<SEC-DOCUMENT>0001144204-17-062066.txt : 20171204
<SEC-HEADER>0001144204-17-062066.hdr.sgml : 20171204
<ACCEPTANCE-DATETIME>20171204090838
ACCESSION NUMBER:		0001144204-17-062066
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		5
CONFORMED PERIOD OF REPORT:	20171204
ITEM INFORMATION:		Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
ITEM INFORMATION:		Regulation FD Disclosure
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20171204
DATE AS OF CHANGE:		20171204

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:		171235844

	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>tv480314_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>

<!-- Field: Rule-Page --><DIV ALIGN="CENTER"><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="margin-top: 0; text-align: center; margin-bottom: 0"><FONT STYLE="font-size: 14pt"><B>UNITED STATES</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 14pt"><B>SECURITIES
AND EXCHANGE COMMISSION</B></FONT></P>

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

<!-- Field: Rule-Page --><DIV ALIGN="CENTER"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100pt">&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: 18pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 16pt"><B>FORM
8-K</B></FONT></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"><FONT STYLE="font-size: 11pt"><B>CURRENT
REPORT</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 11pt"><B>Pursuant
to Section&nbsp;13 OR 15(d) of The Securities Exchange Act of 1934</B></FONT></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): December 4, 2017</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"></P>

<!-- Field: Rule-Page --><DIV ALIGN="CENTER"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100pt">&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: 24pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 18pt"><B>REDWOOD
TRUST, INC.</B></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-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</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; text-align: center; width: 33%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Maryland</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; width: 1%"><B>&nbsp;</B></TD>
    <TD STYLE="vertical-align: top; text-align: center; width: 32%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>001-13759</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; width: 1%"><B>&nbsp;</B></TD>
    <TD STYLE="vertical-align: top; text-align: center; width: 33%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>68-0329422</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(State or other&nbsp;jurisdiction</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">of incorporation)</P></TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(Commission</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">File Number)</P></TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(I.R.S. Employer</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Identification No.)</P></TD></TR>
</TABLE>
<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>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-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>(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-top: 0pt; margin-bottom: 0pt; 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">&nbsp;</P>

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

<!-- Field: Rule-Page --><DIV ALIGN="CENTER"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100pt">&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: 0pt 0; text-align: justify">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; font-size: 10pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Written
communications pursuant to Rule&nbsp;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; font-size: 10pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Soliciting
material pursuant to Rule&nbsp;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; font-size: 10pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pre-commencement
communications pursuant to Rule&nbsp;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; font-size: 10pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pre-commencement
communications pursuant to Rule&nbsp;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 6.95pt 0pt 0; text-align: justify">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 0pt 400.5pt; text-align: right; text-indent: -58.5pt">Emerging
growth company&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings">&#168;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.9pt 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.9pt 0pt 0; text-align: justify">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.&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings">&#168;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.9pt 0pt 0">&nbsp;</P>






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

<!-- Field: Rule-Page --><DIV ALIGN="CENTER"><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>

<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: 0.75in; text-align: left"><B>Item 5.02.</B></TD><TD STYLE="text-align: justify"><B>Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory
Arrangements of Certain Officers.</B></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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">On December 4, 2017, Redwood Trust, Inc.
(the &ldquo;Company&rdquo;) announced that Martin S. Hughes will retire from the position of Chief Executive Officer of the Company
effective on May 22, 2018. Additionally, on May 22, 2018, Mr. Hughes will retire from the Board of Directors of the Company and
will not stand for reelection at the 2018 Annual Meeting. Following his retirement from the Chief Executive Officer position, Mr.
Hughes is expected to remain employed with the Company in an advisory role for a period of two years.</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-indent: 0.5in; text-align: justify">In connection with Mr. Hughes&rsquo; retirement,
the Board of Directors announced on December 4, 2017 that Christopher J. Abate will be named Chief Executive Officer on May 22,
2018. In addition, on May 22, 2018, Dashiell I. Robinson will be promoted to President.&nbsp;In connection with these promotions,
the Company anticipates that it will enter into amendments to the executive employment agreements with Mr. Abate and Mr. Robinson,
respectively, to reflect their title changes, and the Compensation Committee will review their compensation in 2018 in connection
with the effective date of their title and role changes.</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; text-align: justify">Further information relating to Mr. Abate
and Mr. Robinson that is responsive to the requirements of Item 5.02(c) of Form 8-K is incorporated by reference from (i) the Company&rsquo;s
Proxy Statement for its 2017 Annual Meeting of Stockholders, a copy of which was filed with the SEC on March 21, 2017, and (ii)
the Company&rsquo;s Current Report on Form 8-K filed with the SEC on August 11, 2017.</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; text-align: justify">In connection with the foregoing changes
to executive management and the Board of Directors, effective on December 4, 2017, the Board of Directors increased the number
of directors constituting the Board of Directors from nine to 10 and elected Mr. Abate as a director, with a term expiring in May
2018, to fill the vacancy on the Board created by the increase in the number of directors. Mr. Abate is expected to be nominated
to stand for reelection as a director at the Company&rsquo;s 2018 Annual Meeting of Stockholders. Mr. Abate will not receive any
compensation for his service as a director other than his compensation as an executive officer of the Company.</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-indent: 0.5in; text-align: justify">The Company expects to enter into an amended
employment agreement with Mr. Hughes relating to his retirement from serving as Chief Executive Officer.&nbsp;&nbsp;Under the expected
terms of that agreement, Mr. Hughes will retire from his position as Chief Executive Officer of the Company effective on May 22,
2018, and is expected to continue his employment with the Company in an advisory role for a period of two years, expiring on or
about May 22, 2020.&nbsp;</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; text-align: justify">Mr. Hughes will continue to be eligible
to receive a performance-based annual bonus for his service as Chief Executive Officer for the full year in 2017 as part of the
Company&rsquo;s annual bonus program for executive officers, and he will be eligible to receive a pro-rated performance-based annual
bonus for 2018, pro-rated for the period of 2018 during which he serves as Chief Executive Officer. Following his retirement from
the Chief Executive Officer position, Mr. Hughes is expected to receive a salary of $150,000 per annum for his employment with
the Company in an advisory role. In addition, consistent with the terms of his outstanding Company equity awards, all unvested
equity awards held by Mr. Hughes at the time of his retirement, including deferred stock units and performance stock units, will
remain outstanding and eligible to vest during his term of employment in an advisory role.</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">&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: 0.75in; text-align: left"><B>Item 7.01.</B></TD><TD STYLE="text-align: justify"><B>Regulation
                                         FD Disclosure.</B></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; text-align: justify; text-indent: 0.5in">On December 4, 2017, the Company issued a
press release announcing its Board of Directors&rsquo; intention with respect to 2018 regular quarterly dividends.</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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On December 4, 2017,
the Company issued a press release announcing the executive management changes described above in Item 5.02, as well as the changes
to the composition of its Board of Directors described above in Item 5.02.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></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">The
information contained in this Item 7.01 and the attached Exhibits 99.1 and 99.2 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"></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"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Cautionary Statement:
This Current Report on Form 8-K contains forward-looking statements within the meaning of the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995, including statements related to anticipated changes to executive employment agreements
and compensation. 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 our Quarterly Reports on Form 10-Q for the quarters
ended June 30, 2017 and September 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 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
the new U.S. presidential administration, and in particular 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; 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; 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"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</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"></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: 0.75in; text-align: left"><B>Item 9.01.</B></TD><TD STYLE="text-align: justify"><B>Financial
                                         Statements and Exhibits.</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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; text-align: justify">
<TD STYLE="width: 0.5in">(d)</TD><TD STYLE="width: 1in; text-align: left">Exhibits<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></TD>
</TR>     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></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: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 1in"><A HREF="tv480314_ex99-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exhibit 99.1</FONT></A></TD>
    <TD><A HREF="tv480314_ex99-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Press Release re: dividends dated December 4, 2017</FONT></A>

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



<A HREF="tv480314_ex99-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><A HREF="tv480314_ex99-2.htm" STYLE="-sec-extract: exhibit">Exhibit 99.2</A></TD>
    <TD><A HREF="tv480314_ex99-2.htm" STYLE="-sec-extract: exhibit">Press Release re: executive management and board of director changes dated December 4, 2017</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: 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-top: 0pt; text-align: center; margin-bottom: 0pt"><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-top: 0pt; margin-bottom: 0pt; text-align: justify">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-top: 0pt; margin-bottom: 0pt; 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>Date: December 4, 2017</TD>
    <TD COLSPAN="2"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2.8pt 0pt 0">REDWOOD TRUST, INC.</P>

</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">/<FONT STYLE="font: small-caps 10pt Times New Roman, Times, Serif">s/ Andrew P. Stone</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 52%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 46%; text-align: left">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt">Andrew P. Stone</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt">Executive
Vice President, General Counsel,<BR>
and Secretary</P></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">&nbsp;</P>


<!-- Field: Page; Sequence: 5 -->
    <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"><B>&nbsp;</B></P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: white; text-decoration: none">
    <TD STYLE="width: 0.7in; text-decoration: none"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Exhibit
    No.</U></B></FONT></TD>
    <TD STYLE="width: 0.1in; padding-bottom: 1pt"><B>&nbsp;</B></TD>
    <TD STYLE="text-decoration: none"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Exhibit
    Title</U></B></FONT></TD>
    </TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding-left: 0.25in; padding-top: 4pt"><A HREF="tv480314_ex99-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.1</FONT></A></TD>
    <TD STYLE="padding-top: 4pt">&nbsp;</TD>
    <TD STYLE="padding-top: 4pt"><A HREF="tv480314_ex99-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Press
    Release re: dividends dated December 4, 2017</FONT></A></TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding-left: 0.25in; padding-top: 4pt">&nbsp;</TD>
    <TD STYLE="padding-top: 4pt">&nbsp;</TD>
    <TD STYLE="padding-top: 4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding-left: 0.25in; padding-top: 4pt"><A HREF="tv480314_ex99-2.htm" STYLE="-sec-extract: exhibit">99.2</A></TD>
    <TD STYLE="padding-top: 4pt">&nbsp;</TD>
    <TD STYLE="padding-top: 4pt"><A HREF="tv480314_ex99-2.htm" STYLE="-sec-extract: exhibit">Press Release re: executive management and board of director changes dated December 4, 2017

</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: 6; 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">&nbsp;</P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>tv480314_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">&nbsp;</P>

<P STYLE="margin: 0; text-align: right"><B>Exhibit 99.1</B></P>

<P STYLE="margin-top: 0; margin-bottom: 0; text-align: left"><IMG SRC="image_001.jpg" ALT=""><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="margin-top: 0; margin-bottom: 0">&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: 2in; padding-bottom: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>FOR IMMEDIATE RELEASE</U></FONT></TD>
    <TD STYLE="padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="width: 0.85in; padding-bottom: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">CONTACT: </FONT></TD>
    <TD STYLE="width: 1.15in; padding-bottom: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Kristin Brown</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Redwood Trust, Inc.</FONT></TD>
    <TD STYLE="padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Investor Relations</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Monday, December 4, 2017</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">(415) 384-3805</FONT></TD></TR>
</TABLE>
<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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>REDWOOD ANNOUNCES
INTENTION TO MAINTAIN DIVIDEND</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>AT $0.28 PER SHARE
PER QUARTER IN 2018</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><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; Monday, December 4, 2017</B> <FONT STYLE="font-size: 10pt">&ndash; Redwood Trust, Inc. (NYSE:
RWT) today announced that its Board of Directors declared its intention to continue to pay a regular dividend of $0.28 per share
per quarter in 2018. </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;The payment of regular dividends
remains a priority for Redwood,&quot; said Marty Hughes, Redwood's Chief Executive Officer.</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: <U>www.redwoodtrust.com</U>.</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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 9pt"><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 statements related to Redwood&rsquo;s intentions with respect to 2018 regular
dividends. 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 Reports on Form 10-Q for the quarters
ended June 30, 2017 and September 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, 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></FONT></P>

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

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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>tv480314_ex99-2.htm
<DESCRIPTION>EXHIBIT 99.2
<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: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 99.2</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: left"><IMG SRC="image_002.jpg" ALT="" STYLE="height: 85px; width: 185px"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></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: 70%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>FOR IMMEDIATE RELEASE</U></FONT></TD>
    <TD STYLE="width: 15%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CONTACT: </FONT></TD>
    <TD STYLE="width: 20%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Kristin Brown</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Redwood Trust, Inc.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investor Relations</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Monday, December 4, 2017</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(415) 384-3805</FONT></TD></TR>
</TABLE>


<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; text-indent: 0.5in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Redwood Trust Announces Marty Hughes&rsquo;
Retirement as Chief Executive Officer</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"><B>Christopher J. Abate to be named CEO<BR>
and<BR>
Dashiell I. Robinson to be promoted to President</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: justify"><B>&nbsp;&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>MILL VALLEY, CA - Monday, December 4,
2017</B> - Redwood Trust, Inc. (NYSE: RWT) announced today that Marty Hughes will retire as Chief Executive Officer and as a member
of the Board of Directors effective on May 22, 2018. Following his retirement, Mr. Hughes will continue to serve in an advisory
role at Redwood for a period of two years.</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 also announced that upon Mr. Hughes&rsquo;
retirement, Christopher J. Abate will be named as Redwood&rsquo;s Chief Executive Officer and Dashiell I. Robinson will be promoted
to serve as Redwood&rsquo;s President. Mr. Abate has also been appointed to serve as a member of Redwood&rsquo;s Board of Directors,
effective December 4, 2017.</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;We are grateful to Marty for his
outstanding service to Redwood,&rdquo; said Richard D. Baum, the Chair of Redwood&rsquo;s Board of Directors. &ldquo;Redwood emerged
from the world-wide financial crisis in a strong and stable condition and has prospered in its aftermath due to Marty&rsquo;s leadership.
We have been engaged in a robust succession planning process for several years involving every member of the Board. The Directors
are unanimously of the view that Chris is the best person to succeed Marty as Chief Executive Officer. We are confident that Chris,
together with Dash and the management team, will lead the company to continued success in the future,&rdquo; Mr. Baum added.</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 is entering a new growth
phase and now is the right time to make a leadership transition,&rdquo; said Mr. Hughes. &ldquo;Chris embodies Redwood&rsquo;s
strong culture, has boundless energy, and possesses outstanding executive competencies. He is a superior strategist and leader,
who gets results. I have total confidence in Chris at Redwood&rsquo;s helm and look forward to remaining involved with Redwood
and Chris as a friend, advisor and shareholder.&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;It will be my honor to lead such
a great company&rdquo;, said Mr. Abate. &ldquo;It has been a pleasure to serve with such an outstanding leader as Marty. I am grateful
for the confidence the Board has demonstrated by entrusting me with this responsibility.&rdquo; Mr. Abate added, &ldquo;Having
just completed a strategic offsite with the Board and our fully-seated executive team, I couldn&rsquo;t be more excited for the
future of the business. Dash and I look forward to sharing a strategic vision with our shareholders that capitalizes on secular
shifts in the housing market while significantly expanding on the tremendous platform developed through Marty&rsquo;s leadership.&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"></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;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Mr. Hughes has served as a member of Redwood&rsquo;s
Board of Directors since January 2011 and in various officer roles at Redwood for more than a decade. He has served as Redwood&rsquo;s
CEO since May 2010.</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">Mr. Abate has served as Redwood&rsquo;s
President since July 2016. He served as Redwood&rsquo;s Chief Financial Officer from March 2012 until August 2017 and as its Controller
from January 2009 to March 2013. He has been employed by Redwood since April 2006.</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">Mr. Robinson joined Redwood in September
2017 as its Executive Vice President. Previously, Mr. Robinson was employed by Wells Fargo Securities from 2009 until joining Redwood,
most recently serving within the Asset-Backed Finance Group as Head of Mortgage Finance.</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 information about Redwood Trust, please
visit our website at <U>www.redwoodtrust.com</U>.</P>

<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"><I><U>Cautionary Statement</U>: 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 statements related to leadership succession and Redwood&rsquo;s business and prospects. Forward-looking
statements involve numerous risks and uncertainties. Redwood's actual results may differ from Redwood'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, beliefs 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 Quarterly Reports on Form 10-Q for the quarters ended June 30, 2017
and September 30, 2017 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 we file with the Securities and
Exchange Commission, 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; text-align: justify">&nbsp;</P>

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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>4
<FILENAME>image_001.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 image_001.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  $! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0'_
MVP!# 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0'_P  1" !: .$# 2(  A$! Q$!_\0
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M/2-HI15DK%%%%8GZ6%%%% !1110 4444 %%%% !1110 4444 %%%% !1110
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MB5;#[^WA4HVLV_WD)1TU3:5OYLQX*_:-+8.J?MK]01G_ (-_?^"5 QGOQX>
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MN(?,HX'DGB:T:U.%+GPV$C*-2%%U:SBZL4XRC*<90;1_G^_LU_\ !$S]N_\
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M10 4444 %%%% #%/&!S@GOT&<J#W'RGOTQCK2@D$ ]QGGJ#Z$CC@?RK\,O\
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M)+ZX*Q-$GRF)2V$.?TZ^%_P(^+_PC^)G[0/B'2/B#XJ^).F^./!/PW'P\O\
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6*][:[;:]>N_4 HHHJ>1?TO\ [8#_V0$!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>5
<FILENAME>image_002.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 image_002.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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
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
