<SEC-DOCUMENT>0001104659-23-115409.txt : 20231108
<SEC-HEADER>0001104659-23-115409.hdr.sgml : 20231108
<ACCEPTANCE-DATETIME>20231107213141
ACCESSION NUMBER:		0001104659-23-115409
CONFORMED SUBMISSION TYPE:	S-8
PUBLIC DOCUMENT COUNT:		6
FILED AS OF DATE:		20231108
DATE AS OF CHANGE:		20231107
EFFECTIVENESS DATE:		20231108

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:		S-8
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-275384
		FILM NUMBER:		231385714

	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>S-8
<SEQUENCE>1
<FILENAME>tm2329921d1_s8.htm
<DESCRIPTION>FORM S-8
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">As filed with the Securities and Exchange Commission
on November&nbsp;7, 2023</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">Registration No.&nbsp;333-</P>

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<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: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES</B></P>

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

<P STYLE="font: 18pt 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">&nbsp;</P>

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

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

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM&nbsp;S-8</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; text-align: center"><B>REGISTRATION STATEMENT UNDER THE SECURITIES
ACT OF 1933</B></P>

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

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

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>REDWOOD TRUST,&nbsp;INC.</B></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">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding-right: 0.05in; padding-left: 0.05in"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Maryland</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(State or other jurisdiction of incorporation
    or <BR>
    organization)</P></TD>
    <TD STYLE="width: 50%; padding-right: 0.05in; padding-left: 0.05in"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>68-0329422</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(I.R.S. Employer Identification No.)</P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Redwood Trust,&nbsp;Inc. Second Amended and
Restated 2014 Incentive Award Plan</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Full title of the plan)</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"></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Christopher
    J. Abate<BR>
    Chief Executive Officer<BR>
    Redwood Trust,&nbsp;Inc.<BR>
    One Belvedere Place, Suite&nbsp;300<BR>
    Mill Valley, CA 94941<BR>
    (415) 389-7373</B></FONT></TD>
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Copies
                                            to</I></FONT><B>:</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Brian D. Paulson,&nbsp;Esq.</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>J. Ross McAloon,&nbsp;Esq.</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Latham&nbsp;&amp; Watkins LLP</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>505 Montgomery Street, Suite&nbsp;2000</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>San Francisco, CA 94111</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(415) 395-8010</B></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Name
                                            and address, including zip code, and telephone</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">number, including area code, of agent for
    service)</P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Indicate by check mark whether
the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging
growth company.&nbsp; See the definitions of &ldquo;large accelerated filer,&rdquo; &ldquo;accelerated filer,&rdquo; &ldquo;smaller reporting
company&rdquo; and &ldquo;emerging growth company&rdquo; in Rule&nbsp;12b-2 of the Exchange Act.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <TD STYLE="width: 25%; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Wingdings">&#120;</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Large
    accelerated filer</FONT></TD>
    <TD STYLE="width: 25%; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&#168;</FONT> Accelerated
    filer</TD>
    <TD STYLE="width: 25%; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&#168;</FONT> Non-accelerated
    filer</TD>
    <TD STYLE="width: 25%; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&#168;</FONT> Smaller
    reporting company</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&#168;</FONT> Emerging growth
    company</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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&nbsp;7(a)(2)(B)&nbsp;of the Securities Act. </FONT><FONT STYLE="font-family: Wingdings">&#168;</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 0pt 0.25in; text-align: justify; text-indent: -0.25in"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Explanatory
Note</B></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; text-indent: 0.5in">By registration statements
on Form&nbsp;S-8 (File Nos. 333-226721, 333-196247, and 333-253708) filed with the Securities and Exchange Commission (the &ldquo;<U>Commission</U>&rdquo;),
Redwood Trust,&nbsp;Inc., a Maryland corporation (the &ldquo;<U>Company</U>&rdquo;), previously registered an aggregate of 11,383,956
shares of its common stock, par value $0.01 per share (the &ldquo;<U>Common Stock</U>&rdquo;), reserved for issuance from time to time
in connection with the Redwood Trust,&nbsp;Inc. Second Amended and Restated 2014 Incentive Award Plan (as amended, the &ldquo;<U>Plan</U>&rdquo;).
Under this registration statement, the Company is registering an additional 9,650,000 shares of Common Stock reserved for issuance from
time to time in connection with the Plan.</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">Pursuant to General Instruction
E. of Form&nbsp;S-8, the content of the above-referenced prior registration statements is incorporated into this registration statement
by reference to the extent not modified or superseded hereby or by any subsequently filed document which is incorporated by reference
herein or therein.</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>PART&nbsp;II</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Information Required in the Registration Statement</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: justify"><B>Item 3.&nbsp;&nbsp;Incorporation of Documents
by Reference.</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: justify; text-indent: 0.5in">The Commission allows us
to incorporate by reference the information we file with it, which means that we can disclose important information to you by referring
to those documents. The information incorporated by reference is an important part of this registration statement, and information that
we file later with the Commission will automatically update and supersede this information. We incorporate by reference the following
documents we have filed, or may file, with the Commission:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 48px; font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/930236/000093023623000008/rwt-20221231.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
    Annual Report on Form&nbsp;10-K for the year ended December&nbsp;31, 2022, filed on March&nbsp;1, 2023;</FONT></A></TD></TR>

<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px; font-size: 10pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 48px; font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></TD>
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our Quarterly Reports on Form&nbsp;10-Q
        for the quarters ended March&nbsp;31, 203, June&nbsp;30, 20233 and September&nbsp;30, 2023, filed on <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/930236/000093023623000023/rwt-20230331.htm" STYLE="-sec-extract: exhibit">May&nbsp;5,
        2023</A>, <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/930236/000093023623000031/rwt-20230630.htm" STYLE="-sec-extract: exhibit">August&nbsp;7,
        2023</A> and <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/930236/000093023623000038/rwt-20230930.htm" STYLE="-sec-extract: exhibit">November&nbsp;6, 2023</A>, respectively;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our Current
    Reports on Form&nbsp;8-K, filed with the SEC on <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/930236/000110465923002088/tm232177d2_8k.htm" STYLE="-sec-extract: exhibit">January&nbsp;9,
    2023</A> (Item 8.01 only), <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/930236/000110465923003185/tm232177d5_8k.htm" STYLE="-sec-extract: exhibit">January&nbsp;12,
    2023</A>, <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/930236/000110465923005011/tm233836d1_8k.htm" STYLE="-sec-extract: exhibit">January&nbsp;19,
    2023</A>, <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/930236/000110465923006736/tm234336d1_8k.htm" STYLE="-sec-extract: exhibit">January&nbsp;26,
    2023</A>, <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/930236/000110465923065496/tm2317085d1_8k.htm" STYLE="-sec-extract: exhibit">May&nbsp;26,
    2023</A>, <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/930236/000110465923097772/tm2325226d1_8k.htm" STYLE="-sec-extract: exhibit">September&nbsp;1,
    2023</A> and <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/930236/000110465923113868/tm2329761d1_8k.htm" STYLE="-sec-extract: exhibit">November&nbsp;2,
    2023</A>;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/930236/000093023623000013/rwt-20230331.htm" STYLE="-sec-extract: exhibit">Our
    Definitive Proxy Statement with respect to the 2023 Annual Meeting of Stockholders, filed on March&nbsp;31, 2023</A> (solely to the
    extent specifically incorporated by reference into our Annual Report on Form&nbsp;10-K);</FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 48px; font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(5)</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The description
    of our common stock contained in <A HREF="https://www.sec.gov/Archives/edgar/data/930236/000093023621000007/rwtex414q20.htm" STYLE="-sec-extract: exhibit">Exhibit&nbsp;4.1</A>
    to our Annual Report on Form&nbsp;10-K for the fiscal year ended December&nbsp;31, 2020, which was filed with the SEC on February&nbsp;26,
    2021, including any amendment or report filed with the SEC for the purpose of updating such description; and</FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 7%; font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(6)</FONT></TD>
    <TD STYLE="width: 86%; font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
    documents we file pursuant to Sections 13(a), 13(c), 14 or 15(d)&nbsp;of the Exchange Act prior to the filing of a post-effective
    amendment that indicates that all securities offered hereby have been sold or that deregisters all securities covered hereby then
    remaining unsold, are deemed to be incorporated by reference in this registration statement and are a part hereof from the date of
    filing of such documents.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Any information that we later
file with the Commission will automatically update and supersede the information and statements contained in a document incorporated
or deemed to be incorporated by reference herein. Any such information or statement so modified or superseded will not be deemed, except
as so modified or superseded, to constitute part of this registration statement. Under no circumstances will any information &ldquo;furnished&rdquo;
to the Commission pursuant to applicable rules&nbsp;and regulations be deemed incorporated herein by reference unless such information
expressly provides to the contrary.</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>

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<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"><B>Item 8. Exhibits.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.25pt"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; width: 0.8in; font-size: 10pt; text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/930236/000114420408044180/v121810_ex3-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.1</FONT></A></TD>
    <TD STYLE="padding-bottom: 10pt; font-size: 10pt; text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/930236/000114420408044180/v121810_ex3-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Articles
    of Amendment and Restatement of the Registrant, effective July&nbsp;6, 1994 (incorporated by reference to the Registrant&rsquo;s
    Quarterly Report on Form&nbsp;10-Q for the quarter ended June&nbsp;30, 2008, Exhibit&nbsp;3.1, filed on August&nbsp;6, 2008) (File
    No.&nbsp;001-13759)</FONT></A></TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; font-size: 10pt; text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/930236/000114420408044180/v121810_ex3-1x1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.1.1</FONT></A></TD>
    <TD STYLE="padding-bottom: 10pt; font-size: 10pt; text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/930236/000114420408044180/v121810_ex3-1x1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Articles
    Supplementary of the Registrant, effective August&nbsp;11, 1994 (incorporated by reference to the Registrant&rsquo;s Quarterly Report
    on Form&nbsp;10-Q for the quarter ended June&nbsp;30, 2008, Exhibit&nbsp;3.1.1, filed on August&nbsp;6, 2008) (File No.&nbsp;001-13759)</FONT></A></TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; font-size: 10pt; text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/930236/000114420408044180/v121810_ex3-1x2.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.1.2</FONT></A></TD>
    <TD STYLE="padding-bottom: 10pt; font-size: 10pt; text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/930236/000114420408044180/v121810_ex3-1x2.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Articles
    Supplementary of the Registrant, effective August&nbsp;14, 1995 (incorporated by reference to the Registrant&rsquo;s Quarterly Report
    on Form&nbsp;10-Q for the quarter ended June&nbsp;30, 2008, Exhibit&nbsp;3.1.2, filed on August&nbsp;6, 2008) (File No.&nbsp;001-13759)</FONT></A></TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; font-size: 10pt; text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/930236/000114420408044180/v121810_ex3-1x3.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.1.3</FONT></A></TD>
    <TD STYLE="padding-bottom: 10pt; font-size: 10pt; text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/930236/000114420408044180/v121810_ex3-1x3.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Articles
    Supplementary of the Registrant, effective August&nbsp;9, 1996 (incorporated by reference to the Registrant&rsquo;s Quarterly Report
    on Form&nbsp;10-Q for the quarter ended June&nbsp;30, 2008, Exhibit&nbsp;3.1.3, filed on August&nbsp;6, 2008) (File No.&nbsp;001-13759)</FONT></A></TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; font-size: 10pt; text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/930236/000114420408044180/v121810_ex3-1x4.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.1.4</FONT></A></TD>
    <TD STYLE="padding-bottom: 10pt; font-size: 10pt; text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/930236/000114420408044180/v121810_ex3-1x4.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certificate
    of Amendment of the Registrant, effective June&nbsp;30, 1998 (incorporated by reference to the Registrant&rsquo;s Quarterly Report
    on Form&nbsp;10-Q for the quarter ended June&nbsp;30, 2008, Exhibit&nbsp;3.1.4, filed on August&nbsp;6, 2008) (File No.&nbsp;001-13759)</FONT></A></TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; font-size: 10pt; text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/930236/000114420408044180/v121810_ex3-1x5.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.1.5</FONT></A></TD>
    <TD STYLE="padding-bottom: 10pt; font-size: 10pt; text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/930236/000114420408044180/v121810_ex3-1x5.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Articles
    Supplementary of the Registrant, effective April&nbsp;10, 2003 (incorporated by reference to the Registrant&rsquo;s Quarterly Report
    on Form&nbsp;10-Q for the quarter ended June&nbsp;30, 2008, Exhibit&nbsp;3.1.5, filed on August&nbsp;6, 2008) (File No.&nbsp;001-13759)</FONT></A></TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; font-size: 10pt; text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/930236/000114420408044180/v121810_ex3-1x6.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.1.6</FONT></A></TD>
    <TD STYLE="padding-bottom: 10pt; font-size: 10pt; text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/930236/000114420408044180/v121810_ex3-1x6.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Articles
    of Amendment of the Registrant, effective June&nbsp;12, 2008 (incorporated by reference to the Registrant&rsquo;s Quarterly Report
    on Form&nbsp;10-Q for the quarter ended June&nbsp;30, 2008, Exhibit&nbsp;3.1.6, filed on August&nbsp;6, 2008) (File No.&nbsp;001-13759)</FONT></A></TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; font-size: 10pt; text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/930236/000114420409028950/v150501_ex3-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.1.7</FONT></A></TD>
    <TD STYLE="padding-bottom: 10pt; font-size: 10pt; text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/930236/000114420409028950/v150501_ex3-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Articles
    of Amendment effective May&nbsp;19, 2009 (incorporated by reference to the Registrant&rsquo;s Current Report on Form&nbsp;8-K, Exhibit&nbsp;3.1,
    filed on May&nbsp;21, 2009) (File No.&nbsp;001-13759)</FONT></A></TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; font-size: 10pt; text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/930236/000114420411031423/v223334_ex3-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.1.8</FONT></A></TD>
    <TD STYLE="padding-bottom: 10pt; font-size: 10pt; text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/930236/000114420411031423/v223334_ex3-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Articles
    of Amendment effective May&nbsp;24, 2011 (incorporated by reference to the Registrant&rsquo;s Current Report on Form&nbsp;8-K, Exhibit&nbsp;3.1,
    filed on May&nbsp;20, 2011) </FONT>(File No.&nbsp;001-13759)</A></TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; font-size: 10pt; text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/930236/000114420412031009/v313876_ex3-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.1.9</FONT></A></TD>
    <TD STYLE="padding-bottom: 10pt; font-size: 10pt; text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/930236/000114420412031009/v313876_ex3-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Articles
    of Amendment effective May&nbsp;18, 2012 (incorporated by reference to the Registrant&rsquo;s Current Report on Form&nbsp;8-K, Exhibit&nbsp;3.1,
    filed on May&nbsp;21, 2012) </FONT>(File No.&nbsp;001-13759)</A></TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; font-size: 10pt; text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/930236/000114420413030794/v345819_ex3-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.1.10</FONT></A></TD>
    <TD STYLE="padding-bottom: 10pt; font-size: 10pt; text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/930236/000114420413030794/v345819_ex3-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Articles
    of Amendment effective May&nbsp;16, 2013 (incorporated by reference to the Registrant&rsquo;s Current Report on Form&nbsp;8-K, Exhibit&nbsp;3.1,
    filed on May&nbsp;21, 2013) </FONT>(File No.&nbsp;001-13759)</A></TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; width: 77px; font-size: 10pt; text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/930236/000114420419027121/tv521764_ex3-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.1.11</FONT></A></TD>
    <TD STYLE="padding-bottom: 10pt; font-size: 10pt; text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/930236/000114420419027121/tv521764_ex3-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Articles
    of Amendment effective May&nbsp;15, 2019 (incorporated by reference to the Registrant&rsquo;s Current Report on Form&nbsp;8-K, Exhibit&nbsp;3.1,
    filed on May&nbsp;17, 2019) </FONT>(File No.&nbsp;001-13759)</A></TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; width: 12%; font-size: 10pt; text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/930236/000110465920073431/tm2022471d1_ex3-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.1.12</FONT></A></TD>
    <TD STYLE="padding-bottom: 10pt; width: 88%; font-size: 10pt; text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/930236/000110465920073431/tm2022471d1_ex3-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Articles
    of Amendment effective June&nbsp;15, 2020 (incorporated by reference to the Registrant&rsquo;s Current Report on Form&nbsp;8-K, Exhibit&nbsp;3.1,
    filed on June&nbsp;15, 2020) </FONT>(File No.&nbsp;001-13759)</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; font-size: 10pt; text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/930236/000110465923003856/tm232177d6_ex3-2.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.1.13</FONT></A></TD>
    <TD STYLE="padding-bottom: 10pt; font-size: 10pt; text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/930236/000110465923003856/tm232177d6_ex3-2.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Articles
    Supplementary of the Registrant effective January&nbsp;13, 2023 (incorporated by reference to the Registrant&rsquo;s Form&nbsp;8-A,
    Exhibit&nbsp;3.2, filed on January&nbsp;12,20203) </FONT>(File No.&nbsp;001-13759)</A></TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; width: 0.25in; font-size: 10pt; text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/930236/000093023623000008/rwtex324q22.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.2.1</FONT></A></TD>
    <TD STYLE="padding-bottom: 10pt; font-size: 10pt; text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/930236/000093023623000008/rwtex324q22.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amended
    and Restated Bylaws, as adopted on November&nbsp;2, 2022 (incorporated by reference to the Registrant&rsquo;s Annual Report on Form&nbsp;10-K,
    Exhibit&nbsp;3.2, filed on March&nbsp;1, 2023) (File No.&nbsp;001-13759)</FONT></A></TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; width: 0.25in; font-size: 10pt; text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/930236/0000950149-96-001081-index.html" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.3</FONT></A></TD>
    <TD STYLE="padding-bottom: 10pt; font-size: 10pt; text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/930236/0000950149-96-001081-index.html" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form&nbsp;of
    Common Stock Certificate (incorporated by reference to the Registrant&rsquo;s Registration Statement on Form&nbsp;S-11 (No.&nbsp;333-08363),
    Exhibit&nbsp;4.3, filed on August&nbsp;6, 1996) (File No.&nbsp;333-08363)</FONT></A></TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; width: 0.25in; font-size: 10pt; text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/930236/000110465923065496/tm2317085d1_ex10-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.4</FONT></A></TD>
    <TD STYLE="padding-bottom: 10pt; font-size: 10pt; text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/930236/000110465923065496/tm2317085d1_ex10-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Redwood
    Trust,&nbsp;Inc. Second Amended and Restated 2014 Incentive Award Plan (Incorporated by reference to the Registrant&rsquo;s Current
    Report on Form&nbsp;8-K, Exhibit&nbsp;10.1, filed on May&nbsp;26, 2023) (File No.&nbsp;001-13759)</FONT></A></TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; width: 0.25in; font-size: 10pt; text-align: justify"><A HREF="tm2329921d1_ex5-1.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.1</FONT></A></TD>
    <TD STYLE="padding-bottom: 10pt; font-size: 10pt; text-align: justify"><A HREF="tm2329921d1_ex5-1.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Opinion
    of Venable LLP</FONT></A></TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; width: 0.25in; font-size: 10pt; text-align: justify"><A HREF="tm2329921d1_ex23-1.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.1</FONT></A></TD>
    <TD STYLE="padding-bottom: 10pt; font-size: 10pt; text-align: justify"><A HREF="tm2329921d1_ex23-1.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consent
    of Grant Thornton LLP</FONT></A></TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; width: 0.25in; font-size: 10pt; text-align: justify"><A HREF="tm2329921d1_ex5-1.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.2</FONT></A></TD>
    <TD STYLE="padding-bottom: 10pt; font-size: 10pt; text-align: justify"><A HREF="tm2329921d1_ex5-1.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consent
    of Venable LLP (included in Exhibit&nbsp;5.1 hereto)</FONT></A></TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in; font-size: 10pt; text-align: justify"><A HREF="#a_001"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">24.1</FONT></A></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><A HREF="#a_001"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Power
    of Attorney (included on the signature page&nbsp;to this registration statement)</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: justify"><A HREF="tm2329921d1_ex-filingfees.htm" STYLE="-sec-extract: exhibit">107</A></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><A HREF="tm2329921d1_ex-filingfees.htm" STYLE="-sec-extract: exhibit">Calculation
    of Filing Fee Table</A></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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

<!-- Field: Page; Sequence: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="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: center"><FONT STYLE="font-variant: small-caps"><A NAME="a_001"></A><B>SIGNATURES</B></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; text-indent: 0.5in">Pursuant to the requirements
of the Securities Act of 1933, the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements
for filing on Form&nbsp;S-8 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto
duly authorized, in the City of Mill Valley, State of California, on November&nbsp;7, 2023.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>REDWOOD TRUST,&nbsp;INC.</B></FONT></TD></TR>
  <TR>
    <TD STYLE="width: 50%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 3%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 47%; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><Font>/s/ Christopher J. Abate</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name: Christopher J. Abate</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-left: 27pt; font-size: 10pt; text-indent: -27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:
    Chief Executive Officer</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-variant: small-caps"><B>POWER
OF ATTORNEY</B></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; text-indent: 0.5in">KNOW ALL PERSONS BY THESE
PRESENT, that each person whose signature appears below constitutes and appoints Christopher J. Abate and Andrew P. Stone and each or
either of them, his or her true and lawful attorney-in-fact and agent, with full power of substitution and resubstitution, for him or
her and in his or her name, place and stead, in any and all capacities, to sign any and all amendments (including post-effective amendments
or any abbreviated registration statement and any amendments thereto filed pursuant to Rule&nbsp;462(b)&nbsp;increasing the number of
securities for which registration is sought) to this Registration Statement, and to file the same, with all exhibits thereto, and other
documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents, and
each of them, full power and authority to do and perform each and every act and thing requisite and necessary to be done in connection
therewith, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said
attorneys-in-fact and agents, or any of them, or their or his or her substitutes or substitute, may lawfully do or cause to be done by
virtue 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; text-align: justify; text-indent: 0.5in">Pursuant to the requirements
of the Securities Act of 1933, this registration statement has been signed by the following persons in the capacities and on the dates
indicated:</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 CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; width: 33%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>/s/ Christopher J. Abate</TD>
    <TD STYLE="width: 2%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 30%"><FONT STYLE="font-size: 10pt">Director and Chief Executive Officer</FONT></TD>
    <TD STYLE="width: 2%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 33%; text-align: center"><FONT STYLE="font-size: 10pt">November&#8239;7, 2023</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Christopher J. Abate</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">(Principal Executive Officer)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Brooke E. Carillo</FONT><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Chief Financial Officer</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">November&#8239;7, 2023</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Brooke E. Carillo</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">(Principal Financial Officer)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Collin L. Cochrane</FONT><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Chief Accounting Officer</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">November&#8239;7, 2023</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Collin L. Cochrane</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">(Principal Accounting Officer)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">November&#8239;7, 2023</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Doneene Damon</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ <FONT STYLE="font-family: Times New Roman, Times, Serif">Greg
    H. Kubicek</FONT></FONT><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Director, Chair of the Board</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">November&#8239;7, 2023</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Greg H. Kubicek</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>/s/ <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Armando Falcon</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">November&#8239;7, 2023</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Armando Falcon</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>/s/ <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Douglas B. Hansen</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">November&#8239;7, 2023</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Douglas B. Hansen</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>/s/ <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Debora D. Horvath</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">November&#8239;7, 2023</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Debora D. Horvath</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>/s/ Georganne C. Proctor</TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">November&#8239;7, 2023</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Georganne C. Proctor</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>/s/ Dashiell I. Robinson</TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Director and President</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">November&#8239;7, 2023</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Dashiell I. Robinson</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>/s/ Faith A. Schwartz</TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">November&#8239;7, 2023</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Faith A. Schwartz</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  </TABLE>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>2
<FILENAME>tm2329921d1_ex5-1.htm
<DESCRIPTION>EXHIBIT 5.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

<P STYLE="text-align: right; margin: 0"><B>Exhibit 5.1</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="padding-bottom: 2pt; width: 0in"></TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 2pt; width: 0.25in; text-align: left"><IMG SRC="tm232992d1ex5-1img01.jpg" ALT=""></TD><TD STYLE="padding-bottom: 2pt; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: right"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #061e3c">750 E. PRATT STREET SUITE 900 BALTIMORE,
MD 21202</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #061e3c"><FONT STYLE="font-size: 10pt"><B>T </B></FONT>410.244.7400
<B>F</B> 410.244.7742 www.Venable.com</P>
</TD>
</TR></TABLE>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">November&nbsp;7, 2023</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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Suite</FONT>&nbsp;300</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Mill Valley</FONT>,
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-indent: 1in">Re: <U>Registration Statement on Form&nbsp;S-8</U></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">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 relating to the registration by
the Company of 9,650,000 shares (the &ldquo;Shares&rdquo;) of common stock, $.01 par value per share (the &ldquo;Common Stock&rdquo;),
of the Company, to be issued by the Company in accordance with its Redwood Trust,&nbsp;Inc. Amended and Restated 2014 Incentive Plan (the
 &ldquo;Plan&rdquo;). The Shares are covered by the above-referenced Registration Statement, and all amendments 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;).</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 (collectively, 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-family: Times New Roman, Times, Serif; 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 in the form in which it was transmitted to the Commission 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-family: Times New Roman, Times, Serif; font-size: 10pt">2.</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-family: Times New Roman, Times, Serif; font-size: 10pt">3.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
Bylaws of the Company, 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-family: Times New Roman, Times, Serif; font-size: 10pt">4.</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-family: Times New Roman, Times, Serif; font-size: 10pt">5.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Resolutions
(the &ldquo;Resolutions&rdquo;) adopted by the Board of Directors of the Company relating to, among other things, the issuance of the
Shares, 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-family: Times New Roman, Times, Serif; font-size: 10pt">6.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
Plan;</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>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"> <IMG SRC="tm232992d1ex5-1img02.jpg" ALT=""></P>

<P STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">November&nbsp;7, 2023</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-family: Times New Roman, Times, Serif; font-size: 10pt">7.</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-family: Times New Roman, Times, Serif; font-size: 10pt">8.</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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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 such 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; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Upon
any issuance 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. The Shares will not be issued in violation of any restriction
or limitation contained in 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"></P>

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<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; text-align: left; margin-top: 0pt; margin-bottom: 0pt"> <IMG SRC="tm232992d1ex5-1img02.jpg" ALT=""></P>

<P STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">November&nbsp;7, 2023</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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 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-family: Times New Roman, Times, Serif; 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 and by virtue of 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-family: Times New Roman, Times, Serif; 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 issued and delivered against payment therefor in accordance with the Resolutions,
the Plan and the Registration Statement, 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 compliance with, or the
applicability of, federal or state securities laws, including the securities laws of the State of Maryland.</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; text-indent: 1in">This opinion is being furnished to you for your submission
to the Commission as an exhibit to the Registration Statement. We hereby consent to the filing of this opinion as an exhibit to the Registration
Statement 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%">
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 50%"><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 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 STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">/s/ Venable LLP</FONT></TD></TR>
  </TABLE>


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

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

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<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>3
<FILENAME>tm2329921d1_ex23-1.htm
<DESCRIPTION>EXHIBIT 23.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

<P STYLE="text-align: right; margin: 0"><B>Exhibit 23.1</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING
FIRM</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: justify">We have issued our reports dated February&nbsp;28,
2023, with respect to the consolidated financial statements and internal control over financial reporting of Redwood Trust,&nbsp;Inc.
included in the Annual Report on Form&nbsp;10-K for the year ended December&nbsp;31, 2022, which are incorporated by reference in this
Registration Statement. We consent to the incorporation by reference of the aforementioned reports in this Registration Statement.</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">/s/ Grant Thornton LLP</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">Newport Beach, California</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">November&nbsp;7, 2023</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>

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

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<DOCUMENT>
<TYPE>EX-FILING FEES
<SEQUENCE>4
<FILENAME>tm2329921d1_ex-filingfees.htm
<DESCRIPTION>EX-FILING FEES
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 480.75pt"><B>Exhibit&nbsp;107</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: center"><B>CALCULATION OF FILING FEE TABLE</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: center"><B>Form&nbsp;S-8</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Form&nbsp;Type)</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>Redwood Trust,&nbsp;Inc.</B></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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>Table 1: Newly Registered Securities</U></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; border-left: black 1pt solid; padding-left: 8.4pt; font-size: 10pt; text-align: center; width: 8%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Security<BR>
    Type</B></FONT></TD>
    <TD STYLE="border-left: Black 1pt solid; border-top: Black 1pt solid; width: 10%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Security</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Class</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Title</B></P></TD>
    <TD STYLE="border-left: Black 1pt solid; border-top: Black 1pt solid; width: 10%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Fee</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Calculation</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Rule</B></P></TD>
    <TD STYLE="border-left: Black 1pt solid; border-top: Black 1pt solid; width: 12%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Amount to <BR>
    be</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Registered<BR>
    (1)</B></P></TD>
    <TD STYLE="border-left: Black 1pt solid; border-top: Black 1pt solid; width: 10%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Proposed</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Maximum</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Offering</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Price Per</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Share
    </B></FONT><B>(2)&nbsp;</B></P></TD>
    <TD STYLE="border-left: Black 1pt solid; border-top: Black 1pt solid; width: 16%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Proposed Maximum</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Aggregate</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Offering</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Price</B></P></TD>
    <TD STYLE="border-left: Black 1pt solid; border-top: Black 1pt solid; width: 9%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Fee</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Rate</B></P></TD>
    <TD STYLE="border-left: Black 1pt solid; border-top: Black 1pt solid; border-right: Black 1pt solid; padding-right: 2.4pt; width: 25%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Amount of</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Registration</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Fee</B></P></TD></TR>
  <TR>
    <TD STYLE="border-top: black 1pt solid; border-left: black 1pt solid; vertical-align: top; padding-left: 8.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Equity</FONT></TD>
    <TD STYLE="border-left: Black 1pt solid; border-top: Black 1pt solid; vertical-align: top; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Common
    Stock, $0.01 par value per share</FONT></TD>
    <TD STYLE="border-left: Black 1pt solid; border-top: Black 1pt solid; vertical-align: top; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Rule&nbsp;457(c)&nbsp;and
    Rule&nbsp;457(h)</FONT></TD>
    <TD STYLE="border-left: Black 1pt solid; border-top: Black 1pt solid; vertical-align: top; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9,650,000</FONT></TD>
    <TD STYLE="border-left: Black 1pt solid; border-top: Black 1pt solid; vertical-align: top; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$6.38</FONT></TD>
    <TD STYLE="border-left: Black 1pt solid; border-top: Black 1pt solid; vertical-align: top; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$61,567,000</FONT></TD>
    <TD STYLE="border-left: Black 1pt solid; border-top: Black 1pt solid; vertical-align: top; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><BR>
    $147.60 per $1,000,000</FONT></TD>
    <TD STYLE="border-left: Black 1pt solid; border-top: Black 1pt solid; border-right: Black 1pt solid; vertical-align: top; padding-right: 2.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$9087.29</FONT></TD></TR>
  <TR>
    <TD COLSPAN="4" STYLE="border-top: black 1pt solid; border-left: black 1pt solid; vertical-align: top; padding-left: 8.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
    Offering Amounts</FONT></TD>
    <TD STYLE="border-left: Black 1pt solid; border-top: Black 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-left: Black 1pt solid; border-top: Black 1pt solid; vertical-align: bottom; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-left: Black 1pt solid; border-top: Black 1pt solid; vertical-align: bottom; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-left: Black 1pt solid; border-top: Black 1pt solid; border-right: Black 1pt solid; vertical-align: bottom; padding-right: 2.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$9087.29</FONT></TD></TR>
  <TR>
    <TD COLSPAN="4" STYLE="border-top: black 1pt solid; border-left: black 1pt solid; vertical-align: top; padding-left: 8.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
    Fee Offsets</FONT></TD>
    <TD STYLE="border-left: Black 1pt solid; border-top: Black 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-left: Black 1pt solid; border-top: Black 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-left: Black 1pt solid; border-top: Black 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-left: Black 1pt solid; border-top: Black 1pt solid; border-right: Black 1pt solid; vertical-align: bottom; padding-right: 2.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&ndash;</FONT></TD></TR>
  <TR>
    <TD COLSPAN="4" STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: top; padding-left: 8.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
    Fee Due</FONT></TD>
    <TD STYLE="border-left: Black 1pt solid; border-top: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-left: Black 1pt solid; border-top: Black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-left: Black 1pt solid; border-top: Black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-left: Black 1pt solid; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; padding-right: 2.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$9087.29</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; 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">(1)</TD><TD STYLE="text-align: justify">Pursuant to Rule&nbsp;416(a)&nbsp;of
                                            the Securities Act of 1933, as amended (the &ldquo;<U>Securities Act</U>&rdquo;), this Registration
                                            Statement shall also cover any additional shares of Common Stock, par value $0.01 (&ldquo;<U>Common
                                            Stock</U>&rdquo;), of Redwood Trust,&nbsp;Inc. (the &ldquo;<U>Registrant</U>&rdquo;) that
                                            become issuable under the Registrant&rsquo;s Second Amended and Restated 2014 Incentive Award
                                            Plan (the &ldquo;<U>Plan</U>&rdquo;) by reason of any stock dividend, stock split, recapitalization
                                            or other similar transaction effected without receipt of consideration that increases the
                                            number of outstanding shares of Common Stock.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; 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">(2)</TD><TD STYLE="text-align: justify">Estimated in accordance with Rule&nbsp;457(c)&nbsp;and
                                            Rule&nbsp;457(h)&nbsp;under the Securities Act solely for the purpose of calculating the
                                            registration fee. The maximum price per share and maximum aggregate offering price are based
                                            upon the average of the high and low prices of the Common Stock as reported on the New York
                                            Stock Exchange on November&nbsp;1, 2023, which date is within five business days prior to
                                            filing this Registration Statement.</TD></TR></TABLE>

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