 20%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

<P STYLE="font: small-caps bold 18pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-variant: normal">REDWOOD
TRUST, INC.</FONT></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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&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: 33%; padding: 0; text-align: center">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Maryland</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(State or other jurisdiction
of incorporation)</P></TD>
    <TD STYLE="width: 34%; padding: 0; text-align: center">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-variant: small-caps"><B>001-13759</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(Commission File Number)</P></TD>
    <TD STYLE="width: 33%; padding: 0; text-align: center">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-variant: small-caps"><B>68-0329422</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(IRS Employer Identification
        Number)</P></TD></TR>
</TABLE>
<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"><B>One Belvedere Place</B><BR>
<B>Suite 300</B><BR>
<B>Mill Valley, California 94941</B><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif">(Address of principal executive offices, including Zip Code)</FONT></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"><B>(415) 389-7373</B><BR>
(Registrant&rsquo;s telephone number, including area code)</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"><B>Not Applicable</B><BR>
(Former name or former address, if changed since last report)</P>

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

<!-- Field: Rule-Page --><DIV ALIGN="CENTER"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 20%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<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">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:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Written communications
pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</FONT></TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Soliciting material pursuant
to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</FONT></TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Pre-commencement communications
pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</FONT></TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Pre-commencement communications
pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</FONT></TD>
</TR></TABLE>

<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">Indicate by check mark whether the registrant is an emerging
growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-size: 10pt">Emerging growth
company </FONT><FONT STYLE="font-family: Wingdings">&#168;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">If an emerging growth company,
indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised
financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. <FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></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>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 12pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; border-bottom: Black 2pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-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>

<!-- 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 7.01. Regulation FD Disclosure.</B></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; text-indent: 0.5in">On September 5, 2017,
Redwood Trust, Inc. (the &ldquo;Company&rdquo;) issued a press release announcing that Christopher J. Abate, President, and Garnet
Kanouse, Managing Director and Head of Residential Mortgage Banking, will present at the Barclays 2017 Global Financial Services
Conference on Wednesday, September 13, 2017 at 7:30 a.m. (Pacific time). A link to the live webcast of the presentation and the
presentation materials will be available in the Newsroom &ndash; Events &amp; Presentations section of our website, www.redwoodtrust.com.
An archive of the webcast and the presentation materials will be available shortly after the presentation at the same location
for 90 days.</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; text-indent: 0.5in">Cautionary Statement:
Redwood Trust&rsquo;s presentation for the Barclays Global Financial Services Conference 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. Our actual results may differ from our 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 in our Annual Report on Form 10-K for the
year ended December 31, 2016 and in our Quarterly Report on Form 10-Q for the quarter ended June 30, 2017, 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 we file with the Securities and Exchange Commission (SEC), including reports on Forms
10-Q and 8-K. We undertake 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: the pace at which we redeploy our available capital into new investments;
interest rate volatility, changes in credit spreads, and changes in liquidity in the market for real estate securities and loans;
changes in the demand from investors for residential mortgages and investments, and our ability to distribute an increased volume
of residential mortgages through our whole-loan distribution channel; our ability to finance our investments in securities and
our acquisition of residential mortgages with short-term debt; the availability of assets for purchase at attractive risk-adjusted
returns and our ability to reinvest cash and the proceeds from the potential sale of securities and investments we hold; changes
in the values of assets we own; higher than expected operating expenses due to delays or decreases in the realization of expected
operating expense reductions related to the repositioning of our conforming mortgage banking activities and commercial loan origination
activities, and other unforeseen expenses; 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 rules relating to FHLB membership
requirements and the implications for our captive insurance subsidiary&rsquo;s membership in the FHLB); strategic business and
capital deployment decisions we make; 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; changes in liquidity in the market for real estate securities and loans;
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; ongoing litigation against various trustees of
RMBS 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;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The information contained
in this Item 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">&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">&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="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">(d)</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 0.8pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Exhibits</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 0.8pt; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; width: 3%">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; font-size: 10pt; width: 4%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 0.8pt; font-size: 10pt; width: 11%"><A HREF="v474237_ex99-1.htm" STYLE="-sec-extract: exhibit">Exhibit 99.1</A></TD>
    <TD STYLE="padding-right: 0.8pt; font-size: 10pt; width: 82%"><A HREF="v474237_ex99-1.htm" STYLE="-sec-extract: exhibit">Press Release dated September 5, 2017</A></TD></TR>
</TABLE>
<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">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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-indent: 0.25in">&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: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date: September 5, 2017</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 2.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">REDWOOD TRUST, INC.&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 0.8pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 2.8pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 0.8pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 2.8pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding-right: 0.8pt; width: 50%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 0.8pt; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.8pt; width: 45%"><P STYLE="margin: 0pt 0">/s/ <FONT STYLE="font-variant: small-caps">Andrew
                                         P. Stone</FONT></P></TD></TR>
<TR>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 1.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Andrew P. Stone</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 1.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&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: 10%; text-align: center"><FONT STYLE="font-size: 10pt"><B><U>Exhibit No</U></B>. &nbsp;</FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 88%"><FONT STYLE="font-size: 10pt"><B><U>Exhibit Title</U></B> &nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><A HREF="v474237_ex99-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">99.1</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="v474237_ex99-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Press Release dated September 5, 2017</FONT></A></TD></TR>
</TABLE>
<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>

<!-- 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"></P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>v474237_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="margin: 0"></P>

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



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

<P STYLE="margin: 0"><IMG SRC="image_001.jpg" ALT=""></P>

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

<P STYLE="margin: 0"></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: 50%; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>FOR IMMEDIATE RELEASE</U></B></FONT></TD>
    <TD STYLE="width: 49%; padding: 0; text-indent: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CONTACT:&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 1%; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Kristin Brown</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Redwood Trust, Inc.</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0; text-indent: 0">Investor Relations</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tuesday, September 5, 2017 </FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding: 0; text-indent: 0">(415) 384-3805 </TD></TR>
</TABLE>


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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Redwood Trust to Present at the Barclays
2017 </B></P>

<P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>Global Financial Services Conference</B></P>



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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">MILL VALLEY, CA &ndash; Tuesday, September
5, 2017 &ndash; Redwood Trust, Inc. (NYSE: RWT) today announced that Christopher J. Abate, President, and Garnet Kanouse, Managing
Director and Head of Residential Mortgage Banking, will present at the Barclays 2017 Global Financial Services Conference on Wednesday,
September 13, 2017 at 7:30 a.m. Pacific Time / 10:30 a.m. Eastern Time.</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">A link to the live webcast of the presentation
and the presentation materials will be available in the Newsroom &ndash; Events &amp; Presentations section of our website, <U>www.redwoodtrust.com</U>.
An archive of the webcast and the presentation materials will be available shortly after the presentation at the same location
for 90 days.</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: Redwood Trust&rsquo;s
presentation for the Barclays Global Financial Services Conference 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. Our actual results may differ from our 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 in our Annual Report on Form 10-K for the year ended December
31, 2016 and in our Quarterly Report on Form 10-Q for the quarter ended June 30, 2017, 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 we file with the Securities and Exchange Commission (SEC), including reports on Forms 10-Q and 8-K.
We undertake 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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Important factors, among others, that
may affect our actual results include: the pace at which we redeploy our available capital into new investments; interest rate
volatility, changes in credit spreads, and changes in liquidity in the market for real estate securities and loans; changes in
the demand from investors for residential mortgages and investments, and our ability to distribute an increased volume of residential
mortgages through our whole-loan distribution channel; our ability to finance our investments in securities and our acquisition
of residential mortgages with short-term debt; changes in the values of assets we own; general economic trends, the performance
of the housing, 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 rules relating to FHLB membership requirements and the implications for our captive insurance subsidiary&rsquo;s
membership in the FHLB); strategic business and capital deployment decisions we make; 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; changes
in liquidity in the market for real estate securities and loans; 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; ongoing litigation against various trustees of RMBS 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.</I></P>


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

<!-- Field: Page; Sequence: 1; 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="margin: 0">&nbsp;</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!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0D)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1" !5 +D# 2(  A$! Q$!_\0
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M2"BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH *Q_%-R+3PW>3-.8
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; %%%% !1110 4444 %%%% !1110 4444 ?_9

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