<SEC-DOCUMENT>0001104659-21-102423.txt : 20210810
<SEC-HEADER>0001104659-21-102423.hdr.sgml : 20210810
<ACCEPTANCE-DATETIME>20210809214816
ACCESSION NUMBER:		0001104659-21-102423
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		16
CONFORMED PERIOD OF REPORT:	20210809
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20210810
DATE AS OF CHANGE:		20210809

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:		211158207

	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>tm2124356d2_8k.htm
<DESCRIPTION>FORM 8-K
<TEXT>
<XBRL>
<?xml version="1.0" encoding="utf-8"?>
<html xmlns="http://www.w3.org/1999/xhtml" xmlns:xs="http://www.w3.org/2001/XMLSchema-instance" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xbrli="http://www.xbrl.org/2003/instance" xmlns:xbrldi="http://xbrl.org/2006/xbrldi" xmlns:xbrldt="http://xbrl.org/2005/xbrldt" xmlns:iso4217="http://www.xbrl.org/2003/iso4217" xmlns:ix="http://www.xbrl.org/2013/inlineXBRL" xmlns:ixt="http://www.xbrl.org/inlineXBRL/transformation/2015-02-26" xmlns:ixt-sec="http://www.sec.gov/inlineXBRL/transformation/2015-08-31" xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:dei="http://xbrl.sec.gov/dei/2020-01-31" xmlns:ref="http://www.xbrl.org/2006/ref" xmlns:us-gaap="http://fasb.org/us-gaap/2020-01-31" xmlns:us-roles="http://fasb.org/us-roles/2020-01-31" xmlns:country="http://xbrl.sec.gov/country/2020-01-31" xmlns:srt="http://fasb.org/srt/2020-01-31" xmlns:rwt="http://redwoodtrust.com/20210809">
<head>
     <title></title>
<meta http-equiv="Content-Type" content="text/html" />
</head>
<!-- Field: Set; Name: xdx; ID: xdx_029_US%2DGAAP%2D2020 -->
<!-- Field: Set; Name: xdx; ID: xdx_03E_rwt_redwoodtrust.com_20210809 -->
<!-- Field: Set; Name: xdx; ID: xdx_04E_20210809_20210809 -->
<!-- Field: Set; Name: xdx; ID: xdx_056_edei%2D%2DEntityCentralIndexKey_0000930236 -->
<!-- Field: Set; Name: xdx; ID: xdx_059_edei%2D%2DAmendmentFlag_false -->
<!-- Field: Set; Name: xdx; ID: xdx_06B_USD_1_iso4217%2D%2DUSD -->
<!-- Field: Set; Name: xdx; ID: xdx_062_Shares_2_xbrli%2D%2Dshares -->
<!-- Field: Set; Name: xdx; ID: xdx_06D_USDPShares_3_iso4217%2D%2DUSD_xbrli%2D%2Dshares -->
<body style="font: 10pt Times New Roman, Times, Serif">
<div style="display: none">
<ix:header>
 <ix:hidden>
  <ix:nonNumeric contextRef="From2021-08-09to2021-08-09" name="dei:EntityCentralIndexKey">0000930236</ix:nonNumeric>
  <ix:nonNumeric contextRef="From2021-08-09to2021-08-09" format="ixt:booleanfalse" name="dei:AmendmentFlag">false</ix:nonNumeric>
  </ix:hidden>
 <ix:references>
  <link:schemaRef xlink:href="rwt-20210809.xsd" xlink:type="simple" />
  </ix:references>
 <ix:resources>
    <xbrli:context id="From2021-08-09to2021-08-09">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0000930236</xbrli:identifier>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2021-08-09</xbrli:startDate>
        <xbrli:endDate>2021-08-09</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:unit id="USD">
      <xbrli:measure>iso4217:USD</xbrli:measure>
    </xbrli:unit>
    <xbrli:unit id="Shares">
      <xbrli:measure>xbrli:shares</xbrli:measure>
    </xbrli:unit>
    <xbrli:unit id="USDPShares">
      <xbrli:divide>
        <xbrli:unitNumerator>
          <xbrli:measure>iso4217:USD</xbrli:measure>
        </xbrli:unitNumerator>
        <xbrli:unitDenominator>
          <xbrli:measure>xbrli:shares</xbrli:measure>
        </xbrli:unitDenominator>
      </xbrli:divide>
    </xbrli:unit>
  </ix:resources>
 </ix:header>
</div>


<p style="margin: 0"></p>

<p style="margin-top: 0pt; margin-bottom: 0pt"></p>

<p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<!-- Field: Rule-Page -->
<div style="text-align: left; margin-top: 0px; margin-bottom: 0px">
<div style="border-top: black 2pt solid; border-bottom: black 1pt solid; width: 100%; font-size: 1pt">&#160;</div></div><!-- Field: /Rule-Page --><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><b>UNITED STATES</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>SECURITIES AND EXCHANGE COMMISSION</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Washington, D.C. 20549</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p>

<!-- Field: Rule-Page --><div style="margin: 3pt auto; width: 25%"><div style="border-top: Black 1pt solid; font-size: 1pt">&#160;</div></div><!-- Field: /Rule-Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>FORM <span id="xdx_908_edei--DocumentType_c20210809__20210809_zIZF2x2dCjlb"><ix:nonNumeric contextRef="From2021-08-09to2021-08-09" name="dei:DocumentType">8-K</ix:nonNumeric></span></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>CURRENT REPORT</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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: 0pt 0; text-align: center"><b>Securities Exchange Act of 1934</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Date of Report (Date of earliest event
reported): <span id="xdx_90B_edei--DocumentPeriodEndDate_c20210809__20210809_z0D9kPV4UMX1"><ix:nonNumeric contextRef="From2021-08-09to2021-08-09" format="ixt:datemonthdayyearen" name="dei:DocumentPeriodEndDate">August 9, 2021</ix:nonNumeric></span></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p>

<!-- Field: Rule-Page --><div style="margin: 3pt auto; width: 25%"><div style="border-top: Black 1pt solid; font-size: 1pt">&#160;</div></div><!-- Field: /Rule-Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

<p style="font: small-caps bold 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-variant: normal"><span id="xdx_904_edei--EntityRegistrantName_c20210809__20210809_z1PNGmzyRCEg"><ix:nonNumeric contextRef="From2021-08-09to2021-08-09" name="dei:EntityRegistrantName">REDWOOD TRUST, INC.</ix:nonNumeric></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt/normal Times New Roman, Times, Serif; border-collapse: collapse; font-size-adjust: none; font-stretch: normal; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 33%; text-align: center">
        <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b><span id="xdx_90F_edei--EntityIncorporationStateCountryCode_c20210809__20210809_zFL6p1egKYS1"><ix:nonNumeric contextRef="From2021-08-09to2021-08-09" format="ixt-sec:stateprovnameen" name="dei:EntityIncorporationStateCountryCode">Maryland</ix:nonNumeric></span></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>
        <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></p></td>
    <td style="width: 34%; text-align: center">
        <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-variant: small-caps"><b><span id="xdx_905_edei--EntityFileNumber_c20210809__20210809_zn4WxKwocMdc"><ix:nonNumeric contextRef="From2021-08-09to2021-08-09" name="dei:EntityFileNumber">001-13759</ix:nonNumeric></span></b></span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(Commission File Number)</p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></p></td>
    <td style="width: 33%; text-align: center">
        <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-variant: small-caps"><b><span id="xdx_906_edei--EntityTaxIdentificationNumber_c20210809__20210809_zpUnP0iP3YPl"><ix:nonNumeric contextRef="From2021-08-09to2021-08-09" name="dei:EntityTaxIdentificationNumber">68-0329422</ix:nonNumeric></span></b></span></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">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><span id="xdx_909_edei--EntityAddressAddressLine1_c20210809__20210809_zjhnU2kbLi0g"><ix:nonNumeric contextRef="From2021-08-09to2021-08-09" name="dei:EntityAddressAddressLine1">One Belvedere Place</ix:nonNumeric></span></b><br />
<b><span id="xdx_909_edei--EntityAddressAddressLine2_c20210809__20210809_zlWoZXvWtAvi"><ix:nonNumeric contextRef="From2021-08-09to2021-08-09" name="dei:EntityAddressAddressLine2">Suite 300</ix:nonNumeric></span></b><br />
<b><span id="xdx_901_edei--EntityAddressCityOrTown_c20210809__20210809_zRPley98hTyg"><ix:nonNumeric contextRef="From2021-08-09to2021-08-09" name="dei:EntityAddressCityOrTown">Mill Valley</ix:nonNumeric></span>, <span id="xdx_90F_edei--EntityAddressStateOrProvince_c20210809__20210809_zsO2XwIpZDgc"><ix:nonNumeric contextRef="From2021-08-09to2021-08-09" format="ixt-sec:stateprovnameen" name="dei:EntityAddressStateOrProvince">California</ix:nonNumeric></span> <span id="xdx_909_edei--EntityAddressPostalZipCode_c20210809__20210809_z3YQBzkFYIxb"><ix:nonNumeric contextRef="From2021-08-09to2021-08-09" name="dei:EntityAddressPostalZipCode">94941</ix:nonNumeric></span></b><br />
<span style="font-family: Times New Roman, Times, Serif">(Address of principal executive offices, including Zip Code)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>(<span id="xdx_900_edei--CityAreaCode_c20210809__20210809_zwBkwaWChCm4"><ix:nonNumeric contextRef="From2021-08-09to2021-08-09" name="dei:CityAreaCode">415</ix:nonNumeric></span>) <span id="xdx_901_edei--LocalPhoneNumber_c20210809__20210809_z8gFiIAHBySf"><ix:nonNumeric contextRef="From2021-08-09to2021-08-09" name="dei:LocalPhoneNumber">389-7373</ix:nonNumeric></span></b><br />
(Registrant&#8217;s telephone number, including area code)</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</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"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p>

<!-- Field: Rule-Page --><div style="margin: 3pt auto; width: 25%"><div style="border-top: Black 1pt solid; font-size: 1pt">&#160;</div></div><!-- Field: /Rule-Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</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">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0px; margin-bottom: 0px; font-size-adjust: none; font-stretch: normal; width: 100%">
<tr style="text-align: justify; vertical-align: top">
    <td style="width: 0in">&#160;</td>
    <td style="width: 0.25in; text-align: left"><span style="font-family: Wingdings"><span id="xdx_90B_edei--WrittenCommunications_c20210809__20210809_z9br5So6y487"><ix:nonNumeric contextRef="From2021-08-09to2021-08-09" format="ixt:booleanfalse" name="dei:WrittenCommunications">&#168;</ix:nonNumeric></span></span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</span></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0px; margin-bottom: 0px; font-size-adjust: none; font-stretch: normal; width: 100%">
<tr style="text-align: justify; vertical-align: top">
    <td style="width: 0in">&#160;</td>
    <td style="width: 0.25in; text-align: left"><span style="font-family: Wingdings"><span id="xdx_904_edei--SolicitingMaterial_c20210809__20210809_zZAYb9J6GwL2"><ix:nonNumeric contextRef="From2021-08-09to2021-08-09" format="ixt:booleanfalse" name="dei:SolicitingMaterial">&#168;</ix:nonNumeric></span></span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</span></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0px; margin-bottom: 0px; font-size-adjust: none; font-stretch: normal; width: 100%">
<tr style="text-align: justify; vertical-align: top">
    <td style="width: 0in">&#160;</td>
    <td style="width: 0.25in; text-align: left"><span style="font-family: Wingdings"><span id="xdx_906_edei--PreCommencementTenderOffer_c20210809__20210809_zsLUNt3hnXg3"><ix:nonNumeric contextRef="From2021-08-09to2021-08-09" format="ixt:booleanfalse" name="dei:PreCommencementTenderOffer">&#168;</ix:nonNumeric></span></span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</span></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0px; margin-bottom: 0px; font-size-adjust: none; font-stretch: normal; width: 100%">
<tr style="text-align: justify; vertical-align: top">
    <td style="width: 0in">&#160;</td>
    <td style="width: 0.25in; text-align: left"><span style="font-family: Wingdings"><span id="xdx_90A_edei--PreCommencementIssuerTenderOffer_c20210809__20210809_zQt0qiremJv1"><ix:nonNumeric contextRef="From2021-08-09to2021-08-09" format="ixt:booleanfalse" name="dei:PreCommencementIssuerTenderOffer">&#168;</ix:nonNumeric></span></span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</span></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</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"><span style="font-size: 10pt">Emerging growth
company <span style="font-family: Wingdings"><span id="xdx_901_edei--EntityEmergingGrowthCompany_c20210809__20210809_zkb0Es87RaM4"><ix:nonNumeric contextRef="From2021-08-09to2021-08-09" format="ixt:booleanfalse" name="dei:EntityEmergingGrowthCompany">&#168;</ix:nonNumeric></span></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span 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. <span style="font-family: Wingdings">&#168;</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt/normal Times New Roman, Times, Serif; border-collapse: collapse; font-size-adjust: none; font-stretch: normal; width: 100%">
<tr>
    <td style="border: black 1pt solid; border-image: none; width: 40%; text-align: center; text-indent: 0in; padding-right: 5.4pt; padding-bottom: 2pt; padding-left: 5.4pt; font-size: 10pt"><span style="font-size: 10pt"><b>Title of each class</b></span></td>
    <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; width: 20%; text-align: center; text-indent: 0in; padding-right: 5.4pt; padding-bottom: 2pt; padding-left: 5.4pt; font-size: 10pt"><span style="font-size: 10pt"><b>Trading symbol(s)</b></span></td>
    <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; width: 40%; text-align: center; text-indent: 0in; padding-right: 5.4pt; padding-bottom: 2pt; padding-left: 5.4pt; font-size: 10pt"><span style="font-size: 10pt"><b>Name of each exchange on which registered</b></span></td></tr>
<tr>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; text-indent: 0in; padding-right: 5.4pt; padding-bottom: 2pt; padding-left: 5.4pt; font-size: 10pt"><span style="font-size: 10pt"><span id="xdx_909_edei--Security12bTitle_c20210809__20210809_zKgiVK1VFs82"><ix:nonNumeric contextRef="From2021-08-09to2021-08-09" name="dei:Security12bTitle">Common stock, par value $0.01 per share</ix:nonNumeric></span></span></td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; text-indent: 0in; padding-right: 5.4pt; padding-bottom: 2pt; padding-left: 5.4pt; font-size: 10pt"><span style="font-size: 10pt"><span id="xdx_909_edei--TradingSymbol_c20210809__20210809_zxYPjHWhO2w5"><ix:nonNumeric contextRef="From2021-08-09to2021-08-09" name="dei:TradingSymbol">RWT</ix:nonNumeric></span></span></td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; text-indent: 0in; padding-right: 5.4pt; padding-bottom: 2pt; padding-left: 5.4pt; font-size: 10pt"><span style="font-size: 10pt"><span id="xdx_900_edei--SecurityExchangeName_c20210809__20210809_zq7Hr2QxB6c6"><ix:nonNumeric contextRef="From2021-08-09to2021-08-09" format="ixt-sec:exchnameen" name="dei:SecurityExchangeName">New York Stock Exchange</ix:nonNumeric></span></span></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<!-- Field: Rule-Page -->
<div style="text-align: left; margin-top: 0px; margin-bottom: 0px">
<div style="border-top: black 1pt solid; border-bottom: black 2pt solid; width: 100%; font-size: 1pt">&#160;</div></div><!-- Field: /Rule-Page --><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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

<!-- Field: Page; Sequence: 1 -->
    <div style="border-bottom: Black 1pt solid; margin-top: 12pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</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: 9%; font-size: 10pt"><span style="font-size: 10pt"><b>Item&#160;1.01</b></span></td>
    <td style="width: 91%; font-size: 10pt"><span style="font-size: 10pt"><b>Entry Into a Material Definitive Agreement</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">In connection with the commencement
by Redwood Trust, Inc. (the &#8220;Company&#8221;) of its &#8220;continuous equity offering,&#8221; pursuant to which the Company may
sell up to an aggregate of $175,000,000 of the Company&#8217;s common stock, par value $0.01 per share (the &#8220;Shares&#8221;) from
time to time in &#8220;at the market&#8221; offerings (the &#8220;Offering&#8221;), the Company previously entered into a distribution
agreement, dated November 14, 2018 (as amended on May 9, 2019 and March 4, 2020, the &#8220;Agreement&#8221;), by and between the Company
and Wells Fargo Securities, LLC, J.P. Morgan Securities LLC, Credit Suisse Securities (USA) LLC, Goldman Sachs &amp; Co. LLC, JMP Securities
LLC and Nomura Securities International, Inc., as agents and/or principals, for the offer and sale of the Shares (together, the &#8220;Initial
Agents&#8221;).</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">On August 9, 2021, the Company
entered into an amendment (&#8220;Amendment No. 3&#8221;) to the Agreement with the Initial Agents and Mischler Financial Group, Inc.
to, among other things, permit Mischler Financial Group, Inc. to join the program as an additional agent and/or principal and revise the
windows during which the Company may not offer, sell or deliver, or request the offer or sale, of any Shares pursuant to the Agreement.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">Under the Agreement, the
Company has offered and sold $64,596,600.79 of the Company&#8217;s common stock through the date hereof.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">On August 9, 2021, the Company
also filed a prospectus supplement, dated August 9, 2021 (the &#8220;Prospectus Supplement&#8221;), in connection with the offer and sale
of the Shares. The Shares will be issued pursuant to the Prospectus Supplement and the Company&#8217;s shelf registration statement on
Form S-3 (File No. 333-231338), which was originally filed with the SEC on May 9, 2019 and amended on March 12, 2021.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">This Current Report on Form
8-K shall not constitute an offer to sell or the solicitation of an offer to buy any security nor shall there be any sale of these securities
in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws
of any such state.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">A copy of Amendment No. 3
is filed as Exhibit 1.1 to this Current Report. The description of Amendment No. 3 does not purport to be complete and is qualified in
its entirety by reference to Amendment No. 3 filed as an exhibit to this Current Report and incorporated herein by reference.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The company is filing the
opinion of its Maryland counsel, Venable LLP, regarding the legality of the Shares that may be issued pursuant to the Amendment. The opinion
is filed as Exhibit 5.1 to this Current Report.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</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: 9%; font-size: 10pt"><span style="font-size: 10pt"><b>Item&#160;9.01</b></span></td>
    <td style="width: 91%; font-size: 10pt"><span style="font-size: 10pt"><b>Financial Statements and Exhibits. </b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in; margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 10pt">(d) Exhibits.
</span></p>



<p style="margin: 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">Exhibit&#160;No.</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">Description</td></tr>
  <tr style="vertical-align: bottom">
    <td style="vertical-align: top; width: 10%; font-size: 10pt; text-align: left"><a href="tm2124356d2_ex1-1.htm">1.1</a></td><td style="width: 2%; font-size: 10pt">&#160;</td>
    <td style="width: 88%; font-size: 10pt; text-align: left"><a href="tm2124356d2_ex1-1.htm">Amendment No. 3 to Distribution Agreement, dated August 9, 2021, by and among Redwood Trust, Inc., Wells Fargo Securities, LLC, J.P. Morgan Securities LLC, Credit Suisse Securities (USA) LLC, JMP Securities LLC, Nomura Securities International, Inc. and Mischler Financial Group, Inc.</a></td></tr>
  <tr style="vertical-align: bottom">
    <td style="font-size: 10pt; text-align: left"><a href="tm2124356d2_ex5-1.htm">5.1</a></td><td style="font-size: 10pt">&#160;</td>
    <td style="font-size: 10pt; text-align: left"><a href="tm2124356d2_ex5-1.htm">Opinion of Venable LLP.</a></td></tr>
  <tr style="vertical-align: bottom">
    <td style="font-size: 10pt; text-align: left"><a href="tm2124356d2_ex5-1.htm">23.2</a></td><td style="font-size: 10pt">&#160;</td>
    <td style="font-size: 10pt; text-align: left"><a href="tm2124356d2_ex5-1.htm">Consent of Venable LLP (included in Exhibit 5.1).</a></td></tr>
  <tr style="vertical-align: bottom">
    <td style="font-size: 10pt; text-align: left">104</td><td style="font-size: 10pt">&#160;</td>
    <td style="font-size: 10pt; text-align: left">Cover Page Interactive Data File (embedded within the Inline XBRL document).</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>




<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"></p>

<!-- Field: Page; Sequence: 2 -->
    <div style="border-bottom: Black 1pt solid; margin-top: 12pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><b>SIGNATURES</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Pursuant to the requirements of the Securities Exchange
Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&#160;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif">Date: August 9, 2021</td>
    <td colspan="3" style="font: 10pt Times New Roman, Times, Serif">REDWOOD TRUST, INC.</td></tr>
  <tr style="vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td colspan="3" style="font: 10pt Times New Roman, Times, Serif">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">By:&#160;&#160;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">/s/ Andrew P. Stone</td></tr>
  <tr style="vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 50%">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 5%">Name:</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 43%"> Andrew P. Stone</td></tr>
  <tr style="vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">Title:</td>
    <td style="font: 10pt Times New Roman, Times, Serif">Executive Vice President,</td></tr>
  <tr style="vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">Chief Legal Officer, and Secretary</td></tr>
  </table>




<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p>

<!-- Field: Page; Sequence: 3; Options: Last -->
    <div style="border-bottom: Black 1pt solid; margin-top: 12pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

</body>
</html>
<!-- Field: Set; Name: xdx; ID: xdx_08B_extensions -->
<!-- eJxFjV0KwjAQhE/QOyx5LppaVOybFhWxihQRX2O7SrDNlk38O5K3NLaIy8KyzHwzQoRiSQtdIcNxlmewx7qplEPI8YyMpkDvSFfrBPzN8aKtY2Vc+/7AlDyDnhn25KnwQmu9a4tlAnLcj2U/moCMEzmC6UYEXz0lc9YlGqdVBcqUsGNqWKNT/OoS9upJhupXW3VAtppMAlFPdvIbBjIawJbu6kF8tZBlqQjCdgKxZLo135qbdVTDvMLad9kO/W/wATKUSW4= -->
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-1.1
<SEQUENCE>2
<FILENAME>tm2124356d2_ex1-1.htm
<DESCRIPTION>EXHIBIT 1.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 1.1</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: right"><B>EXECUTION VERSION</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">REDWOOD TRUST,&nbsp;INC.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><I>Amendment No.&nbsp;3 to the Distribution
Agreement</I></B></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: right">August&nbsp;9, 2021</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">Wells Fargo Securities, LLC<BR>
500 West 33<SUP>rd</SUP> Street, 14<SUP>th</SUP> Floor<BR>
New York, New York 10001</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">J.P. Morgan Securities LLC&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">383 Madison Avenue&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">New York, New York 10179</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">Credit Suisse Securities (USA) LLC&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">11 Madison Avenue&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">New York, New York 10010</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">JMP Securities LLC&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">600 Montgomery Street, Suite&nbsp;1100&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">San Francisco, California 94111</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">Nomura Securities International,&nbsp;Inc.&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">309 West 49th Street&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">New York, New York 10019</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">Mischler Financial Group,&nbsp;Inc.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1111 Bayside Drive, Suite&nbsp;100&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Corona del Mar, CA 92625</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">Ladies and Gentlemen:</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; text-indent: 0.5in">Reference is made to (1)&nbsp;the
Distribution Agreement, dated November&nbsp;14, 2018, as amended by Amendment No.1 thereto on May&nbsp;9, 2019 and Amendment No.&nbsp;2
thereto on March&nbsp;4, 2020 (the &ldquo;<B>Agreement</B>&rdquo;), among Redwood Trust,&nbsp;Inc., a Maryland corporation (the &ldquo;<B>Company</B>&rdquo;),
and Wells Fargo Securities, LLC, J.P. Morgan Securities LLC, Credit Suisse Securities (USA) LLC, Goldman Sachs&nbsp;&amp; Co. LLC (&ldquo;<B>Goldman</B>&quot;),
JMP Securities LLC and Nomura Securities International,&nbsp;Inc., as an agent and/or principal under any Terms Agreement (the &ldquo;<B>Pre-Termination
Agents</B>&rdquo;) with respect to the issuance and sale from time to time by the Company of shares of Common Stock, par value, $0.01
per share of the Company having an aggregate Gross Sales Price of up to $175,000,000 on the terms set forth in the Agreement, and (2)&nbsp;the
Notice of Termination of Distribution Agreement, dated the date hereof, delivered by Goldman to the Company pursuant to Section&nbsp;8(b)(i)&nbsp;of
the Agreement, whereby Goldman terminated the Agreement with respect to itself, effective as of the date hereof (each Pre-Termination
Agent other than Goldman is hereby referred to as an &ldquo;<B>Agent</B>&rdquo; or collectively as the &ldquo;<B>Agents</B>&rdquo;).</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>

<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="break-before: page; 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>

<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-align: justify; text-indent: 0.5in">In connection with the foregoing,
the Company and the Agents wish to amend the Agreement pursuant to Section&nbsp;18 thereof through this Amendment No.&nbsp;3 to the Agreement
(this &ldquo;<B>Amendment</B>&rdquo;) to remove Goldman, permit Mischler Financial Group,&nbsp;Inc. (&quot;<B>Mischler</B>&quot;) to
join the Agreement as an additional Agent and to make certain related changes to the Agreement with effect on and after the date hereof
(the &ldquo;<B>Effective Date</B>&rdquo;).</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">SECTION&nbsp;1. <U>Definitions</U>. Unless otherwise
defined herein, capitalized terms used herein shall have the respective meanings assigned thereto in the Agreement.</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">SECTION&nbsp;2. <U>Joinder</U>. Mischler hereby
joins and becomes a party to the Agreement (as amended by this Amendment) as an agent and/or principal under any Terms Agreement (as
defined in Section&nbsp;1(a)&nbsp;of the Agreement) with respect to the issuance and sale from time to time by the Company, in the manner
and subject to the terms and conditions described in the Agreement (as amended by this Amendment), and acknowledges and agrees to be
hereby bound by and be subject to, and shall continue to be bound by and subject to, the terms and provisions of the Agreement (as amended
by this Amendment). Mischler acknowledges that it has received a copy of the Agreement.</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">SECTION&nbsp;3. <U>Amendments</U>.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD STYLE="text-align: justify"><I>Addressees</I>:</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">(i)</TD><TD STYLE="text-align: justify">The addressees on page&nbsp;1 of the
                                            Agreement is amended to delete the following after the address of Credit Suisse Securities
                                            (USA) LLC and before the address of JMP Securities LLC:</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 0pt 1in; text-align: justify">Goldman Sachs&nbsp;&amp; Co. LLC&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">200 West Street&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">New York, New York 10282</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">(ii)</TD><TD STYLE="text-align: justify">The addressees on page&nbsp;1 of the
                                            Agreement is amended to add the following after the address of Nomura Securities International,&nbsp;Inc.
                                            and before &quot;Ladies and Gentleman&quot;:</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 0pt 1in; text-align: justify">Mischler Financial Group,&nbsp;Inc.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">1111 Bayside Drive, Suite&nbsp;100&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">Corona del Mar, CA 92625</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD STYLE="text-align: justify"><I>Introductory Paragraph</I>:</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">(i)</TD><TD STYLE="text-align: justify">The definitions of &quot;Agent&quot;
                                            and &quot;Agents&quot; in the introductory paragraph on page&nbsp;1 of the Agreement is amended
                                            to delete &quot;Goldman Sachs&nbsp;&amp; Co. LLC,&quot; add &quot;and Mischler Financial
                                            Group,&nbsp;Inc.&quot; after &quot;Nomura Securities International,&nbsp;Inc.&quot; and to
                                            replace &quot;and&quot; before &quot;Nomura Securities International,&nbsp;Inc.&quot; with
                                            a comma.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(c)</TD><TD STYLE="text-align: justify"><I>Exhibits</I>:</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">(i)</TD><TD STYLE="text-align: justify">Each of the introductory paragraphs
                                            in Exhibits A, B and D of the Agreement is hereby amended to delete &quot;Goldman Sachs&nbsp;&amp;
                                            Co. LLC,&quot; add &quot;and Mischler financial Group,&nbsp;Inc.&quot; after &quot;Nomura
                                            Securities International,&nbsp;Inc.&quot; and to replace &quot;and&quot; before &quot;Nomura
                                            Securities International,&nbsp;Inc.&quot; in each case with a comma.</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: 2; Options: NewSection; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">- <!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --> -</P></DIV>
    <DIV STYLE="break-before: page; 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>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(d)</TD><TD STYLE="text-align: justify"><I>Section&nbsp;15 (Notices)</I>:</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">(i)</TD><TD STYLE="text-align: justify">Section&nbsp;15 of the Agreement is
                                            hereby amended and restated as follows (additions are indicated in bold type and underline):</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 0pt 1in; text-align: justify; text-indent: 0.5in">All notices and other
communications under this Agreement and any Terms Agreement shall be in writing and shall be deemed to have been duly given if mailed
or transmitted and confirmed by any standard form of telecommunication. Notice to the Agents shall be delivered or sent to (i)&nbsp;Wells
Fargo Securities, LLC, 500 West 33rd Street, New York, New York 10001, Attention: Equity Syndicate Department (fax: (212) 214-5918);
(ii)&nbsp;J.P. Morgan Securities LLC, 383 Madison Avenue, New York, New York 10179, (fax: 212-622-8358), Attention: Equity Syndicate
Desk; (iii)&nbsp;Credit Suisse Securities (USA) LLC, Eleven Madison Avenue, New York, New York 10010-3649, (fax: 212-325-4296), Attention:
IBCM-Legal; (iv)&nbsp;JMP Securities LLC, 600 Montgomery Street, San Francisco, CA 94111, (email: syndicate@jmpsecurities.com), Attention:
Equity Syndicate Department; (v)&nbsp;Nomura Securities International,&nbsp;Inc., Worldwide Plaza, 309 West 49th Street New York, New
York 10019, Attention: Equity Capital Markets, Americas, email: NomuraATMExecution@nomura.com, fax: 646-587-9562 with a copy to the Head
of IBD Legal, fax: 646-587-9548); and (vi)&nbsp;<B><U>Mischler Financial Group,&nbsp;Inc., 1111 Bayside Drive, Suite&nbsp;100, Corona
del Mar, CA 92625, Attention: Capital Markets Office, email: jmaher@gtsmischler.com, fax: (203) 276-6686 with a copy to Rob Karr and
Doyle L. Holmes, fax: (203) 276-6686 / (949) 720-0229</U></B>; and if to the Company, shall be delivered or sent to One Belvedere Place,
Suite&nbsp;300, Mill Valley, California 94941, (fax: 415-381-1773), Attention: Andrew Stone, General Counsel (andy.stone@redwoodtrust.com),
with a copy, which shall not constitute notice, to Latham&amp; Watkins LLP, 650 Town Center Drive, 20th Floor, Costa Mesa, CA 92626,
(fax: 714-755-8290), Attention: William J. Cernius,&nbsp;Esq. (william.cernius@lw.com). Notwithstanding the foregoing, Transaction Proposals
shall be delivered by the Company to the Agents by telephone or email to (i)&nbsp;Wells Fargo Securities, LLC, 500 West 33rd Street,
New York, New York 10001, Attention: Equity Syndicate Department (fax: (212) 214-5918); (ii)&nbsp;J.P. Morgan Securities LLC, 383 Madison
Avenue, New York, New York 10179 (fax: 312-3007716), Attention: Stephanie Little; (iii)&nbsp;Credit Suisse Securities (USA) LLC, Eleven
Madison Avenue, New York, New York 10010-3649 (telephone: 212-325-8766), Attention: Equity Capital Markets Desk; (iv)&nbsp;JMP Securities
LLC, 600 Montgomery Street, San Francisco, CA 94111 (telephone: 415-835-8985; email: syndicate@jmpsecurities.com), Attention: Equity
Syndicate Department; and Transaction Acceptances shall be delivered by the Agents to the Company by email to Collin Cochrane (email:
Collin.Cochrane@redwoodtrust.com); (v)&nbsp;Nomura Securities International,&nbsp;Inc., Worldwide Plaza, 309 West 49th Street New York,
New York 10019, Attention: Equity Capital Markets, Americas, email: NomuraATMExecution@nomura.com, fax: 646-587-9562 with a copy to the
Head of IBD Legal, fax: 646-587-9548; and (vi)&nbsp;<B><U>Mischler Financial Group,&nbsp;Inc., 1111 Bayside Drive, Suite&nbsp;100, Corona
del Mar, CA 92625, Attention: Capital Markets Office, email: jmaher@gtsmischler.com, fax: (203) 276-6686 with a copy to Rob Karr and
Doyle L. Holmes, fax: (203) 276-6686 / (949) 720-0640</U></B>.</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; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">- <!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --> -</P></DIV>
    <DIV STYLE="break-before: page; 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>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(e)</TD><TD STYLE="text-align: justify"><I>Section&nbsp;2 (Transaction Acceptances
                                            and Terms Agreements):</I></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">(i)</TD><TD STYLE="text-align: justify">Section&nbsp;2(h)&nbsp;of the Agreement
                                            is hereby amended and restated as follows (additions are indicated in bold type and underline
                                            and deletions are indicated by strikethrough):</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 0pt 1in; text-align: justify">Notwithstanding any other provision of
this Agreement, the Company shall not offer, sell or deliver, or request the offer or sale, of any Shares pursuant to this Agreement
(whether in an Agency Transaction or a Principal Transaction) and, by notice to each Agent given by telephone (confirmed promptly by
email), shall cancel any instructions for the offer or sale of any Shares, and none of the Agents shall be obligated to offer or sell
any Shares, (i)&nbsp;during any period in which the Company is, or could be deemed to be, in possession of material non-public information<STRIKE>,</STRIKE><B><U>;
or</U></B> (ii)&nbsp;<STRIKE>during the period beginning two weeks prior to the last day of Company's fiscal quarter and continuing until
the date of the Company's Earnings Announcement (as defined below) for that fiscal quarter or (iii)&nbsp;</STRIKE>at any time from and
including the date on which the Company shall issue a press release containing, or shall otherwise publicly announce, its earnings, revenues
or other results of operations (an &ldquo;<B>Earnings Announcement</B>&rdquo;) through and including the time that is 24 hours after
the time that the Company files a Quarterly Report on Form&nbsp;10-Q or an Annual Report on Form&nbsp;10-K <B><U>(a &ldquo;Filing Time&rdquo;)
</U></B>that includes consolidated financial statements as of and for the same period or periods, as the case may be, covered by such
Earnings Announcement<B><U>, unless the Company shall first (A)&nbsp;prepare and deliver to the Agents (with a copy to counsel for the
Agents) a Current Report on Form&nbsp;8-K that includes substantially the same financial and related information that was included in
such Earnings Announcement (other than any earnings projections and similar forward-looking data and officers&rsquo; quotations) (each,
an &ldquo;Earnings 8-K&rdquo;), in form and substance reasonably satisfactory to the Agents, and, prior to its filing, obtain the written
consent of the Agents to such filing (which consent shall not be unreasonably withheld), (B)&nbsp;provide the Agents with the officers&rsquo;
certificates, opinions and letters of counsels and accountants&rsquo; letter specified in Section&nbsp;6 hereof, (C)&nbsp;afford the
Agents the opportunity to conduct a due diligence review in accordance with Section&nbsp;6(f)&nbsp;hereof prior to filing such Earnings
8-K and (D)&nbsp;file (rather than furnish) such Earnings 8-K with the Commission. For purposes of clarity, the parties hereto agree
that the delivery of any officers&rsquo; certificates, opinions or letters of counsel or accountants&rsquo; letter pursuant to this Section&nbsp;2(h)&nbsp;shall
not relieve the Company from any of its obligations under this Agreement with respect to any Quarterly Report on Form&nbsp;10-Q or Annual
Report on Form&nbsp;10-K, as the case may be, including, without limitation, the obligation to deliver officers&rsquo; certificates,
opinions and letters of counsel and accountants&rsquo; letters as provided in Section&nbsp;6 hereof</U></B>.</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: 4; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">- <!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --> -</P></DIV>
    <DIV STYLE="break-before: page; 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: justify">SECTION&nbsp;4. <U>No Further Amendment</U>.
The Agreement, as amended by this Amendment, is in all respects ratified and confirmed and all the terms, conditions, and provisions
thereof shall remain in full force and effect. This Amendment is limited precisely as written and shall not be deemed to be an amendment
to any other term or condition of the Agreement or any of the documents referred to therein.</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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">SECTION&nbsp;5. <U>Governing Law</U>. This Amendment
and any claim, counterclaim, controversy or dispute of any kind or nature whatsoever arising out of or in any way relating to this Amendment,
directly or indirectly, shall be governed by and construed in accordance with the laws of the State of New York.</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">SECTION&nbsp;6. <U>Counterparts</U>. This Amendment
may be signed in counterparts (which may include counterparts delivered by any standard form of telecommunication), each of which shall
be an original and all of which together shall constitute one and the same instrument.</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">SECTION&nbsp;7. <U>Headings</U>. The headings
herein are included for convenience of reference only and are not intended to be part of, or to affect the meaning or interpretation
of, this Amendment.</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: 5; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">- <!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --> -</P></DIV>
    <DIV STYLE="break-before: page; 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>




<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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If the foregoing correctly
sets forth the understanding between the Company, each of the Agents and Mischler, please so indicate in the space provided below for
that purpose, whereupon this Amendment and your acceptance shall constitute a binding agreement among the Company, each of the Agents
and Mischler.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Very truly yours,</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">REDWOOD TRUST,&nbsp;INC.</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 3%"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 47%"><FONT STYLE="font-size: 10pt">&nbsp;/s/ Brooke Carillo</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Name: Brooke Carillo</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Title: Chief Financial Officer</FONT></TD></TR>
  </TABLE>


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

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">[Signature Page to Amendment
No. 3 to the Distribution Agreement]</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: 6 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P></DIV>
    <DIV STYLE="break-before: page; 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>




<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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Accepted and agreed as of the date first above
written:</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"><FONT STYLE="text-transform: uppercase">Wells
Fargo</FONT> SECURITIES, LLC</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">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 3%">By: &nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 47%">/s/ Lear Beyer</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 50%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Name:&nbsp; Lear Beyer</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Title: Managing Director</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</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"><FONT STYLE="text-transform: uppercase">J.P.
Morgan securities llc</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">&nbsp;</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 3%">By: &nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 47%">/s/ Stephanie Little</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 50%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Name:&nbsp;Stephanie Little</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Title: Executive Director</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="text-transform: uppercase">credit
suisse securities (USA) llc</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">&nbsp;</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 3%">By: &nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 47%">/s/ Craig Wilde</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 50%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Name:&nbsp;Craig Wilde</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Title: Managing Director</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 3%">By: &nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 47%">/s/ Thomas Kilian</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 50%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Name:&nbsp;Thomas Kilian</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Title: Chief Operating Officer</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="text-transform: uppercase">Nomura
securities international, inc.</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">&nbsp;</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 3%">By: &nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 47%">/s/ James Chenard</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 50%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Name:&nbsp;James Chenard</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Title: Managing Director</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="text-transform: uppercase">MISCHLER
FINANCIAL GROUP, inc.</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">&nbsp;</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 3%">By: &nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 47%">/s/ Doyle L. Holmes</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 50%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Name:&nbsp;Doyle L. Holmes</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Title: President</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">[Signature Page to Amendment
No. 3 to the Distribution Agreement]</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: 7; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P></DIV>
    <!-- Field: /Page -->

<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>

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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>3
<FILENAME>tm2124356d2_ex5-1.htm
<DESCRIPTION>EXHIBIT 5.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 5.1</B></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>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><IMG SRC="tm2124356d2_ex5-1img001.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">August&nbsp;9, 2021</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">Redwood Trust,&nbsp;Inc.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">One Belvedere Place, Suite&nbsp;300&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Mill Valley, California 94941</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; text-indent: 1in"><FONT STYLE="font-size: 10pt">Re:</FONT>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Registration
Statement on Form&nbsp;S-3 (File No.&nbsp;333-231338)</U></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; text-align: justify">Ladies and Gentlemen:</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: 1in">We have served as Maryland counsel to Redwood Trust,&nbsp;Inc.,
a Maryland corporation (the &ldquo;Company&rdquo;), in connection with certain matters of Maryland law arising out of the sale and issuance
from time to time of shares of Common Stock, $0.01 par value per share (the &ldquo;Common Stock&rdquo;), of the Company having an aggregate
offering price of up to $175,000,000, of which shares of Common Stock having an aggregate offering price of $110,403,399.21 (the &ldquo;Shares&rdquo;)
remain available for offer and sale pursuant to the Distribution Agreement (as defined below). The Shares are covered by the above-referenced
Registration Statement, and all amendments related thereto (the &ldquo;Registration Statement&rdquo;), filed by the Company with the
United States Securities and Exchange Commission (the &ldquo;Commission&rdquo;) under the Securities Act of 1933, as amended (the &ldquo;1933
Act&rdquo;). The Shares may be issued from time to time in an at-the-market public offering (the &ldquo;Offering&rdquo;) pursuant to
a Distribution Agreement, dated as of November&nbsp;14, 2018, as amended through the date hereof (as amended, the &ldquo;Distribution
Agreement&rdquo;), by and among the Company, Wells Fargo Securities, LLC, J.P. Morgan Securities LLC, Credit Suisse Securities (USA)
LLC, JMP Securities LLC, Nomura Securities International,&nbsp;Inc. and Mischler Financial Group,&nbsp;Inc.</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: 1in">In connection with our representation of the Company,
and as a basis for the opinion hereinafter set forth, we have examined originals, or copies certified or otherwise identified to our
satisfaction, of the following documents (hereinafter collectively referred to as the &ldquo;Documents&rdquo;):</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: 1in"><FONT STYLE="font-size: 10pt">1.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
Registration Statement;</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; text-indent: 1in"><FONT STYLE="font-size: 10pt">2.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
Prospectus, dated March&nbsp;12, 2021 (the &ldquo;Base Prospectus&rdquo;), included as part of the Registration Statement, as supplemented
by a Prospectus Supplement, dated as of August&nbsp;6, 2021 (the &ldquo;Prospectus Supplement&rdquo; and, together with the Base Prospectus,
the &ldquo;Prospectus&rdquo;), filed with the Commission pursuant to Rule&nbsp;424(b)&nbsp;under the 1933 Act;</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; text-indent: 1in"><FONT STYLE="font-size: 10pt">3.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
charter of the Company (the &ldquo;Charter&rdquo;), certified by the State Department of Assessments and Taxation of Maryland (the &ldquo;SDAT&rdquo;);</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; text-indent: 1in"><FONT STYLE="font-size: 10pt">4.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
Amended and Restated Bylaws of the Company, as amended, certified as of the date hereof by an officer of the Company;</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: 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="break-before: page; 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"><IMG SRC="tm2124356d2_ex5-1img002.jpg" ALT=""></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">August&nbsp;9, 2021&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page&nbsp;2</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: 1in"><FONT STYLE="font-size: 10pt">5.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">A
certificate of the SDAT as to the good standing of the Company, dated as of a recent date;</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; text-indent: 1in"><FONT STYLE="font-size: 10pt">6.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Resolutions
adopted by the Board of Directors of the Company, and a duly authorized committee thereof (the &ldquo;Resolutions&rdquo;), relating to,
among other things, the authorization of (a)&nbsp;the registration, sale and issuance of the Shares, (b)&nbsp;the execution, delivery
and performance by the Company of the Distribution Agreement and (c)&nbsp;the delegation to designated officers of the Company of the
power to determine the number and price of the Shares and certain other matters in connection with the registration, sale and issuance
of the Shares, subject to the Resolutions, certified as of the date hereof by an officer of the Company;</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; text-indent: 1in"><FONT STYLE="font-size: 10pt">7.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
Distribution Agreement;</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; text-indent: 1in"><FONT STYLE="font-size: 10pt">8.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">A
certificate executed by an officer of the Company, dated as of the date hereof; and</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; text-indent: 1in"><FONT STYLE="font-size: 10pt">9.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Such
other documents and matters as we have deemed necessary or appropriate to express the opinion set forth below, subject to the assumptions,
limitations and qualifications stated herein.</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; text-indent: 1in">In expressing the opinion set forth below, we have
assumed the following:</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: 1in"><FONT STYLE="font-size: 10pt">1.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Each
individual executing any of the Documents, whether on behalf of such individual or another person, is legally competent to do so.</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; text-indent: 1in"><FONT STYLE="font-size: 10pt">2.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Each
individual executing any of the Documents on behalf of a party (other than the Company) is duly authorized to do so.</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; text-indent: 1in"><FONT STYLE="font-size: 10pt">3.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Each
of the parties (other than the Company) executing any of the Documents has duly and validly executed and delivered each of the Documents
to which such party is a signatory, and such party&rsquo;s obligations set forth therein are legal, valid and binding and are enforceable
in accordance with all stated terms.</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; text-indent: 1in"><FONT STYLE="font-size: 10pt">4.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">All
Documents submitted to us as originals are authentic. The form and content of all Documents submitted to us as unexecuted drafts do not
differ in any respect relevant to this opinion from the form and content of such Documents as executed and delivered. All Documents submitted
to us as certified or photostatic copies conform to the original documents. All signatures on all Documents are genuine. All public records
reviewed or relied upon by us or on our behalf are true and complete. All representations, warranties, statements and information contained
in the Documents are true and complete. There has been no oral or written modification of or amendment to any of the Documents, and there
has been no waiver of any provision of any of the Documents, by action or omission of the parties or otherwise.</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: 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="break-before: page; 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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><IMG SRC="tm2124356d2_ex5-1img002.jpg" ALT="">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">August&nbsp;9, 2021&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page&nbsp;3</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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">5.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
Shares will not be issued or transferred in violation of the restrictions on transfer and ownership of shares of stock of the Company
set forth in Article&nbsp;XI of the Charter.</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; text-indent: 1in"><FONT STYLE="font-size: 10pt">6.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Upon
the issuance of any of the Shares, the total number of shares of Common Stock issued and outstanding will not exceed the total number
of shares of Common Stock that the Company is then authorized to issue under the Charter.</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; text-indent: 1in">Based upon the foregoing, and subject to the assumptions,
limitations and qualifications stated herein, it is our opinion that:</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: 1in"><FONT STYLE="font-size: 10pt">1.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
Company is a corporation duly incorporated and existing under the laws of the State of Maryland and is in good standing with the SDAT.</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; text-indent: 1in"><FONT STYLE="font-size: 10pt">2.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
issuance of the Shares has been duly authorized and, when and if issued and delivered against payment therefor in accordance with the
Distribution Agreement, the Resolutions, the Registration Statement and the Prospectus Supplement, the Shares will be validly issued,
fully paid and nonassessable.</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; text-indent: 1in">The foregoing opinion is limited to the laws of
the State of Maryland and we do not express any opinion herein concerning any other law. We express no opinion as to the applicability
or effect of federal or state securities laws, including the securities laws of the State of Maryland, or as to federal or state laws
regarding fraudulent transfers. To the extent that any matter as to which our opinion is expressed herein would be governed by the laws
of any jurisdiction other than the State of Maryland, we do not express any opinion on such matter.</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: 1in">The opinion expressed herein is limited to the matters
specifically set forth herein and no other opinion shall be inferred beyond the matters expressly stated. We assume no obligation to
supplement this opinion if any applicable law changes after the date hereof or if we become aware of any fact that might change the opinion
expressed herein after the date hereof.</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">This opinion is being furnished to you for submission to the Commission
as an exhibit to the Company&rsquo;s Current Report on Form&nbsp;8-K relating to the Offering (the &ldquo;Current Report&rdquo;). We
hereby consent to the filing of this opinion as an exhibit to the Current Report and to the use of the name of our firm therein. In giving
this consent, we do not admit that we are within the category of persons whose consent is required by Section&nbsp;7 of the 1933 Act.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 50%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 50%">Very truly yours,</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">/s/ Venable LLP</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  </TABLE>


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

<!-- Field: Page; Sequence: 3; 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-101.SCH
<SEQUENCE>4
<FILENAME>rwt-20210809.xsd
<DESCRIPTION>XBRL TAXONOMY EXTENSION SCHEMA
<TEXT>
<XBRL>
<?xml version="1.0" encoding="US-ASCII" ?>
    <!-- Field: Doc-Info; Name: Generator; Value: GoFiler Complete; Version: 5.9a -->
    <!-- Field: Doc-Info; Name: VendorURI; Value: https://www.novaworks.com -->
    <!-- Field: Doc-Info; Name: Status; Value: 0x00000000 -->
    <!-- Field: Doc-Info; Name: Misc; Value: +aA5w7xRiXgen8uLa3ZcWa2KabOdzZR+eYkxtmB5bcn6TyIhsKQLHSlZ7z12kRMC -->
<schema xmlns="http://www.w3.org/2001/XMLSchema" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:xbrli="http://www.xbrl.org/2003/instance" xmlns:xbrldt="http://xbrl.org/2005/xbrldt" xmlns:xbrldi="http://xbrl.org/2006/xbrldi" xmlns:dei="http://xbrl.sec.gov/dei/2020-01-31" xmlns:us-gaap="http://fasb.org/us-gaap/2020-01-31" xmlns:srt="http://fasb.org/srt/2020-01-31" xmlns:srt-types="http://fasb.org/srt-types/2020-01-31" xmlns:rwt="http://redwoodtrust.com/20210809" elementFormDefault="qualified" targetNamespace="http://redwoodtrust.com/20210809">
    <annotation>
      <appinfo>
	<link:roleType roleURI="http://redwoodtrust.com/role/Cover" id="Cover">
	  <link:definition>00000001 - Document - Cover</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:linkbaseRef xlink:type="simple" xlink:href="rwt-20210809_pre.xml" xlink:role="http://www.xbrl.org/2003/role/presentationLinkbaseRef" xlink:arcrole="http://www.w3.org/1999/xlink/properties/linkbase" xlink:title="Presentation Links" />
	<link:linkbaseRef xlink:type="simple" xlink:href="rwt-20210809_lab.xml" xlink:role="http://www.xbrl.org/2003/role/labelLinkbaseRef" xlink:arcrole="http://www.w3.org/1999/xlink/properties/linkbase" xlink:title="Label Links" />
      </appinfo>
    </annotation>
    <import namespace="http://www.xbrl.org/2003/instance" schemaLocation="http://www.xbrl.org/2003/xbrl-instance-2003-12-31.xsd" />
    <import namespace="http://www.xbrl.org/2003/linkbase" schemaLocation="http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd" />
    <import namespace="http://xbrl.sec.gov/dei/2020-01-31" schemaLocation="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd" />
    <import namespace="http://fasb.org/us-gaap/2020-01-31" schemaLocation="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd" />
    <import namespace="http://fasb.org/us-types/2020-01-31" schemaLocation="http://xbrl.fasb.org/us-gaap/2020/elts/us-types-2020-01-31.xsd" />
    <import namespace="http://www.xbrl.org/dtr/type/non-numeric" schemaLocation="http://www.xbrl.org/dtr/type/nonNumeric-2009-12-16.xsd" />
    <import namespace="http://www.xbrl.org/dtr/type/numeric" schemaLocation="http://www.xbrl.org/dtr/type/numeric-2009-12-16.xsd" />
    <import namespace="http://xbrl.sec.gov/country/2020-01-31" schemaLocation="https://xbrl.sec.gov/country/2020/country-2020-01-31.xsd" />
    <import namespace="http://fasb.org/srt/2020-01-31" schemaLocation="http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd" />
    <import namespace="http://fasb.org/srt-types/2020-01-31" schemaLocation="http://xbrl.fasb.org/srt/2020/elts/srt-types-2020-01-31.xsd" />
</schema>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.LAB
<SEQUENCE>5
<FILENAME>rwt-20210809_lab.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION LABEL LINKBASE
<TEXT>
<XBRL>
<?xml version="1.0" encoding="US-ASCII" standalone="no"?>
    <!-- Field: Doc-Info; Name: Generator; Value: GoFiler Complete; Version: 5.9a -->
    <!-- Field: Doc-Info; Name: VendorURI; Value: https://www.novaworks.com -->
    <!-- Field: Doc-Info; Name: Status; Value: 0x00000000 -->
<link:linkbase xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:xbrli="http://www.xbrl.org/2003/instance" xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd">
    <link:roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedLabel" roleURI="http://www.xbrl.org/2009/role/negatedLabel" />
    <link:roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedPeriodEndLabel" roleURI="http://www.xbrl.org/2009/role/negatedPeriodEndLabel" />
    <link:roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedPeriodStartLabel" roleURI="http://www.xbrl.org/2009/role/negatedPeriodStartLabel" />
    <link:roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedTotalLabel" roleURI="http://www.xbrl.org/2009/role/negatedTotalLabel" />
    <link:roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedNetLabel" roleURI="http://www.xbrl.org/2009/role/negatedNetLabel" />
    <link:roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedTerseLabel" roleURI="http://www.xbrl.org/2009/role/negatedTerseLabel" />
    <link:roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/net-2009-12-16.xsd#netLabel" roleURI="http://www.xbrl.org/2009/role/netLabel" />
    <link:labelLink xlink:type="extended" xlink:role="http://www.xbrl.org/2003/role/link">
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_CoverAbstract" xlink:label="dei_CoverAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_CoverAbstract" xlink:to="dei_CoverAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_CoverAbstract_lbl" xml:lang="en-US">Cover [Abstract]</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_DocumentType" xlink:label="dei_DocumentType" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentType" xlink:to="dei_DocumentType_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentType_lbl" xml:lang="en-US">Document Type</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_AmendmentFlag" xlink:label="dei_AmendmentFlag" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_AmendmentFlag" xlink:to="dei_AmendmentFlag_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_AmendmentFlag_lbl" xml:lang="en-US">Amendment Flag</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_AmendmentDescription" xlink:label="dei_AmendmentDescription" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_AmendmentDescription" xlink:to="dei_AmendmentDescription_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_AmendmentDescription_lbl" xml:lang="en-US">Amendment Description</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_DocumentRegistrationStatement" xlink:label="dei_DocumentRegistrationStatement" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentRegistrationStatement" xlink:to="dei_DocumentRegistrationStatement_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentRegistrationStatement_lbl" xml:lang="en-US">Document Registration Statement</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_DocumentAnnualReport" xlink:label="dei_DocumentAnnualReport" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentAnnualReport" xlink:to="dei_DocumentAnnualReport_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentAnnualReport_lbl" xml:lang="en-US">Document Annual Report</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_DocumentQuarterlyReport" xlink:label="dei_DocumentQuarterlyReport" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentQuarterlyReport" xlink:to="dei_DocumentQuarterlyReport_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentQuarterlyReport_lbl" xml:lang="en-US">Document Quarterly Report</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_DocumentTransitionReport" xlink:label="dei_DocumentTransitionReport" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentTransitionReport" xlink:to="dei_DocumentTransitionReport_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentTransitionReport_lbl" xml:lang="en-US">Document Transition Report</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_DocumentShellCompanyReport" xlink:label="dei_DocumentShellCompanyReport" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentShellCompanyReport" xlink:to="dei_DocumentShellCompanyReport_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentShellCompanyReport_lbl" xml:lang="en-US">Document Shell Company Report</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_DocumentShellCompanyEventDate" xlink:label="dei_DocumentShellCompanyEventDate" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentShellCompanyEventDate" xlink:to="dei_DocumentShellCompanyEventDate_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentShellCompanyEventDate_lbl" xml:lang="en-US">Document Shell Company Event Date</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_DocumentPeriodStartDate" xlink:label="dei_DocumentPeriodStartDate" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentPeriodStartDate" xlink:to="dei_DocumentPeriodStartDate_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentPeriodStartDate_lbl" xml:lang="en-US">Document Period Start Date</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_DocumentPeriodEndDate" xlink:label="dei_DocumentPeriodEndDate" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentPeriodEndDate" xlink:to="dei_DocumentPeriodEndDate_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentPeriodEndDate_lbl" xml:lang="en-US">Document Period End Date</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_DocumentFiscalPeriodFocus" xlink:label="dei_DocumentFiscalPeriodFocus" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentFiscalPeriodFocus" xlink:to="dei_DocumentFiscalPeriodFocus_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentFiscalPeriodFocus_lbl" xml:lang="en-US">Document Fiscal Period Focus</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_DocumentFiscalYearFocus" xlink:label="dei_DocumentFiscalYearFocus" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentFiscalYearFocus" xlink:to="dei_DocumentFiscalYearFocus_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentFiscalYearFocus_lbl" xml:lang="en-US">Document Fiscal Year Focus</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_CurrentFiscalYearEndDate" xlink:label="dei_CurrentFiscalYearEndDate" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_CurrentFiscalYearEndDate" xlink:to="dei_CurrentFiscalYearEndDate_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_CurrentFiscalYearEndDate_lbl" xml:lang="en-US">Current Fiscal Year End Date</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityFileNumber" xlink:label="dei_EntityFileNumber" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityFileNumber" xlink:to="dei_EntityFileNumber_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityFileNumber_lbl" xml:lang="en-US">Entity File Number</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityRegistrantName" xlink:label="dei_EntityRegistrantName" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityRegistrantName" xlink:to="dei_EntityRegistrantName_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityRegistrantName_lbl" xml:lang="en-US">Entity Registrant Name</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityCentralIndexKey" xlink:label="dei_EntityCentralIndexKey" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCentralIndexKey" xlink:to="dei_EntityCentralIndexKey_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityCentralIndexKey_lbl" xml:lang="en-US">Entity Central Index Key</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityPrimarySicNumber" xlink:label="dei_EntityPrimarySicNumber" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityPrimarySicNumber" xlink:to="dei_EntityPrimarySicNumber_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityPrimarySicNumber_lbl" xml:lang="en-US">Entity Primary SIC Number</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityTaxIdentificationNumber" xlink:label="dei_EntityTaxIdentificationNumber" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityTaxIdentificationNumber" xlink:to="dei_EntityTaxIdentificationNumber_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityTaxIdentificationNumber_lbl" xml:lang="en-US">Entity Tax Identification Number</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityIncorporationStateCountryCode" xlink:label="dei_EntityIncorporationStateCountryCode" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityIncorporationStateCountryCode" xlink:to="dei_EntityIncorporationStateCountryCode_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityIncorporationStateCountryCode_lbl" xml:lang="en-US">Entity Incorporation, State or Country Code</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityAddressAddressLine1" xlink:label="dei_EntityAddressAddressLine1" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressAddressLine1" xlink:to="dei_EntityAddressAddressLine1_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressAddressLine1_lbl" xml:lang="en-US">Entity Address, Address Line One</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityAddressAddressLine2" xlink:label="dei_EntityAddressAddressLine2" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressAddressLine2" xlink:to="dei_EntityAddressAddressLine2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressAddressLine2_lbl" xml:lang="en-US">Entity Address, Address Line Two</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityAddressAddressLine3" xlink:label="dei_EntityAddressAddressLine3" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressAddressLine3" xlink:to="dei_EntityAddressAddressLine3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressAddressLine3_lbl" xml:lang="en-US">Entity Address, Address Line Three</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityAddressCityOrTown" xlink:label="dei_EntityAddressCityOrTown" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressCityOrTown" xlink:to="dei_EntityAddressCityOrTown_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressCityOrTown_lbl" xml:lang="en-US">Entity Address, City or Town</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityAddressStateOrProvince" xlink:label="dei_EntityAddressStateOrProvince" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressStateOrProvince" xlink:to="dei_EntityAddressStateOrProvince_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressStateOrProvince_lbl" xml:lang="en-US">Entity Address, State or Province</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityAddressCountry" xlink:label="dei_EntityAddressCountry" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressCountry" xlink:to="dei_EntityAddressCountry_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressCountry_lbl" xml:lang="en-US">Entity Address, Country</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityAddressPostalZipCode" xlink:label="dei_EntityAddressPostalZipCode" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressPostalZipCode" xlink:to="dei_EntityAddressPostalZipCode_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressPostalZipCode_lbl" xml:lang="en-US">Entity Address, Postal Zip Code</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_CountryRegion" xlink:label="dei_CountryRegion" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_CountryRegion" xlink:to="dei_CountryRegion_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_CountryRegion_lbl" xml:lang="en-US">Country Region</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_CityAreaCode" xlink:label="dei_CityAreaCode" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_CityAreaCode" xlink:to="dei_CityAreaCode_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_CityAreaCode_lbl" xml:lang="en-US">City Area Code</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_LocalPhoneNumber" xlink:label="dei_LocalPhoneNumber" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_LocalPhoneNumber" xlink:to="dei_LocalPhoneNumber_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_LocalPhoneNumber_lbl" xml:lang="en-US">Local Phone Number</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_Extension" xlink:label="dei_Extension" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_Extension" xlink:to="dei_Extension_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_Extension_lbl" xml:lang="en-US">Extension</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_WrittenCommunications" xlink:label="dei_WrittenCommunications" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_WrittenCommunications" xlink:to="dei_WrittenCommunications_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_WrittenCommunications_lbl" xml:lang="en-US">Written Communications</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_SolicitingMaterial" xlink:label="dei_SolicitingMaterial" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_SolicitingMaterial" xlink:to="dei_SolicitingMaterial_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_SolicitingMaterial_lbl" xml:lang="en-US">Soliciting Material</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_PreCommencementTenderOffer" xlink:label="dei_PreCommencementTenderOffer" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_PreCommencementTenderOffer" xlink:to="dei_PreCommencementTenderOffer_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_PreCommencementTenderOffer_lbl" xml:lang="en-US">Pre-commencement Tender Offer</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_PreCommencementIssuerTenderOffer" xlink:label="dei_PreCommencementIssuerTenderOffer" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_PreCommencementIssuerTenderOffer" xlink:to="dei_PreCommencementIssuerTenderOffer_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_PreCommencementIssuerTenderOffer_lbl" xml:lang="en-US">Pre-commencement Issuer Tender Offer</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_Security12bTitle" xlink:label="dei_Security12bTitle" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_Security12bTitle" xlink:to="dei_Security12bTitle_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_Security12bTitle_lbl" xml:lang="en-US">Title of 12(b) Security</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_NoTradingSymbolFlag" xlink:label="dei_NoTradingSymbolFlag" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_NoTradingSymbolFlag" xlink:to="dei_NoTradingSymbolFlag_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_NoTradingSymbolFlag_lbl" xml:lang="en-US">No Trading Symbol Flag</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_TradingSymbol" xlink:label="dei_TradingSymbol" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_TradingSymbol" xlink:to="dei_TradingSymbol_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_TradingSymbol_lbl" xml:lang="en-US">Trading Symbol</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_SecurityExchangeName" xlink:label="dei_SecurityExchangeName" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_SecurityExchangeName" xlink:to="dei_SecurityExchangeName_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_SecurityExchangeName_lbl" xml:lang="en-US">Security Exchange Name</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_Security12gTitle" xlink:label="dei_Security12gTitle" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_Security12gTitle" xlink:to="dei_Security12gTitle_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_Security12gTitle_lbl" xml:lang="en-US">Title of 12(g) Security</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_SecurityReportingObligation" xlink:label="dei_SecurityReportingObligation" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_SecurityReportingObligation" xlink:to="dei_SecurityReportingObligation_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_SecurityReportingObligation_lbl" xml:lang="en-US">Security Reporting Obligation</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_AnnualInformationForm" xlink:label="dei_AnnualInformationForm" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_AnnualInformationForm" xlink:to="dei_AnnualInformationForm_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_AnnualInformationForm_lbl" xml:lang="en-US">Annual Information Form</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_AuditedAnnualFinancialStatements" xlink:label="dei_AuditedAnnualFinancialStatements" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_AuditedAnnualFinancialStatements" xlink:to="dei_AuditedAnnualFinancialStatements_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_AuditedAnnualFinancialStatements_lbl" xml:lang="en-US">Audited Annual Financial Statements</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityWellKnownSeasonedIssuer" xlink:label="dei_EntityWellKnownSeasonedIssuer" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityWellKnownSeasonedIssuer" xlink:to="dei_EntityWellKnownSeasonedIssuer_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityWellKnownSeasonedIssuer_lbl" xml:lang="en-US">Entity Well-known Seasoned Issuer</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityVoluntaryFilers" xlink:label="dei_EntityVoluntaryFilers" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityVoluntaryFilers" xlink:to="dei_EntityVoluntaryFilers_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityVoluntaryFilers_lbl" xml:lang="en-US">Entity Voluntary Filers</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityCurrentReportingStatus" xlink:label="dei_EntityCurrentReportingStatus" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCurrentReportingStatus" xlink:to="dei_EntityCurrentReportingStatus_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityCurrentReportingStatus_lbl" xml:lang="en-US">Entity Current Reporting Status</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityInteractiveDataCurrent" xlink:label="dei_EntityInteractiveDataCurrent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityInteractiveDataCurrent" xlink:to="dei_EntityInteractiveDataCurrent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityInteractiveDataCurrent_lbl" xml:lang="en-US">Entity Interactive Data Current</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityFilerCategory" xlink:label="dei_EntityFilerCategory" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityFilerCategory" xlink:to="dei_EntityFilerCategory_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityFilerCategory_lbl" xml:lang="en-US">Entity Filer Category</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntitySmallBusiness" xlink:label="dei_EntitySmallBusiness" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntitySmallBusiness" xlink:to="dei_EntitySmallBusiness_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntitySmallBusiness_lbl" xml:lang="en-US">Entity Small Business</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityEmergingGrowthCompany" xlink:label="dei_EntityEmergingGrowthCompany" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityEmergingGrowthCompany" xlink:to="dei_EntityEmergingGrowthCompany_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityEmergingGrowthCompany_lbl" xml:lang="en-US">Entity Emerging Growth Company</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityExTransitionPeriod" xlink:label="dei_EntityExTransitionPeriod" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityExTransitionPeriod" xlink:to="dei_EntityExTransitionPeriod_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityExTransitionPeriod_lbl" xml:lang="en-US">Elected Not To Use the Extended Transition Period</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_DocumentAccountingStandard" xlink:label="dei_DocumentAccountingStandard" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentAccountingStandard" xlink:to="dei_DocumentAccountingStandard_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentAccountingStandard_lbl" xml:lang="en-US">Document Accounting Standard</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_OtherReportingStandardItemNumber" xlink:label="dei_OtherReportingStandardItemNumber" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_OtherReportingStandardItemNumber" xlink:to="dei_OtherReportingStandardItemNumber_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_OtherReportingStandardItemNumber_lbl" xml:lang="en-US">Other Reporting Standard Item Number</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityShellCompany" xlink:label="dei_EntityShellCompany" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityShellCompany" xlink:to="dei_EntityShellCompany_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityShellCompany_lbl" xml:lang="en-US">Entity Shell Company</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityPublicFloat" xlink:label="dei_EntityPublicFloat" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityPublicFloat" xlink:to="dei_EntityPublicFloat_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityPublicFloat_lbl" xml:lang="en-US">Entity Public Float</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityBankruptcyProceedingsReportingCurrent" xlink:label="dei_EntityBankruptcyProceedingsReportingCurrent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityBankruptcyProceedingsReportingCurrent" xlink:to="dei_EntityBankruptcyProceedingsReportingCurrent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityBankruptcyProceedingsReportingCurrent_lbl" xml:lang="en-US">Entity Bankruptcy Proceedings, Reporting Current</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityCommonStockSharesOutstanding" xlink:label="dei_EntityCommonStockSharesOutstanding" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCommonStockSharesOutstanding" xlink:to="dei_EntityCommonStockSharesOutstanding_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityCommonStockSharesOutstanding_lbl" xml:lang="en-US">Entity Common Stock, Shares Outstanding</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_DocumentsIncorporatedByReferenceTextBlock" xlink:label="dei_DocumentsIncorporatedByReferenceTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentsIncorporatedByReferenceTextBlock" xlink:to="dei_DocumentsIncorporatedByReferenceTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentsIncorporatedByReferenceTextBlock_lbl" xml:lang="en-US">Documents Incorporated by Reference [Text Block]</link:label>
    </link:labelLink>
</link:linkbase>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.PRE
<SEQUENCE>6
<FILENAME>rwt-20210809_pre.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE
<TEXT>
<XBRL>
<?xml version="1.0" encoding="US-ASCII" standalone="no"?>
    <!-- Field: Doc-Info; Name: Generator; Value: GoFiler Complete; Version: 5.9a -->
    <!-- Field: Doc-Info; Name: VendorURI; Value: https://www.novaworks.com -->
    <!-- Field: Doc-Info; Name: Status; Value: 0x00000000 -->
<link:linkbase xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:xbrli="http://www.xbrl.org/2003/instance" xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd">
    <link:roleRef roleURI="http://redwoodtrust.com/role/Cover" xlink:href="rwt-20210809.xsd#Cover" xlink:type="simple" />
    <link:presentationLink xlink:type="extended" xlink:role="http://redwoodtrust.com/role/Cover" xlink:title="00000001 - Document - Cover">
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_CoverAbstract" xlink:label="loc_deiCoverAbstract" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_DocumentType" xlink:label="loc_deiDocumentType" />
      <link:presentationArc order="0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiDocumentType" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_AmendmentFlag" xlink:label="loc_deiAmendmentFlag" />
      <link:presentationArc order="10" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiAmendmentFlag" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_AmendmentDescription" xlink:label="loc_deiAmendmentDescription" />
      <link:presentationArc order="20" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiAmendmentDescription" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_DocumentRegistrationStatement" xlink:label="loc_deiDocumentRegistrationStatement" />
      <link:presentationArc order="30" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiDocumentRegistrationStatement" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_DocumentAnnualReport" xlink:label="loc_deiDocumentAnnualReport" />
      <link:presentationArc order="40" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiDocumentAnnualReport" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_DocumentQuarterlyReport" xlink:label="loc_deiDocumentQuarterlyReport" />
      <link:presentationArc order="50" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiDocumentQuarterlyReport" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_DocumentTransitionReport" xlink:label="loc_deiDocumentTransitionReport" />
      <link:presentationArc order="60" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiDocumentTransitionReport" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_DocumentShellCompanyReport" xlink:label="loc_deiDocumentShellCompanyReport" />
      <link:presentationArc order="70" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiDocumentShellCompanyReport" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_DocumentShellCompanyEventDate" xlink:label="loc_deiDocumentShellCompanyEventDate" />
      <link:presentationArc order="80" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiDocumentShellCompanyEventDate" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_DocumentPeriodStartDate" xlink:label="loc_deiDocumentPeriodStartDate" />
      <link:presentationArc order="90" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiDocumentPeriodStartDate" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_DocumentPeriodEndDate" xlink:label="loc_deiDocumentPeriodEndDate" />
      <link:presentationArc order="100" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiDocumentPeriodEndDate" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_DocumentFiscalPeriodFocus" xlink:label="loc_deiDocumentFiscalPeriodFocus" />
      <link:presentationArc order="110" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiDocumentFiscalPeriodFocus" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_DocumentFiscalYearFocus" xlink:label="loc_deiDocumentFiscalYearFocus" />
      <link:presentationArc order="120" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiDocumentFiscalYearFocus" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_CurrentFiscalYearEndDate" xlink:label="loc_deiCurrentFiscalYearEndDate" />
      <link:presentationArc order="130" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiCurrentFiscalYearEndDate" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityFileNumber" xlink:label="loc_deiEntityFileNumber" />
      <link:presentationArc order="140" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiEntityFileNumber" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityRegistrantName" xlink:label="loc_deiEntityRegistrantName" />
      <link:presentationArc order="150" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiEntityRegistrantName" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityCentralIndexKey" xlink:label="loc_deiEntityCentralIndexKey" />
      <link:presentationArc order="160" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiEntityCentralIndexKey" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityPrimarySicNumber" xlink:label="loc_deiEntityPrimarySicNumber" />
      <link:presentationArc order="170" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiEntityPrimarySicNumber" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityTaxIdentificationNumber" xlink:label="loc_deiEntityTaxIdentificationNumber" />
      <link:presentationArc order="180" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiEntityTaxIdentificationNumber" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityIncorporationStateCountryCode" xlink:label="loc_deiEntityIncorporationStateCountryCode" />
      <link:presentationArc order="190" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiEntityIncorporationStateCountryCode" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityAddressAddressLine1" xlink:label="loc_deiEntityAddressAddressLine1" />
      <link:presentationArc order="200" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiEntityAddressAddressLine1" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityAddressAddressLine2" xlink:label="loc_deiEntityAddressAddressLine2" />
      <link:presentationArc order="210" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiEntityAddressAddressLine2" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityAddressAddressLine3" xlink:label="loc_deiEntityAddressAddressLine3" />
      <link:presentationArc order="220" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiEntityAddressAddressLine3" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityAddressCityOrTown" xlink:label="loc_deiEntityAddressCityOrTown" />
      <link:presentationArc order="230" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiEntityAddressCityOrTown" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityAddressStateOrProvince" xlink:label="loc_deiEntityAddressStateOrProvince" />
      <link:presentationArc order="240" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiEntityAddressStateOrProvince" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityAddressCountry" xlink:label="loc_deiEntityAddressCountry" />
      <link:presentationArc order="250" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiEntityAddressCountry" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityAddressPostalZipCode" xlink:label="loc_deiEntityAddressPostalZipCode" />
      <link:presentationArc order="260" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiEntityAddressPostalZipCode" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_CountryRegion" xlink:label="loc_deiCountryRegion" />
      <link:presentationArc order="270" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiCountryRegion" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_CityAreaCode" xlink:label="loc_deiCityAreaCode" />
      <link:presentationArc order="280" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiCityAreaCode" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_LocalPhoneNumber" xlink:label="loc_deiLocalPhoneNumber" />
      <link:presentationArc order="290" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiLocalPhoneNumber" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_Extension" xlink:label="loc_deiExtension" />
      <link:presentationArc order="300" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiExtension" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_WrittenCommunications" xlink:label="loc_deiWrittenCommunications" />
      <link:presentationArc order="310" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiWrittenCommunications" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_SolicitingMaterial" xlink:label="loc_deiSolicitingMaterial" />
      <link:presentationArc order="320" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiSolicitingMaterial" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_PreCommencementTenderOffer" xlink:label="loc_deiPreCommencementTenderOffer" />
      <link:presentationArc order="330" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiPreCommencementTenderOffer" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_PreCommencementIssuerTenderOffer" xlink:label="loc_deiPreCommencementIssuerTenderOffer" />
      <link:presentationArc order="340" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiPreCommencementIssuerTenderOffer" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_Security12bTitle" xlink:label="loc_deiSecurity12bTitle" />
      <link:presentationArc order="350" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiSecurity12bTitle" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_NoTradingSymbolFlag" xlink:label="loc_deiNoTradingSymbolFlag" />
      <link:presentationArc order="360" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiNoTradingSymbolFlag" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_TradingSymbol" xlink:label="loc_deiTradingSymbol" />
      <link:presentationArc order="370" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiTradingSymbol" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_SecurityExchangeName" xlink:label="loc_deiSecurityExchangeName" />
      <link:presentationArc order="380" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiSecurityExchangeName" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_Security12gTitle" xlink:label="loc_deiSecurity12gTitle" />
      <link:presentationArc order="390" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiSecurity12gTitle" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_SecurityReportingObligation" xlink:label="loc_deiSecurityReportingObligation" />
      <link:presentationArc order="400" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiSecurityReportingObligation" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_AnnualInformationForm" xlink:label="loc_deiAnnualInformationForm" />
      <link:presentationArc order="410" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiAnnualInformationForm" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_AuditedAnnualFinancialStatements" xlink:label="loc_deiAuditedAnnualFinancialStatements" />
      <link:presentationArc order="420" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiAuditedAnnualFinancialStatements" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityWellKnownSeasonedIssuer" xlink:label="loc_deiEntityWellKnownSeasonedIssuer" />
      <link:presentationArc order="430" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiEntityWellKnownSeasonedIssuer" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityVoluntaryFilers" xlink:label="loc_deiEntityVoluntaryFilers" />
      <link:presentationArc order="440" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiEntityVoluntaryFilers" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityCurrentReportingStatus" xlink:label="loc_deiEntityCurrentReportingStatus" />
      <link:presentationArc order="450" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiEntityCurrentReportingStatus" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityInteractiveDataCurrent" xlink:label="loc_deiEntityInteractiveDataCurrent" />
      <link:presentationArc order="460" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiEntityInteractiveDataCurrent" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityFilerCategory" xlink:label="loc_deiEntityFilerCategory" />
      <link:presentationArc order="470" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiEntityFilerCategory" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntitySmallBusiness" xlink:label="loc_deiEntitySmallBusiness" />
      <link:presentationArc order="480" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiEntitySmallBusiness" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityEmergingGrowthCompany" xlink:label="loc_deiEntityEmergingGrowthCompany" />
      <link:presentationArc order="490" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiEntityEmergingGrowthCompany" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityExTransitionPeriod" xlink:label="loc_deiEntityExTransitionPeriod" />
      <link:presentationArc order="500" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiEntityExTransitionPeriod" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_DocumentAccountingStandard" xlink:label="loc_deiDocumentAccountingStandard" />
      <link:presentationArc order="510" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiDocumentAccountingStandard" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_OtherReportingStandardItemNumber" xlink:label="loc_deiOtherReportingStandardItemNumber" />
      <link:presentationArc order="520" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiOtherReportingStandardItemNumber" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityShellCompany" xlink:label="loc_deiEntityShellCompany" />
      <link:presentationArc order="530" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiEntityShellCompany" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityPublicFloat" xlink:label="loc_deiEntityPublicFloat" />
      <link:presentationArc order="540" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiEntityPublicFloat" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityBankruptcyProceedingsReportingCurrent" xlink:label="loc_deiEntityBankruptcyProceedingsReportingCurrent" />
      <link:presentationArc order="550" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiEntityBankruptcyProceedingsReportingCurrent" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityCommonStockSharesOutstanding" xlink:label="loc_deiEntityCommonStockSharesOutstanding" />
      <link:presentationArc order="560" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiEntityCommonStockSharesOutstanding" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_DocumentsIncorporatedByReferenceTextBlock" xlink:label="loc_deiDocumentsIncorporatedByReferenceTextBlock" />
      <link:presentationArc order="570" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiDocumentsIncorporatedByReferenceTextBlock" xlink:type="arc" />
    </link:presentationLink>
</link:linkbase>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>7
<FILENAME>tm2124356d2_ex5-1img001.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 tm2124356d2_ex5-1img001.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0D)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1" !D U(# 2(  A$! Q$!_\0
M'P   04! 0$! 0$           $" P0%!@<("0H+_\0 M1   @$# P($ P4%
M! 0   %] 0(#  01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T? D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0 'P$  P$! 0$!
M 0$! 0        $" P0%!@<("0H+_\0 M1$  @$"! 0#! <%! 0  0)W  $"
M Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O 58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H # ,!  (1 Q$ /P#WZC-(>U<)
MXQU/Q=X:T:[U>&^TVX@AD&(39,&5"V!EM_;([4XQYG9$RERJYWE+7D'@KQWX
MH\8ZG/8"]TNSECB\U=UHS[QG!'WQZBO5K)+E+.)+R6.6Y"CS'C0HK'V!)Q^=
M54INF[2W%":FKHLTE4]22^DL)$TV>""[)&QYXRZ#GG(!';-<'!J?Q"G\4W.B
M+-HN+:)99+KR'* -]U<;L[N.E*,>9;A*=CTD455T]+R.QC6_FBFN@/WDD2%$
M)SV!)QQCO5G-26+129I<T %%%&: "BC-% !1110 449HH ***,T %%%% !11
M1F@ HHS10 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 44
M44 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !111
M0 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%%
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M2@HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
M"BBB@ HHHH **** "BBB@ HHHH ***HWFKZ=I\@2\U"UMG*[@LTRH2/7D]*
M+U%9O]O:2+C[/_:ECYYVXB^T)N^8 KQG/(((]<U,VIV2W@M&O;87).!"95WG
M_@.<T"N7**SM2UJPTGR!>W B:=BL2[&8N0,G 4$\#FK5K=17ELEQ Q:)QE25
M*Y'T/- R>BLJ_P#$&F:7/Y-[=K"^P2'<K$*O(RQ PHX/)]*9/XFTBVO&M9K^
M-)4V[LJVU=PRN6QM&1ZFBS%=&Q152XO[:TD@CN)XXGN)/*A5S@NV"<#WX-4;
MOQ/I-C>&TN+HI.#C9Y,ASW.,#GKVH"Z-FBL27Q5I$%U]EENF6?LGD29/3I\O
M/45H7FH6^GV_GW<R11Y !8]2>P'4GV'-&H71;HK&F\3:3!8)?/>K]E8LOF*C
M-@CJ#@?+CWQ2/XITB.WAG>[(29S'%F&3+L!D@+C)XYSBG9A=&U163+XCTJ"S
MM[M[U#!<L4B:-6?>P!)&%!.1M;/I@TR;Q/I5NL!ENBIG1I(U\ERQ4'!.T#(Y
M(ZCO2LPNC9HK&O/%&D6$Z075V8I7QL4PN=V1D 8')QS@<UJP3)/#'-&24D4,
MI((R#['F@+DE%(> :S8]=TV:_P#L,=]"UQDJ$!ZL.J@]"P[@'(H&:=%4FU.T
M6S:\:X06Z.4:3/ 8-L(_[ZXJ*]URPT^.62ZN B12>7(0C-L;:'P< X^4@Y]Z
M!71I45B)XJTA[-;L7F8&<1JPAD^9BI8 #;D\ G(["M&TOH+ZU6YMW+1'.&92
MO3KP<&BP71:HJE;:K8WC2"UOK6<QC+B*96VCWP>*;#K&GW*2R6^H6DJ1#=*T
M<ZL$'J2#P.#^1HL.Y?HJK:7UK?1M):7,-PBG!:&0. ?3(JU0 451U'5[+2EB
M-Y/Y?FL50!&8L0,G 4$]*%U:R?3&U);J+[$J%VFS\H SG/I@@Y^F* N7J*IR
M:C:Q6D5T]Q&()2@CDSPQ<@+CZY%5;_Q%INF7(M[NY:.9NB^2[9X)X(!!. ?R
MHL*Z-:BLUM<T]+.YNVND6"U4/.S CRP5##(ZC@@U)=ZK96.F-J5U=116:H',
MS'Y=IZ'\<T:CN7J*S;[6].TV58KR\AAD89VLW0>I_NCW.!3+[Q#IFFSQP7=V
MJ22)YJJ$9ODSC<< X'N:-171JT5D7/B72;4P"2]0F>/S8O*5I-R?WAM!X]ZT
MHY1+&KJ<JP# X(X- 7):*I1ZG:3:A<6$5Q&UW;JK2P@_,@;D$_6J\_B'2[:2
M^CFOHD:P17NE.<Q*WW2?K19A=&K16=8:WI^INR6ETDDB#+QD%74>I4X./?%2
M7.J6-E*L5U>VT$C\HLLJH6'L": NB[158WD"W:VK3PBX92ZQ%QO*CJ=O7'O4
M<&JV-S.\%O>VTTR9W1QRJS+CKD \4#N7:*H0ZQIUP)3!J%I((AND*3JP0>IP
M>!]:EM-0M+]6>TNH+A5.&,,@< ^^* N6J*** "D-+2&@#R/XXZ4TNGZ;JR(#
MY#M!(WH&Y'Z@_G4OP/U3S="U#2W?+6TXE13V5QS^&X'\Z[?QKI+:UX-U:P1-
M\KV[-$/5U^9?U KPWX3ZF--\?VD<CE([M'MFSQ\Q&5!_X$H'XUVT_P!YAW'L
M<D_<KJ7<]IUJ.;4?&.@V"G_1K7S-0N!ZE1LC'_?3$_\  :Z@=*YCPY')>>(?
M$&LNV899UL[;_KG"-K$>QD+_ )5U%<<NB.F/<\'^"O\ R.VI_P#7F_\ Z-2O
M7[G5 OBG3M+CF7=)!--+&,$X78%)].2:\3^%.DV>L>+=2M[U)'C%H[ ),\9S
MYJ]U(->E:?X-T[PWX\LK[31,B75K/'(DLK28*E"""Q)Z9[UTXA1]H[]OT,*+
M?LU;O^IW7:N<L/\ DH.MX_Y\;/\ ]"FKHLCI7.V'_)0=;_Z\;/\ ]"FKFCLS
MH?0\?\=Z1<^ _'MMK>G$K;SR_:8=O&U\_/&?8Y_)L=J]ST/6+;7]&M=4M,^3
M<(& /53T(/N#D5F^-O#J^)_"UYIX7_2 IDMV])%Y7\#T/L:\N^#_ (FDTK6)
M?#=^9(TN9"84D&/*F'WE/ID#IZCWKI?[ZE?K'\CF7[JI;H_S/7_#?_(N6'_7
M(55UZU?5]1L-)9<V;++-=>ZA=B+_ -]/N_X!5GPX?^*;L/\ KB*IVVIVS>)=
M5:XN[>-;<1VL:O*H).W>Q_-U'X&N=7O<Z.BN>8?!ZX;1_&NL:#.Q#,C*!ZO$
M^#^A)_"O<.U?/_B&XM]!^-<6H6<\9MY;B*=F1P5^<;7Y'OD_C7T!Q^%;8E7:
MGW1CAW9.'9G@^@LJ?'N[9V"J+NXY)QV->J^*O%FFZ!I,LLDZR74B,MO;Q?.\
MCXXP!VSCGH*\IT.*.;X\WB2QHZ&[N/E< CH>U>B^*? .G:C;27NE1?V=K$*E
MX+FU_=DL.0& Z@_I6E;EYX\W9$4N;DE;NS%^#_A"^\/V%SJ.HQF&:\1%CA88
M94&3EO0G(X[8KG/BC_R5K1/^N-K_ .CGKI_A7X\O/$T<^FZLRO>VZ"1)L!3*
MG3!']X'T]:YCXH_\E:T3_KC:_P#HYZ=/F]N^;>PI\OL5R]SW(=Z#0.](QQ7$
M=AP?QA_Y)Y=?]=X?_0Q4OPG.WX<V!/3?+S_P,U%\8/\ DG=T?^F\/_H8K%^'
M_@W1=>^'UI-?P7#22&0%H[N6,<,1]U6"_I71I]75^YSZ^V=NQW'AK56U:36)
M!.)H(=0>"$C& JJH(!'7G=70#I7&_#[28M"L]7TN!F:*VU*18RQR=I52,^^#
M78!ATK&=E)V-HWMJ.HI-PZ49%24+129Q1N'K0 M%%% !1110 4444 %%%% !
M1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %8
M7BHSS:4NFVLWDW.HR+:JXZJIYD8>X0-^.*W#5>:T@FNH+F2)6F@W>4YZIN&#
MCZBA,3..NFN- O\ Q!J5A>V;P126[S6/E,9 !$B!=V0%) R.#[U2BWG3]>8_
MZX>*X-OK_K;8#_QW/X5VMQHNFW=_'?7%G$]U'C;(1SP<C/K@],T'1--?4UU)
MK.(WB])<<YQC/IG'&>M5S(GE9A^)S./%OA/[,J&;[1<[1(Q"_P#'NW7 )KIX
M3((E\_8)L?,$)QGVSSBJFIZ+IVL>3]OM5G\EBT9)(*$C!P01VI]II5E8F(VT
M 0Q1&)#N)(0G..3ZBE=-%6U,74;:_O-;U6ULGMT\[3XHV>;)VY,HR .O4]:Y
M[5(+BVM/%UO'Y;644,"3L6(DV"%0=HQC.T=^]>AK!$MP]P$ E=0C/W(!) _4
M_G4$VEV,R7BR6T;"]7;< C_6@#;S^'%-2L3RW.2\39U+5+EK:*XFETFU#0>4
MF0MPQ$G))'.V-!])#6M->0W^O^&[RV??!/#/(C#NI12*V[:QMK1IVMX5C:>3
MS)2/XVP!D_@ /PJ*VTFQLTM4M[6.-;4,L 4?ZL-U ^M#DA\I3NB?^$MTSG_E
MUN/YQU'XCABE;31]K%K?K=!K&1XRZ&78WRL!V*[AU'L<UL-;0O<QW#1@S1JR
MH_< XR/T'Y5'>V-KJ-JUM=PK-"V,JWMR#['-2GL.QS5U.TW@[Q&)K6.WO(Q*
MET(FRCR>6IW@^A4I].G:C7C/_;WA#[.(S-YL^WS"0O\ Q[-G..>F:Z&+2;"#
M3&TV*UC2S965H@."#USZYYJ62PMI9[::2%&DM23 Q',>5VG'X$BGS"Y3A;$W
M.="\H1->?VUJ/F[R0GF?O]^,<[<YQ^&:U[HZC_PF]AY26OVK^RI]^YFV >;%
MT.,^E:]WX>TJ]A6&XLD9%F>X R1B1L[F!!!R=Q_.H9O"FB7$=O'+8*RVZ&.+
M]XV54G)&<YQD4^9"Y64O%&?[4\+9Z_VJ,@'_ *8RUTZU5DTZTE^R^9 C_9'$
MD!;G8P!7(]\$C\:M#BI;*2%-</%+#92Z<DODZAHT^I%;1]I66VN"SX!'1@&W
M#/4=\@9KN"16;%H6EPZD^HQV42W;9)D YR>IQT!/K33L#5SG)_\ D1+R/^/^
MT)5QWW&].!]>15^Z/_$N\7_[[_\ I)%6F=!TIM3&I&QA-YNW>;CG=C&<=,X[
M]:M-96[1W*&%2MS_ *X?W_E"\_\  0!^%-R)Y6<U";C^P?!WV81F;,>WS20O
M_'I+G..:V[Z*6XT&\BO9H;=Y+>17E0G9&"I&[)QT'-.N]$TZ]L(+&XM5>VM]
MIBC!(";05&"#GH2/QJ:STZUT^S%I;0A(!GY"2W7KUSFE<=CSF87,,?D,ML/(
M\)7,<4MM+Y@E4>6%<<#@XR!SU-;_ (ICA$Y6-8_+:P*R  8,8GAP#_LX+_K7
M06&AZ7I8E^Q6,,/FC#A1U'I]/;I3;3P]I-C%<16VGP1QW"[)5"Y#KS\ISVY/
M'O5<Z%RLI:?G_A-=<Q]S[-:Y_P![]Y^N,?I70]JI:=I5EI4#0V-LD,;-N(7)
MR?4D\FKO%0W<I*QSVO\ V@:YH7V41&7S9L>:2%_U1].:P6D^TZ+!I%PCRSW.
MJSFZC@&0ZI*TK[03]PG:GK\W/.:[#4]'L-82-+^V$RQL63+$;3C'4$=J+;1]
M/LW@>WM(XV@C:*(J/NJQ!8#ZD FK4K$N+N<=N>'PBNG2B0/8ZK!"JR##B+SE
M>/('3",H_"NIU@_\3#0_^O\ /_HB:I;S0M-OQ<"ZLXY?M&SS<Y&_9]W.#VIU
MKI%A90PPV]NJ1PR&6,$D[7((R"3Z$C\:3E<:B<SJ?^H\8<9'G0<?]LXZS=48
MS>&[GP]=1C?I\=VY7/6&*/\ <M_Y$B_%3Z5WDFG64GVE7MT871#3 C_6$  9
M_ #\J;)I-C+/=3O:QM+=PB"=R.9(QD;3[<FCFT%RF'8E%\7>*S/@#R;4G=_S
MS\M_TSO_ %K%LQJ U73!:"'[0?#2AO/) 'S#TKL[_0]-U26.6^LHIWC&%9AV
M]/<>QJ<V5K]L%WY*?:/*\D28YV9SM^F::DD/EN<'X7,_G^'SI:H5_L+_ )>6
M(X\Q?[HZYKT)-VT;\;L<XZ9K(G\*:'<1V\<NGQ[;>,Q1!69=B9S@8(XJU;:3
M!:ZF]\C2;VMTME0ME$122,#U.>3["E)J3N"5CF)VATWQK?:S(VR-)H[2=O\
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M,#THP/2EHH *3 /:EHH 0*/2EP/2BB@!,"C I:* $P*,#TI:* #%)@>E+10
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M_P"@RW_@,E'V#4_^@RW_ (#)0!IYHS69]@U/_H,M_P" R4?8-3_Z#+?^ R4
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M_P"@RW_@,E'V#4_^@RW_ (#)0!IYHS69]@U/_H,M_P" R4?8-3_Z#+?^ R4
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M_P"@RW_@,E'V#4_^@RW_ (#)0!IYHS69]@U/_H,M_P" R4?8-3_Z#+?^ R4
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M_P"@RW_@,E'V#4_^@RW_ (#)0!IYHS69]@U/_H,M_P" R4?8-3_Z#+?^ R4
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M **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@
MHHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "B
MBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ***
M* "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH
C **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@#_]D!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>8
<FILENAME>tm2124356d2_ex5-1img002.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 tm2124356d2_ex5-1img002.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" !> U(# 2(  A$! Q$!_\0
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M^.*.WBB6_P##U[KOCSX=ZO-)'&+NXEO(==\8Z/J3/,WG6.DZ-9H]N(E:OL>
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MOMHVVKI13D[;IVBI.SZ72OT!RBE=R44VE>34=7LO><=7YV+5%54ND<XV2*<
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MA:UI_B*6'3]2=+B\T_484DB'+_\ !N#M7_@EW\/<C)_X6K\7U&,CD^*>,_0
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M !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444
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MQ86%CHV@W%O>WT&H:-96>IQW]\+Y;M^&_P"#<&)9/^"7/P[5A\I^*GQ?.T9
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M?P7^&'Q;-A'I(^)'@G0?%ZZ9!>?;[>P76[)+M;>WO3!;_:8U5E$<Y@C\Y")
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M)8R>(HQ2:A3J5(4X3<%TORN-VW=:/N[-%%%><>L%%%% !1110 4444 %%%%
M!1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %
M%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 44
M44 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !111
M0 4444 %-"A22._Z=^/2G44 %%%% !1110 4444 %%%% !1110 4444 %%%%
M !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444
M%%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4
M444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !11
M10 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4449!Z'-
M!1110!D7^N:7I(C?5=1L=.AFD:*.;4+NVLHVF"LX17N)HERR(S*I.X@'DX(&
M<?&W@_\ A\5^&2?^P]I/X_\ +X.]6]8\.>'?$]M%;^(= T77K:&7SX+;6]+L
M=5@AG ,?G10WT$\4<NPE?,15?:2N<$@\V?A1\+EY/PV\ G/'_(F^'/K_ - [
MVH!WZ;FO_P )MX1_Z&KPS_X/M)_^3:/^$V\(_P#0U>&?_!]I/_R;6/\ \*K^
M%?\ T33P#_X1OAS_ .5U'_"J_A7_ -$T\ _^$;X<_P#E=03[WD;'_";>$?\
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MT\ _^$;X<_\ E=0'O>1L?\)MX1_Z&KPS_P"#[2?_ )-H_P"$V\(_]#5X9_\
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M\'VD_P#R;6/_ ,*K^%?_ $33P#_X1OAS_P"5U'_"J_A7_P!$T\ _^$;X<_\
ME=0'O>1L?\)MX1_Z&KPS_P"#[2?_ )-H_P"$V\(_]#5X9_\ !]I/_P FUC_\
M*K^%?_1-/ /_ (1OAS_Y74?\*K^%?_1-/ /_ (1OAS_Y74![WD;'_";>$?\
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MT\ _^$;X<_\ E=0'O>1L?\)MX1_Z&KPS_P"#[2?_ )-H_P"$V\(_]#5X9_\
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@7</"75VBDGL;2"5XF94+1LQ1BH)7< :"CJJ*** /_]D!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>9
<FILENAME>tm2124356d2_8k_htm.xml
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<XML>
<?xml version="1.0" encoding="utf-8"?>
<xbrl
  xmlns="http://www.xbrl.org/2003/instance"
  xmlns:dei="http://xbrl.sec.gov/dei/2020-01-31"
  xmlns:iso4217="http://www.xbrl.org/2003/iso4217"
  xmlns:link="http://www.xbrl.org/2003/linkbase"
  xmlns:xlink="http://www.w3.org/1999/xlink">
    <link:schemaRef xlink:href="rwt-20210809.xsd" xlink:type="simple"/>
    <context id="From2021-08-09to2021-08-09">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0000930236</identifier>
        </entity>
        <period>
            <startDate>2021-08-09</startDate>
            <endDate>2021-08-09</endDate>
        </period>
    </context>
    <unit id="USD">
        <measure>iso4217:USD</measure>
    </unit>
    <unit id="Shares">
        <measure>shares</measure>
    </unit>
    <unit id="USDPShares">
        <divide>
            <unitNumerator>
                <measure>iso4217:USD</measure>
            </unitNumerator>
            <unitDenominator>
                <measure>shares</measure>
            </unitDenominator>
        </divide>
    </unit>
    <dei:EntityCentralIndexKey contextRef="From2021-08-09to2021-08-09">0000930236</dei:EntityCentralIndexKey>
    <dei:AmendmentFlag contextRef="From2021-08-09to2021-08-09">false</dei:AmendmentFlag>
    <dei:DocumentType contextRef="From2021-08-09to2021-08-09">8-K</dei:DocumentType>
    <dei:DocumentPeriodEndDate contextRef="From2021-08-09to2021-08-09">2021-08-09</dei:DocumentPeriodEndDate>
    <dei:EntityRegistrantName contextRef="From2021-08-09to2021-08-09">REDWOOD TRUST, INC.</dei:EntityRegistrantName>
    <dei:EntityIncorporationStateCountryCode contextRef="From2021-08-09to2021-08-09">MD</dei:EntityIncorporationStateCountryCode>
    <dei:EntityFileNumber contextRef="From2021-08-09to2021-08-09">001-13759</dei:EntityFileNumber>
    <dei:EntityTaxIdentificationNumber contextRef="From2021-08-09to2021-08-09">68-0329422</dei:EntityTaxIdentificationNumber>
    <dei:EntityAddressAddressLine1 contextRef="From2021-08-09to2021-08-09">One Belvedere Place</dei:EntityAddressAddressLine1>
    <dei:EntityAddressAddressLine2 contextRef="From2021-08-09to2021-08-09">Suite 300</dei:EntityAddressAddressLine2>
    <dei:EntityAddressCityOrTown contextRef="From2021-08-09to2021-08-09">Mill Valley</dei:EntityAddressCityOrTown>
    <dei:EntityAddressStateOrProvince contextRef="From2021-08-09to2021-08-09">CA</dei:EntityAddressStateOrProvince>
    <dei:EntityAddressPostalZipCode contextRef="From2021-08-09to2021-08-09">94941</dei:EntityAddressPostalZipCode>
    <dei:CityAreaCode contextRef="From2021-08-09to2021-08-09">415</dei:CityAreaCode>
    <dei:LocalPhoneNumber contextRef="From2021-08-09to2021-08-09">389-7373</dei:LocalPhoneNumber>
    <dei:WrittenCommunications contextRef="From2021-08-09to2021-08-09">false</dei:WrittenCommunications>
    <dei:SolicitingMaterial contextRef="From2021-08-09to2021-08-09">false</dei:SolicitingMaterial>
    <dei:PreCommencementTenderOffer contextRef="From2021-08-09to2021-08-09">false</dei:PreCommencementTenderOffer>
    <dei:PreCommencementIssuerTenderOffer contextRef="From2021-08-09to2021-08-09">false</dei:PreCommencementIssuerTenderOffer>
    <dei:EntityEmergingGrowthCompany contextRef="From2021-08-09to2021-08-09">false</dei:EntityEmergingGrowthCompany>
    <dei:Security12bTitle contextRef="From2021-08-09to2021-08-09">Common stock, par value $0.01 per share</dei:Security12bTitle>
    <dei:TradingSymbol contextRef="From2021-08-09to2021-08-09">RWT</dei:TradingSymbol>
    <dei:SecurityExchangeName contextRef="From2021-08-09to2021-08-09">NYSE</dei:SecurityExchangeName>
</xbrl>
</XML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>10
<FILENAME>R1.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.21.2</span><table class="report" border="0" cellspacing="2" id="idm139684145296248">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Cover<br></strong></div></th>
<th class="th"><div>Aug. 09, 2021</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_CoverAbstract', window );"><strong>Cover [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentType', window );">Document Type</a></td>
<td class="text">8-K<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_AmendmentFlag', window );">Amendment Flag</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentPeriodEndDate', window );">Document Period End Date</a></td>
<td class="text">Aug.  09,  2021<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityFileNumber', window );">Entity File Number</a></td>
<td class="text">001-13759<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityRegistrantName', window );">Entity Registrant Name</a></td>
<td class="text">REDWOOD TRUST, INC.<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityCentralIndexKey', window );">Entity Central Index Key</a></td>
<td class="text">0000930236<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityTaxIdentificationNumber', window );">Entity Tax Identification Number</a></td>
<td class="text">68-0329422<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityIncorporationStateCountryCode', window );">Entity Incorporation, State or Country Code</a></td>
<td class="text">MD<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressAddressLine1', window );">Entity Address, Address Line One</a></td>
<td class="text">One Belvedere Place<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressAddressLine2', window );">Entity Address, Address Line Two</a></td>
<td class="text">Suite 300<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressCityOrTown', window );">Entity Address, City or Town</a></td>
<td class="text">Mill Valley<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressStateOrProvince', window );">Entity Address, State or Province</a></td>
<td class="text">CA<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressPostalZipCode', window );">Entity Address, Postal Zip Code</a></td>
<td class="text">94941<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_CityAreaCode', window );">City Area Code</a></td>
<td class="text">415<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LocalPhoneNumber', window );">Local Phone Number</a></td>
<td class="text">389-7373<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_WrittenCommunications', window );">Written Communications</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_SolicitingMaterial', window );">Soliciting Material</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_PreCommencementTenderOffer', window );">Pre-commencement Tender Offer</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_PreCommencementIssuerTenderOffer', window );">Pre-commencement Issuer Tender Offer</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_Security12bTitle', window );">Title of 12(b) Security</a></td>
<td class="text">Common stock, par value $0.01 per share<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">RWT<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NYSE<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityEmergingGrowthCompany', window );">Entity Emerging Growth Company</a></td>
<td class="text">false<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_AmendmentFlag">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_AmendmentFlag</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CityAreaCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Area code of city</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CityAreaCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CoverAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Cover page.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CoverAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentPeriodEndDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The end date of the period reflected on the cover page if a periodic report. For all other reports and registration statements containing historical data, it is the date up through which that historical data is presented.  If there is no historical data in the report, use the filing date. The format of the date is YYYY-MM-DD.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentPeriodEndDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:dateItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentType">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentType</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:submissionTypeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressAddressLine1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Address Line 1 such as Attn, Building Name, Street Name</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressAddressLine1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressAddressLine2">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Address Line 2 such as Street or Suite number</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressAddressLine2</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressCityOrTown">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Name of the City or Town</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressCityOrTown</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressPostalZipCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Code for the postal or zip code</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressPostalZipCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressStateOrProvince">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Name of the state or province.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressStateOrProvince</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:stateOrProvinceItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCentralIndexKey">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCentralIndexKey</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:centralIndexKeyItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityEmergingGrowthCompany">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate if registrant meets the emerging growth company criteria.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityEmergingGrowthCompany</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityFileNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityFileNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:fileNumberItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityIncorporationStateCountryCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Two-character EDGAR code representing the state or country of incorporation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityIncorporationStateCountryCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:edgarStateCountryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityRegistrantName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityRegistrantName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityTaxIdentificationNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityTaxIdentificationNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:employerIdItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LocalPhoneNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Local phone number for entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LocalPhoneNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_PreCommencementIssuerTenderOffer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 13e<br> -Subsection 4c<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_PreCommencementIssuerTenderOffer</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_PreCommencementTenderOffer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 14d<br> -Subsection 2b<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_PreCommencementTenderOffer</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_Security12bTitle">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Title of a 12(b) registered security.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_Security12bTitle</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:securityTitleItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_SecurityExchangeName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Name of the Exchange on which a security is registered.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection d1-1<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_SecurityExchangeName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:edgarExchangeCodeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_SolicitingMaterial">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Section 14a<br> -Number 240<br> -Subsection 12<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_SolicitingMaterial</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_TradingSymbol">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Trading symbol of an instrument as listed on an exchange.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_TradingSymbol</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:tradingSymbolItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_WrittenCommunications">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br> -Section 425<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_WrittenCommunications</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EXCEL
<SEQUENCE>11
<FILENAME>Financial_Report.xlsx
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
begin 644 Financial_Report.xlsx
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MJ#(9BBJ6<%H@XLD@;6E6?;!/3K3G>1<W]T6NS>,)KM\,<'AT_@%02P,$%
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M?^:+X3]>?P%02P$"% ,4    "  'K@E3!T%-8H$   "Q    $
M    @ $     9&]C4')O<',O87!P+GAM;%!+ 0(4 Q0    (  >N"5/LV"2G
M[@   "L"   1              "  :\   !D;V-0<F]P<R]C;W)E+GAM;%!+
M 0(4 Q0    (  >N"5.97)PC$ 8  )PG   3              "  <P!  !X
M;"]T:&5M92]T:&5M93$N>&UL4$L! A0#%     @ !ZX)4]Z8O4Y.!   SA
M !@              ("!#0@  'AL+W=O<FMS:&5E=',O<VAE970Q+GAM;%!+
M 0(4 Q0    (  >N"5.?H!OPL0(  .(,   -              "  9$,  !X
M;"]S='EL97,N>&UL4$L! A0#%     @ !ZX)4Y>*NQS     $P(   L
M         ( !;0\  %]R96QS+RYR96QS4$L! A0#%     @ !ZX)4ZK$(A8S
M 0  (@(   \              ( !5A   'AL+W=O<FMB;V]K+GAM;%!+ 0(4
M Q0    (  >N"5,D'INBK0   /@!   :              "  ;81  !X;"]?
M<F5L<R]W;W)K8F]O:RYX;6PN<F5L<U!+ 0(4 Q0    (  >N"5-ED'F2&0$
M ,\#   3              "  9L2  !;0V]N=&5N=%]4>7!E<UTN>&UL4$L%
3!@     )  D /@(  .43      $!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>12
<FILENAME>Show.js
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
// Edgar(tm) Renderer was created by staff of the U.S. Securities and Exchange Commission.  Data and content created by government employees within the scope of their employment are not subject to domestic copyright protection. 17 U.S.C. 105.
var Show={};Show.LastAR=null,Show.showAR=function(a,r,w){if(Show.LastAR)Show.hideAR();var e=a;while(e&&e.nodeName!='TABLE')e=e.nextSibling;if(!e||e.nodeName!='TABLE'){var ref=((window)?w.document:document).getElementById(r);if(ref){e=ref.cloneNode(!0);
e.removeAttribute('id');a.parentNode.appendChild(e)}}
if(e)e.style.display='block';Show.LastAR=e};Show.hideAR=function(){Show.LastAR.style.display='none'};Show.toggleNext=function(a){var e=a;while(e.nodeName!='DIV')e=e.nextSibling;if(!e.style){}else if(!e.style.display){}else{var d,p_;if(e.style.display=='none'){d='block';p='-'}else{d='none';p='+'}
e.style.display=d;if(a.textContent){a.textContent=p+a.textContent.substring(1)}else{a.innerText=p+a.innerText.substring(1)}}}
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>13
<FILENAME>report.css
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
/* Updated 2009-11-04 */
/* v2.2.0.24 */

/* DefRef Styles */
..report table.authRefData{
	background-color: #def;
	border: 2px solid #2F4497;
	font-size: 1em;
	position: absolute;
}

..report table.authRefData a {
	display: block;
	font-weight: bold;
}

..report table.authRefData p {
	margin-top: 0px;
}

..report table.authRefData .hide {
	background-color: #2F4497;
	padding: 1px 3px 0px 0px;
	text-align: right;
}

..report table.authRefData .hide a:hover {
	background-color: #2F4497;
}

..report table.authRefData .body {
	height: 150px;
	overflow: auto;
	width: 400px;
}

..report table.authRefData table{
	font-size: 1em;
}

/* Report Styles */
..pl a, .pl a:visited {
	color: black;
	text-decoration: none;
}

/* table */
..report {
	background-color: white;
	border: 2px solid #acf;
	clear: both;
	color: black;
	font: normal 8pt Helvetica, Arial, san-serif;
	margin-bottom: 2em;
}

..report hr {
	border: 1px solid #acf;
}

/* Top labels */
..report th {
	background-color: #acf;
	color: black;
	font-weight: bold;
	text-align: center;
}

..report th.void	{
	background-color: transparent;
	color: #000000;
	font: bold 10pt Helvetica, Arial, san-serif;
	text-align: left;
}

..report .pl {
	text-align: left;
	vertical-align: top;
	white-space: normal;
	width: 200px;
	white-space: normal; /* word-wrap: break-word; */
}

..report td.pl a.a {
	cursor: pointer;
	display: block;
	width: 200px;
	overflow: hidden;
}

..report td.pl div.a {
	width: 200px;
}

..report td.pl a:hover {
	background-color: #ffc;
}

/* Header rows... */
..report tr.rh {
	background-color: #acf;
	color: black;
	font-weight: bold;
}

/* Calendars... */
..report .rc {
	background-color: #f0f0f0;
}

/* Even rows... */
..report .re, .report .reu {
	background-color: #def;
}

..report .reu td {
	border-bottom: 1px solid black;
}

/* Odd rows... */
..report .ro, .report .rou {
	background-color: white;
}

..report .rou td {
	border-bottom: 1px solid black;
}

..report .rou table td, .report .reu table td {
	border-bottom: 0px solid black;
}

/* styles for footnote marker */
..report .fn {
	white-space: nowrap;
}

/* styles for numeric types */
..report .num, .report .nump {
	text-align: right;
	white-space: nowrap;
}

..report .nump {
	padding-left: 2em;
}

..report .nump {
	padding: 0px 0.4em 0px 2em;
}

/* styles for text types */
..report .text {
	text-align: left;
	white-space: normal;
}

..report .text .big {
	margin-bottom: 1em;
	width: 17em;
}

..report .text .more {
	display: none;
}

..report .text .note {
	font-style: italic;
	font-weight: bold;
}

..report .text .small {
	width: 10em;
}

..report sup {
	font-style: italic;
}

..report .outerFootnotes {
	font-size: 1em;
}
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>14
<FILENAME>FilingSummary.xml
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<XML>
<?xml version='1.0' encoding='utf-8'?>
<FilingSummary>
  <Version>3.21.2</Version>
  <ProcessingTime/>
  <ReportFormat>html</ReportFormat>
  <ContextCount>1</ContextCount>
  <ElementCount>96</ElementCount>
  <EntityCount>1</EntityCount>
  <FootnotesReported>false</FootnotesReported>
  <SegmentCount>0</SegmentCount>
  <ScenarioCount>0</ScenarioCount>
  <TuplesReported>false</TuplesReported>
  <UnitCount>3</UnitCount>
  <MyReports>
    <Report instance="tm2124356d2_8k.htm">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R1.htm</HtmlFileName>
      <LongName>00000001 - Document - Cover</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://redwoodtrust.com/role/Cover</Role>
      <ShortName>Cover</ShortName>
      <MenuCategory>Cover</MenuCategory>
      <Position>1</Position>
    </Report>
    <Report>
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <LongName>All Reports</LongName>
      <ReportType>Book</ReportType>
      <ShortName>All Reports</ShortName>
    </Report>
  </MyReports>
  <InputFiles>
    <File doctype="8-K" original="tm2124356d2_8k.htm">tm2124356d2_8k.htm</File>
    <File>rwt-20210809.xsd</File>
    <File>rwt-20210809_lab.xml</File>
    <File>rwt-20210809_pre.xml</File>
    <File>tm2124356d2_ex1-1.htm</File>
    <File>tm2124356d2_ex5-1.htm</File>
  </InputFiles>
  <SupplementalFiles/>
  <BaseTaxonomies>
    <BaseTaxonomy>http://xbrl.sec.gov/dei/2020-01-31</BaseTaxonomy>
  </BaseTaxonomies>
  <HasPresentationLinkbase>true</HasPresentationLinkbase>
  <HasCalculationLinkbase>false</HasCalculationLinkbase>
</FilingSummary>
</XML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>JSON
<SEQUENCE>16
<FILENAME>MetaLinks.json
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
{
 "instance": {
  "tm2124356d2_8k.htm": {
   "axisCustom": 0,
   "axisStandard": 0,
   "contextCount": 1,
   "dts": {
    "definitionLink": {
     "remote": [
      "http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-eedm-def-2020-01-31.xml",
      "http://xbrl.fasb.org/srt/2020/elts/srt-eedm1-def-2020-01-31.xml"
     ]
    },
    "inline": {
     "local": [
      "tm2124356d2_8k.htm"
     ]
    },
    "labelLink": {
     "local": [
      "rwt-20210809_lab.xml"
     ],
     "remote": [
      "https://xbrl.sec.gov/dei/2020/dei-doc-2020-01-31.xml"
     ]
    },
    "presentationLink": {
     "local": [
      "rwt-20210809_pre.xml"
     ]
    },
    "referenceLink": {
     "remote": [
      "https://xbrl.sec.gov/dei/2020/dei-ref-2020-01-31.xml"
     ]
    },
    "schema": {
     "local": [
      "rwt-20210809.xsd"
     ],
     "remote": [
      "http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd",
      "http://www.xbrl.org/2003/xl-2003-12-31.xsd",
      "http://www.xbrl.org/2003/xlink-2003-12-31.xsd",
      "https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd",
      "http://www.xbrl.org/2003/xbrl-instance-2003-12-31.xsd",
      "http://www.xbrl.org/2005/xbrldt-2005.xsd",
      "http://www.xbrl.org/dtr/type/nonNumeric-2009-12-16.xsd",
      "http://www.xbrl.org/dtr/type/numeric-2009-12-16.xsd",
      "http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd",
      "http://www.xbrl.org/lrr/role/net-2009-12-16.xsd",
      "http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd",
      "http://xbrl.fasb.org/us-gaap/2020/elts/us-roles-2020-01-31.xsd",
      "http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd",
      "http://www.xbrl.org/2006/ref-2006-02-27.xsd",
      "http://xbrl.fasb.org/srt/2020/elts/srt-types-2020-01-31.xsd",
      "http://xbrl.fasb.org/srt/2020/elts/srt-roles-2020-01-31.xsd",
      "https://xbrl.sec.gov/country/2020/country-2020-01-31.xsd",
      "http://xbrl.fasb.org/us-gaap/2020/elts/us-types-2020-01-31.xsd",
      "http://www.xbrl.org/lrr/role/deprecated-2009-12-16.xsd"
     ]
    }
   },
   "elementCount": 59,
   "entityCount": 1,
   "hidden": {
    "http://xbrl.sec.gov/dei/2020-01-31": 2,
    "total": 2
   },
   "keyCustom": 0,
   "keyStandard": 96,
   "memberCustom": 0,
   "memberStandard": 0,
   "nsprefix": "rwt",
   "nsuri": "http://redwoodtrust.com/20210809",
   "report": {
    "R1": {
     "firstAnchor": {
      "ancestors": [
       "span",
       "b",
       "p",
       "body",
       "html"
      ],
      "baseRef": "tm2124356d2_8k.htm",
      "contextRef": "From2021-08-09to2021-08-09",
      "decimals": null,
      "first": true,
      "lang": "en-US",
      "name": "dei:DocumentType",
      "reportCount": 1,
      "unique": true,
      "unitRef": null,
      "xsiNil": "false"
     },
     "groupType": "document",
     "isDefault": "true",
     "longName": "00000001 - Document - Cover",
     "role": "http://redwoodtrust.com/role/Cover",
     "shortName": "Cover",
     "subGroupType": "",
     "uniqueAnchor": {
      "ancestors": [
       "span",
       "b",
       "p",
       "body",
       "html"
      ],
      "baseRef": "tm2124356d2_8k.htm",
      "contextRef": "From2021-08-09to2021-08-09",
      "decimals": null,
      "first": true,
      "lang": "en-US",
      "name": "dei:DocumentType",
      "reportCount": 1,
      "unique": true,
      "unitRef": null,
      "xsiNil": "false"
     }
    }
   },
   "segmentCount": 0,
   "tag": {
    "dei_AmendmentDescription": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Description of changes contained within amended document.",
        "label": "Amendment Description"
       }
      }
     },
     "localname": "AmendmentDescription",
     "nsuri": "http://xbrl.sec.gov/dei/2020-01-31",
     "presentation": [
      "http://redwoodtrust.com/role/Cover"
     ],
     "xbrltype": "stringItemType"
    },
    "dei_AmendmentFlag": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.",
        "label": "Amendment Flag"
       }
      }
     },
     "localname": "AmendmentFlag",
     "nsuri": "http://xbrl.sec.gov/dei/2020-01-31",
     "presentation": [
      "http://redwoodtrust.com/role/Cover"
     ],
     "xbrltype": "booleanItemType"
    },
    "dei_AnnualInformationForm": {
     "auth_ref": [
      "r12"
     ],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Boolean flag with value true on a form if it is an annual report containing an annual information form.",
        "label": "Annual Information Form"
       }
      }
     },
     "localname": "AnnualInformationForm",
     "nsuri": "http://xbrl.sec.gov/dei/2020-01-31",
     "presentation": [
      "http://redwoodtrust.com/role/Cover"
     ],
     "xbrltype": "booleanItemType"
    },
    "dei_AuditedAnnualFinancialStatements": {
     "auth_ref": [
      "r12"
     ],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Boolean flag with value true on a form if it is an annual report containing audited financial statements.",
        "label": "Audited Annual Financial Statements"
       }
      }
     },
     "localname": "AuditedAnnualFinancialStatements",
     "nsuri": "http://xbrl.sec.gov/dei/2020-01-31",
     "presentation": [
      "http://redwoodtrust.com/role/Cover"
     ],
     "xbrltype": "booleanItemType"
    },
    "dei_CityAreaCode": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Area code of city",
        "label": "City Area Code"
       }
      }
     },
     "localname": "CityAreaCode",
     "nsuri": "http://xbrl.sec.gov/dei/2020-01-31",
     "presentation": [
      "http://redwoodtrust.com/role/Cover"
     ],
     "xbrltype": "normalizedStringItemType"
    },
    "dei_CountryRegion": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Region code of country",
        "label": "Country Region"
       }
      }
     },
     "localname": "CountryRegion",
     "nsuri": "http://xbrl.sec.gov/dei/2020-01-31",
     "presentation": [
      "http://redwoodtrust.com/role/Cover"
     ],
     "xbrltype": "normalizedStringItemType"
    },
    "dei_CoverAbstract": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Cover page.",
        "label": "Cover [Abstract]"
       }
      }
     },
     "localname": "CoverAbstract",
     "nsuri": "http://xbrl.sec.gov/dei/2020-01-31",
     "xbrltype": "stringItemType"
    },
    "dei_CurrentFiscalYearEndDate": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "End date of current fiscal year in the format --MM-DD.",
        "label": "Current Fiscal Year End Date"
       }
      }
     },
     "localname": "CurrentFiscalYearEndDate",
     "nsuri": "http://xbrl.sec.gov/dei/2020-01-31",
     "presentation": [
      "http://redwoodtrust.com/role/Cover"
     ],
     "xbrltype": "gMonthDayItemType"
    },
    "dei_DocumentAccountingStandard": {
     "auth_ref": [
      "r11"
     ],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "The basis of accounting the registrant has used to prepare the financial statements included in this filing This can either be 'U.S. GAAP', 'International Financial Reporting Standards', or 'Other'.",
        "label": "Document Accounting Standard"
       }
      }
     },
     "localname": "DocumentAccountingStandard",
     "nsuri": "http://xbrl.sec.gov/dei/2020-01-31",
     "presentation": [
      "http://redwoodtrust.com/role/Cover"
     ],
     "xbrltype": "accountingStandardItemType"
    },
    "dei_DocumentAnnualReport": {
     "auth_ref": [
      "r9",
      "r11",
      "r12"
     ],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Boolean flag that is true only for a form used as an annual report.",
        "label": "Document Annual Report"
       }
      }
     },
     "localname": "DocumentAnnualReport",
     "nsuri": "http://xbrl.sec.gov/dei/2020-01-31",
     "presentation": [
      "http://redwoodtrust.com/role/Cover"
     ],
     "xbrltype": "booleanItemType"
    },
    "dei_DocumentFiscalPeriodFocus": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Fiscal period values are FY, Q1, Q2, and Q3.  1st, 2nd and 3rd quarter 10-Q or 10-QT statements have value Q1, Q2, and Q3 respectively, with 10-K, 10-KT or other fiscal year statements having FY.",
        "label": "Document Fiscal Period Focus"
       }
      }
     },
     "localname": "DocumentFiscalPeriodFocus",
     "nsuri": "http://xbrl.sec.gov/dei/2020-01-31",
     "presentation": [
      "http://redwoodtrust.com/role/Cover"
     ],
     "xbrltype": "fiscalPeriodItemType"
    },
    "dei_DocumentFiscalYearFocus": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "This is focus fiscal year of the document report in YYYY format. For a 2006 annual report, which may also provide financial information from prior periods, fiscal 2006 should be given as the fiscal year focus. Example: 2006.",
        "label": "Document Fiscal Year Focus"
       }
      }
     },
     "localname": "DocumentFiscalYearFocus",
     "nsuri": "http://xbrl.sec.gov/dei/2020-01-31",
     "presentation": [
      "http://redwoodtrust.com/role/Cover"
     ],
     "xbrltype": "gYearItemType"
    },
    "dei_DocumentPeriodEndDate": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "The end date of the period reflected on the cover page if a periodic report. For all other reports and registration statements containing historical data, it is the date up through which that historical data is presented.  If there is no historical data in the report, use the filing date. The format of the date is YYYY-MM-DD.",
        "label": "Document Period End Date"
       }
      }
     },
     "localname": "DocumentPeriodEndDate",
     "nsuri": "http://xbrl.sec.gov/dei/2020-01-31",
     "presentation": [
      "http://redwoodtrust.com/role/Cover"
     ],
     "xbrltype": "dateItemType"
    },
    "dei_DocumentPeriodStartDate": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "The start date of the period covered in the document, in YYYY-MM-DD format.",
        "label": "Document Period Start Date"
       }
      }
     },
     "localname": "DocumentPeriodStartDate",
     "nsuri": "http://xbrl.sec.gov/dei/2020-01-31",
     "presentation": [
      "http://redwoodtrust.com/role/Cover"
     ],
     "xbrltype": "dateItemType"
    },
    "dei_DocumentQuarterlyReport": {
     "auth_ref": [
      "r10"
     ],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Boolean flag that is true only for a form used as an quarterly report.",
        "label": "Document Quarterly Report"
       }
      }
     },
     "localname": "DocumentQuarterlyReport",
     "nsuri": "http://xbrl.sec.gov/dei/2020-01-31",
     "presentation": [
      "http://redwoodtrust.com/role/Cover"
     ],
     "xbrltype": "booleanItemType"
    },
    "dei_DocumentRegistrationStatement": {
     "auth_ref": [
      "r18"
     ],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Boolean flag that is true only for a form used as a registration statement.",
        "label": "Document Registration Statement"
       }
      }
     },
     "localname": "DocumentRegistrationStatement",
     "nsuri": "http://xbrl.sec.gov/dei/2020-01-31",
     "presentation": [
      "http://redwoodtrust.com/role/Cover"
     ],
     "xbrltype": "booleanItemType"
    },
    "dei_DocumentShellCompanyEventDate": {
     "auth_ref": [
      "r11"
     ],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Date of event requiring a shell company report.",
        "label": "Document Shell Company Event Date"
       }
      }
     },
     "localname": "DocumentShellCompanyEventDate",
     "nsuri": "http://xbrl.sec.gov/dei/2020-01-31",
     "presentation": [
      "http://redwoodtrust.com/role/Cover"
     ],
     "xbrltype": "dateItemType"
    },
    "dei_DocumentShellCompanyReport": {
     "auth_ref": [
      "r11"
     ],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Boolean flag that is true for a Shell Company Report pursuant to section 13 or 15(d) of the Exchange Act.",
        "label": "Document Shell Company Report"
       }
      }
     },
     "localname": "DocumentShellCompanyReport",
     "nsuri": "http://xbrl.sec.gov/dei/2020-01-31",
     "presentation": [
      "http://redwoodtrust.com/role/Cover"
     ],
     "xbrltype": "booleanItemType"
    },
    "dei_DocumentTransitionReport": {
     "auth_ref": [
      "r13"
     ],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Boolean flag that is true only for a form used as a transition report.",
        "label": "Document Transition Report"
       }
      }
     },
     "localname": "DocumentTransitionReport",
     "nsuri": "http://xbrl.sec.gov/dei/2020-01-31",
     "presentation": [
      "http://redwoodtrust.com/role/Cover"
     ],
     "xbrltype": "booleanItemType"
    },
    "dei_DocumentType": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.",
        "label": "Document Type"
       }
      }
     },
     "localname": "DocumentType",
     "nsuri": "http://xbrl.sec.gov/dei/2020-01-31",
     "presentation": [
      "http://redwoodtrust.com/role/Cover"
     ],
     "xbrltype": "submissionTypeItemType"
    },
    "dei_DocumentsIncorporatedByReferenceTextBlock": {
     "auth_ref": [
      "r1"
     ],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Documents incorporated by reference.",
        "label": "Documents Incorporated by Reference [Text Block]"
       }
      }
     },
     "localname": "DocumentsIncorporatedByReferenceTextBlock",
     "nsuri": "http://xbrl.sec.gov/dei/2020-01-31",
     "presentation": [
      "http://redwoodtrust.com/role/Cover"
     ],
     "xbrltype": "textBlockItemType"
    },
    "dei_EntityAddressAddressLine1": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Address Line 1 such as Attn, Building Name, Street Name",
        "label": "Entity Address, Address Line One"
       }
      }
     },
     "localname": "EntityAddressAddressLine1",
     "nsuri": "http://xbrl.sec.gov/dei/2020-01-31",
     "presentation": [
      "http://redwoodtrust.com/role/Cover"
     ],
     "xbrltype": "normalizedStringItemType"
    },
    "dei_EntityAddressAddressLine2": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Address Line 2 such as Street or Suite number",
        "label": "Entity Address, Address Line Two"
       }
      }
     },
     "localname": "EntityAddressAddressLine2",
     "nsuri": "http://xbrl.sec.gov/dei/2020-01-31",
     "presentation": [
      "http://redwoodtrust.com/role/Cover"
     ],
     "xbrltype": "normalizedStringItemType"
    },
    "dei_EntityAddressAddressLine3": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Address Line 3 such as an Office Park",
        "label": "Entity Address, Address Line Three"
       }
      }
     },
     "localname": "EntityAddressAddressLine3",
     "nsuri": "http://xbrl.sec.gov/dei/2020-01-31",
     "presentation": [
      "http://redwoodtrust.com/role/Cover"
     ],
     "xbrltype": "normalizedStringItemType"
    },
    "dei_EntityAddressCityOrTown": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Name of the City or Town",
        "label": "Entity Address, City or Town"
       }
      }
     },
     "localname": "EntityAddressCityOrTown",
     "nsuri": "http://xbrl.sec.gov/dei/2020-01-31",
     "presentation": [
      "http://redwoodtrust.com/role/Cover"
     ],
     "xbrltype": "normalizedStringItemType"
    },
    "dei_EntityAddressCountry": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "ISO 3166-1 alpha-2 country code.",
        "label": "Entity Address, Country"
       }
      }
     },
     "localname": "EntityAddressCountry",
     "nsuri": "http://xbrl.sec.gov/dei/2020-01-31",
     "presentation": [
      "http://redwoodtrust.com/role/Cover"
     ],
     "xbrltype": "countryCodeItemType"
    },
    "dei_EntityAddressPostalZipCode": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Code for the postal or zip code",
        "label": "Entity Address, Postal Zip Code"
       }
      }
     },
     "localname": "EntityAddressPostalZipCode",
     "nsuri": "http://xbrl.sec.gov/dei/2020-01-31",
     "presentation": [
      "http://redwoodtrust.com/role/Cover"
     ],
     "xbrltype": "normalizedStringItemType"
    },
    "dei_EntityAddressStateOrProvince": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Name of the state or province.",
        "label": "Entity Address, State or Province"
       }
      }
     },
     "localname": "EntityAddressStateOrProvince",
     "nsuri": "http://xbrl.sec.gov/dei/2020-01-31",
     "presentation": [
      "http://redwoodtrust.com/role/Cover"
     ],
     "xbrltype": "stateOrProvinceItemType"
    },
    "dei_EntityBankruptcyProceedingsReportingCurrent": {
     "auth_ref": [
      "r4"
     ],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "For registrants involved in bankruptcy proceedings during the preceding five years, the value Yes indicates that the registrant has filed all documents and reports required to be filed by Section 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court; the value No indicates the registrant has not.  Registrants not involved in bankruptcy proceedings during the preceding five years should not report this element.",
        "label": "Entity Bankruptcy Proceedings, Reporting Current"
       }
      }
     },
     "localname": "EntityBankruptcyProceedingsReportingCurrent",
     "nsuri": "http://xbrl.sec.gov/dei/2020-01-31",
     "presentation": [
      "http://redwoodtrust.com/role/Cover"
     ],
     "xbrltype": "booleanItemType"
    },
    "dei_EntityCentralIndexKey": {
     "auth_ref": [
      "r14"
     ],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.",
        "label": "Entity Central Index Key"
       }
      }
     },
     "localname": "EntityCentralIndexKey",
     "nsuri": "http://xbrl.sec.gov/dei/2020-01-31",
     "presentation": [
      "http://redwoodtrust.com/role/Cover"
     ],
     "xbrltype": "centralIndexKeyItemType"
    },
    "dei_EntityCommonStockSharesOutstanding": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Indicate number of shares or other units outstanding of each of registrant's classes of capital or common stock or other ownership interests, if and as stated on cover of related periodic report. Where multiple classes or units exist define each class/interest by adding class of stock items such as Common Class A [Member], Common Class B [Member] or Partnership Interest [Member] onto the Instrument [Domain] of the Entity Listings, Instrument.",
        "label": "Entity Common Stock, Shares Outstanding"
       }
      }
     },
     "localname": "EntityCommonStockSharesOutstanding",
     "nsuri": "http://xbrl.sec.gov/dei/2020-01-31",
     "presentation": [
      "http://redwoodtrust.com/role/Cover"
     ],
     "xbrltype": "sharesItemType"
    },
    "dei_EntityCurrentReportingStatus": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Indicate 'Yes' or 'No' whether registrants (1) have filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that registrants were required to file such reports), and (2) have been subject to such filing requirements for the past 90 days. This information should be based on the registrant's current or most recent filing containing the related disclosure.",
        "label": "Entity Current Reporting Status"
       }
      }
     },
     "localname": "EntityCurrentReportingStatus",
     "nsuri": "http://xbrl.sec.gov/dei/2020-01-31",
     "presentation": [
      "http://redwoodtrust.com/role/Cover"
     ],
     "xbrltype": "yesNoItemType"
    },
    "dei_EntityEmergingGrowthCompany": {
     "auth_ref": [
      "r14"
     ],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Indicate if registrant meets the emerging growth company criteria.",
        "label": "Entity Emerging Growth Company"
       }
      }
     },
     "localname": "EntityEmergingGrowthCompany",
     "nsuri": "http://xbrl.sec.gov/dei/2020-01-31",
     "presentation": [
      "http://redwoodtrust.com/role/Cover"
     ],
     "xbrltype": "booleanItemType"
    },
    "dei_EntityExTransitionPeriod": {
     "auth_ref": [
      "r17"
     ],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Indicate if an emerging growth company has elected not to use the extended transition period for complying with any new or revised financial accounting standards.",
        "label": "Elected Not To Use the Extended Transition Period"
       }
      }
     },
     "localname": "EntityExTransitionPeriod",
     "nsuri": "http://xbrl.sec.gov/dei/2020-01-31",
     "presentation": [
      "http://redwoodtrust.com/role/Cover"
     ],
     "xbrltype": "booleanItemType"
    },
    "dei_EntityFileNumber": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.",
        "label": "Entity File Number"
       }
      }
     },
     "localname": "EntityFileNumber",
     "nsuri": "http://xbrl.sec.gov/dei/2020-01-31",
     "presentation": [
      "http://redwoodtrust.com/role/Cover"
     ],
     "xbrltype": "fileNumberItemType"
    },
    "dei_EntityFilerCategory": {
     "auth_ref": [
      "r14"
     ],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Indicate whether the registrant is one of the following: Large Accelerated Filer, Accelerated Filer, Non-accelerated Filer. Definitions of these categories are stated in Rule 12b-2 of the Exchange Act. This information should be based on the registrant's current or most recent filing containing the related disclosure.",
        "label": "Entity Filer Category"
       }
      }
     },
     "localname": "EntityFilerCategory",
     "nsuri": "http://xbrl.sec.gov/dei/2020-01-31",
     "presentation": [
      "http://redwoodtrust.com/role/Cover"
     ],
     "xbrltype": "filerCategoryItemType"
    },
    "dei_EntityIncorporationStateCountryCode": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Two-character EDGAR code representing the state or country of incorporation.",
        "label": "Entity Incorporation, State or Country Code"
       }
      }
     },
     "localname": "EntityIncorporationStateCountryCode",
     "nsuri": "http://xbrl.sec.gov/dei/2020-01-31",
     "presentation": [
      "http://redwoodtrust.com/role/Cover"
     ],
     "xbrltype": "edgarStateCountryItemType"
    },
    "dei_EntityInteractiveDataCurrent": {
     "auth_ref": [
      "r15"
     ],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Boolean flag that is true when the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).",
        "label": "Entity Interactive Data Current"
       }
      }
     },
     "localname": "EntityInteractiveDataCurrent",
     "nsuri": "http://xbrl.sec.gov/dei/2020-01-31",
     "presentation": [
      "http://redwoodtrust.com/role/Cover"
     ],
     "xbrltype": "yesNoItemType"
    },
    "dei_EntityPrimarySicNumber": {
     "auth_ref": [
      "r12"
     ],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Primary Standard Industrial Classification (SIC) Number for the Entity.",
        "label": "Entity Primary SIC Number"
       }
      }
     },
     "localname": "EntityPrimarySicNumber",
     "nsuri": "http://xbrl.sec.gov/dei/2020-01-31",
     "presentation": [
      "http://redwoodtrust.com/role/Cover"
     ],
     "xbrltype": "sicNumberItemType"
    },
    "dei_EntityPublicFloat": {
     "auth_ref": [],
     "crdr": "credit",
     "lang": {
      "en-us": {
       "role": {
        "documentation": "The aggregate market value of the voting and non-voting common equity held by non-affiliates computed by reference to the price at which the common equity was last sold, or the average bid and asked price of such common equity, as of the last business day of the registrant's most recently completed second fiscal quarter.",
        "label": "Entity Public Float"
       }
      }
     },
     "localname": "EntityPublicFloat",
     "nsuri": "http://xbrl.sec.gov/dei/2020-01-31",
     "presentation": [
      "http://redwoodtrust.com/role/Cover"
     ],
     "xbrltype": "monetaryItemType"
    },
    "dei_EntityRegistrantName": {
     "auth_ref": [
      "r14"
     ],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.",
        "label": "Entity Registrant Name"
       }
      }
     },
     "localname": "EntityRegistrantName",
     "nsuri": "http://xbrl.sec.gov/dei/2020-01-31",
     "presentation": [
      "http://redwoodtrust.com/role/Cover"
     ],
     "xbrltype": "normalizedStringItemType"
    },
    "dei_EntityShellCompany": {
     "auth_ref": [
      "r14"
     ],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Boolean flag that is true when the registrant is a shell company as defined in Rule 12b-2 of the Exchange Act.",
        "label": "Entity Shell Company"
       }
      }
     },
     "localname": "EntityShellCompany",
     "nsuri": "http://xbrl.sec.gov/dei/2020-01-31",
     "presentation": [
      "http://redwoodtrust.com/role/Cover"
     ],
     "xbrltype": "booleanItemType"
    },
    "dei_EntitySmallBusiness": {
     "auth_ref": [
      "r14"
     ],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Indicates that the company is a Smaller Reporting Company (SRC).",
        "label": "Entity Small Business"
       }
      }
     },
     "localname": "EntitySmallBusiness",
     "nsuri": "http://xbrl.sec.gov/dei/2020-01-31",
     "presentation": [
      "http://redwoodtrust.com/role/Cover"
     ],
     "xbrltype": "booleanItemType"
    },
    "dei_EntityTaxIdentificationNumber": {
     "auth_ref": [
      "r14"
     ],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.",
        "label": "Entity Tax Identification Number"
       }
      }
     },
     "localname": "EntityTaxIdentificationNumber",
     "nsuri": "http://xbrl.sec.gov/dei/2020-01-31",
     "presentation": [
      "http://redwoodtrust.com/role/Cover"
     ],
     "xbrltype": "employerIdItemType"
    },
    "dei_EntityVoluntaryFilers": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Indicate 'Yes' or 'No' if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.",
        "label": "Entity Voluntary Filers"
       }
      }
     },
     "localname": "EntityVoluntaryFilers",
     "nsuri": "http://xbrl.sec.gov/dei/2020-01-31",
     "presentation": [
      "http://redwoodtrust.com/role/Cover"
     ],
     "xbrltype": "yesNoItemType"
    },
    "dei_EntityWellKnownSeasonedIssuer": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Indicate 'Yes' or 'No' if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Is used on Form Type: 10-K, 10-Q, 8-K, 20-F, 6-K, 10-K/A, 10-Q/A, 20-F/A, 6-K/A, N-CSR, N-Q, N-1A.",
        "label": "Entity Well-known Seasoned Issuer"
       }
      }
     },
     "localname": "EntityWellKnownSeasonedIssuer",
     "nsuri": "http://xbrl.sec.gov/dei/2020-01-31",
     "presentation": [
      "http://redwoodtrust.com/role/Cover"
     ],
     "xbrltype": "yesNoItemType"
    },
    "dei_Extension": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Extension number for local phone number.",
        "label": "Extension"
       }
      }
     },
     "localname": "Extension",
     "nsuri": "http://xbrl.sec.gov/dei/2020-01-31",
     "presentation": [
      "http://redwoodtrust.com/role/Cover"
     ],
     "xbrltype": "normalizedStringItemType"
    },
    "dei_LocalPhoneNumber": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Local phone number for entity.",
        "label": "Local Phone Number"
       }
      }
     },
     "localname": "LocalPhoneNumber",
     "nsuri": "http://xbrl.sec.gov/dei/2020-01-31",
     "presentation": [
      "http://redwoodtrust.com/role/Cover"
     ],
     "xbrltype": "normalizedStringItemType"
    },
    "dei_NoTradingSymbolFlag": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Boolean flag that is true only for a security having no trading symbol.",
        "label": "No Trading Symbol Flag"
       }
      }
     },
     "localname": "NoTradingSymbolFlag",
     "nsuri": "http://xbrl.sec.gov/dei/2020-01-31",
     "presentation": [
      "http://redwoodtrust.com/role/Cover"
     ],
     "xbrltype": "booleanItemType"
    },
    "dei_OtherReportingStandardItemNumber": {
     "auth_ref": [
      "r11"
     ],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "\"Item 17\" or \"Item 18\" specified when the basis of accounting is neither US GAAP nor IFRS.",
        "label": "Other Reporting Standard Item Number"
       }
      }
     },
     "localname": "OtherReportingStandardItemNumber",
     "nsuri": "http://xbrl.sec.gov/dei/2020-01-31",
     "presentation": [
      "http://redwoodtrust.com/role/Cover"
     ],
     "xbrltype": "otherReportingStandardItemNumberItemType"
    },
    "dei_PreCommencementIssuerTenderOffer": {
     "auth_ref": [
      "r5"
     ],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.",
        "label": "Pre-commencement Issuer Tender Offer"
       }
      }
     },
     "localname": "PreCommencementIssuerTenderOffer",
     "nsuri": "http://xbrl.sec.gov/dei/2020-01-31",
     "presentation": [
      "http://redwoodtrust.com/role/Cover"
     ],
     "xbrltype": "booleanItemType"
    },
    "dei_PreCommencementTenderOffer": {
     "auth_ref": [
      "r6"
     ],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.",
        "label": "Pre-commencement Tender Offer"
       }
      }
     },
     "localname": "PreCommencementTenderOffer",
     "nsuri": "http://xbrl.sec.gov/dei/2020-01-31",
     "presentation": [
      "http://redwoodtrust.com/role/Cover"
     ],
     "xbrltype": "booleanItemType"
    },
    "dei_Security12bTitle": {
     "auth_ref": [
      "r0"
     ],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Title of a 12(b) registered security.",
        "label": "Title of 12(b) Security"
       }
      }
     },
     "localname": "Security12bTitle",
     "nsuri": "http://xbrl.sec.gov/dei/2020-01-31",
     "presentation": [
      "http://redwoodtrust.com/role/Cover"
     ],
     "xbrltype": "securityTitleItemType"
    },
    "dei_Security12gTitle": {
     "auth_ref": [
      "r3"
     ],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Title of a 12(g) registered security.",
        "label": "Title of 12(g) Security"
       }
      }
     },
     "localname": "Security12gTitle",
     "nsuri": "http://xbrl.sec.gov/dei/2020-01-31",
     "presentation": [
      "http://redwoodtrust.com/role/Cover"
     ],
     "xbrltype": "securityTitleItemType"
    },
    "dei_SecurityExchangeName": {
     "auth_ref": [
      "r2"
     ],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Name of the Exchange on which a security is registered.",
        "label": "Security Exchange Name"
       }
      }
     },
     "localname": "SecurityExchangeName",
     "nsuri": "http://xbrl.sec.gov/dei/2020-01-31",
     "presentation": [
      "http://redwoodtrust.com/role/Cover"
     ],
     "xbrltype": "edgarExchangeCodeItemType"
    },
    "dei_SecurityReportingObligation": {
     "auth_ref": [
      "r7"
     ],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "15(d), indicating whether the security has a reporting obligation under that section of the Exchange Act.",
        "label": "Security Reporting Obligation"
       }
      }
     },
     "localname": "SecurityReportingObligation",
     "nsuri": "http://xbrl.sec.gov/dei/2020-01-31",
     "presentation": [
      "http://redwoodtrust.com/role/Cover"
     ],
     "xbrltype": "securityReportingObligationItemType"
    },
    "dei_SolicitingMaterial": {
     "auth_ref": [
      "r8"
     ],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.",
        "label": "Soliciting Material"
       }
      }
     },
     "localname": "SolicitingMaterial",
     "nsuri": "http://xbrl.sec.gov/dei/2020-01-31",
     "presentation": [
      "http://redwoodtrust.com/role/Cover"
     ],
     "xbrltype": "booleanItemType"
    },
    "dei_TradingSymbol": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Trading symbol of an instrument as listed on an exchange.",
        "label": "Trading Symbol"
       }
      }
     },
     "localname": "TradingSymbol",
     "nsuri": "http://xbrl.sec.gov/dei/2020-01-31",
     "presentation": [
      "http://redwoodtrust.com/role/Cover"
     ],
     "xbrltype": "tradingSymbolItemType"
    },
    "dei_WrittenCommunications": {
     "auth_ref": [
      "r16"
     ],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.",
        "label": "Written Communications"
       }
      }
     },
     "localname": "WrittenCommunications",
     "nsuri": "http://xbrl.sec.gov/dei/2020-01-31",
     "presentation": [
      "http://redwoodtrust.com/role/Cover"
     ],
     "xbrltype": "booleanItemType"
    }
   },
   "unitCount": 3
  }
 },
 "std_ref": {
  "r0": {
   "Name": "Exchange Act",
   "Number": "240",
   "Publisher": "SEC",
   "Section": "12",
   "Subsection": "b"
  },
  "r1": {
   "Name": "Exchange Act",
   "Number": "240",
   "Publisher": "SEC",
   "Section": "12",
   "Subsection": "b-23"
  },
  "r10": {
   "Name": "Form 10-Q",
   "Number": "240",
   "Publisher": "SEC",
   "Section": "308",
   "Subsection": "a"
  },
  "r11": {
   "Name": "Form 20-F",
   "Number": "249",
   "Publisher": "SEC",
   "Section": "220",
   "Subsection": "f"
  },
  "r12": {
   "Name": "Form 40-F",
   "Number": "249",
   "Publisher": "SEC",
   "Section": "240",
   "Subsection": "f"
  },
  "r13": {
   "Name": "Forms 10-K, 10-Q, 20-F",
   "Number": "240",
   "Publisher": "SEC",
   "Section": "13",
   "Subsection": "a-1"
  },
  "r14": {
   "Name": "Regulation 12B",
   "Number": "240",
   "Publisher": "SEC",
   "Section": "12",
   "Subsection": "b-2"
  },
  "r15": {
   "Name": "Regulation S-T",
   "Number": "232",
   "Publisher": "SEC",
   "Section": "405"
  },
  "r16": {
   "Name": "Securities Act",
   "Number": "230",
   "Publisher": "SEC",
   "Section": "425"
  },
  "r17": {
   "Name": "Securities Act",
   "Number": "7A",
   "Publisher": "SEC",
   "Section": "B",
   "Subsection": "2"
  },
  "r18": {
   "Name": "Securities Act",
   "Number": "Section",
   "Publisher": "SEC",
   "Section": "12"
  },
  "r2": {
   "Name": "Exchange Act",
   "Number": "240",
   "Publisher": "SEC",
   "Section": "12",
   "Subsection": "d1-1"
  },
  "r3": {
   "Name": "Exchange Act",
   "Number": "240",
   "Publisher": "SEC",
   "Section": "12",
   "Subsection": "g"
  },
  "r4": {
   "Name": "Exchange Act",
   "Number": "240",
   "Publisher": "SEC",
   "Section": "12, 13, 15d"
  },
  "r5": {
   "Name": "Exchange Act",
   "Number": "240",
   "Publisher": "SEC",
   "Section": "13e",
   "Subsection": "4c"
  },
  "r6": {
   "Name": "Exchange Act",
   "Number": "240",
   "Publisher": "SEC",
   "Section": "14d",
   "Subsection": "2b"
  },
  "r7": {
   "Name": "Exchange Act",
   "Number": "240",
   "Publisher": "SEC",
   "Section": "15",
   "Subsection": "d"
  },
  "r8": {
   "Name": "Exchange Act",
   "Number": "240",
   "Publisher": "SEC",
   "Section": "14a",
   "Subsection": "12"
  },
  "r9": {
   "Name": "Form 10-K",
   "Number": "249",
   "Publisher": "SEC",
   "Section": "310"
  }
 },
 "version": "2.1"
}
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>ZIP
<SEQUENCE>17
<FILENAME>0001104659-21-102423-xbrl.zip
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
begin 644 0001104659-21-102423-xbrl.zip
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MLZB5;RI;<\;-LLN>L<@S(]'1FKU,8I*(O$^.Y<98;HR/IU6+_9W8]<>,B>'
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MA+\)(4N()Y! \P!.ACY$J""3O6B5@?X)6Y!H*_K-_?1DM4SRU'89:DJ<]5*
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M,'>$95/.XB&7)'@??V &I8R8P5;(0H1\3<2CRI8FWMPK&5/JIFKT[OP#I%'
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MCI-+-C]XAJZ0BB_$Y@)['6.1"G K/'Y(.:O-IA!!FK4M#(.57#(H:IDG*T%
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M>$6 1P/N3.5>*_^5J2U3IH-Y9?D1_?C'\[M;.SJ_."7[ODMML>>AIUU5*B*
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M7,^Y0V%.;F$KT)FIG5)O8E';>' K^RFKL"4(1G_. 3_.(U_!P_(-4SAZ,Y)
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MU/'ZL'*Q_+)H:\ ,34XZ@>G[B>SSUE6G_D;V>>=8QA#'0H0)8D6'[AY@SX?
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MH4;U]KQP71C5+X^O.M>EMY(E_P]02P,$%     @ !ZX)4\^]%AM#%P  %*$
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MT$<P]!8V >XBBVP8M\,].X"N_T';18Y#Z,>/T45Q'/1)!#'7F%3DX$!P%Y8
MB-7W@2YM@LEKSLK^.4W7*W"V1IS])!$;E.9JO$JT\=<*KZ.VMNA(')^CSQ<,
MQY6WD(Y7THM[_;N]7NZ/1&N[&4PI\-BG2E/S7+YO,1(Z,-P52D<H?MC^DNA5
M*Y>.=UP- SZXBWX'O$M-]#R,TCXLV&Y7/CC"ZIF@F>/K!!EMT'7CF[5EZ%(?
M6D )PG0O6LF!JL!V0Z%?3K^4?",]%T_)>]NGN629FYQ!/C<^A80>I>8!'F8
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M!:(IFB0CK018;2>P7I .2"M03CP+@+/CMDN9$ZE,T[B,DVD1X=4!9D)%O.,
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M;^M72^AM_;H)O5>XA6"+;B$ SK\/%<%VXM:<N^-R/M?*W)[VR,44171^T<B
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M?"/1@P?-QOM4(F2::.#T1(66N3_<)]?1E*<3FC<#:5LBX.ZQ7X\5<,@TK17
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M,B#,-E+&$N-^B/\'J>=>+?6\CAG;)9GL>U\#F6*!]CS4AWC6[JXGGWU?/3D
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M1>N4.=AJ?_3<9[0M)7U>>TGJ^RO(A\GD&OU,,?H$,/P9#MCZV!V<NY_JGW^
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M1_=K%EM64*^.D=4C$2E8C<\Q4>8$!F_O6+F<X5<D.%!A/;39N$6^I>L\8/E
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M_0]02P$"% ,4    "  'K@E36UYCBD4#  ":#   $               @ $
M    <G=T+3(P,C$P.# Y+GAS9%!+ 0(4 Q0    (  >N"5/"@ QR  L  .&'
M   4              "  7,#  !R=W0M,C R,3 X,#E?;&%B+GAM;%!+ 0(4
M Q0    (  >N"5,H=6V<6@<  #U9   4              "  :4.  !R=W0M
M,C R,3 X,#E?<')E+GAM;%!+ 0(4 Q0    (  >N"5,=W$(9+!8  &%^   2
M              "  3$6  !T;3(Q,C0S-39D,E\X:RYH=&U02P$"% ,4
M"  'K@E3S[T6&T,7   4H0  %0              @ &-+   =&TR,3(T,S4V
M9#)?97@Q+3$N:'1M4$L! A0#%     @ !ZX)4UZ^?ZT]#@  X$D  !4
M         ( ! T0  '1M,C$R-#,U-F0R7V5X-2TQ+FAT;5!+!08     !@ &
+ (@!  !S4@     !

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