<SEC-DOCUMENT>0001104659-25-019981.txt : 20250304
<SEC-HEADER>0001104659-25-019981.hdr.sgml : 20250304
<ACCEPTANCE-DATETIME>20250304061424
ACCESSION NUMBER:		0001104659-25-019981
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		20
CONFORMED PERIOD OF REPORT:	20250303
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20250304
DATE AS OF CHANGE:		20250304

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			REDWOOD TRUST INC
		CENTRAL INDEX KEY:			0000930236
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		ORGANIZATION NAME:           	05 Real Estate & Construction
		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:		25701321

	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>tm257741d3_8k.htm
<DESCRIPTION>FORM 8-K
<TEXT>
<XBRL>
<?xml version='1.0' encoding='ASCII'?>
<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/2023" xmlns:us-gaap="http://fasb.org/us-gaap/2023" xmlns:us-roles="http://fasb.org/us-roles/2023" xmlns:dtr-types="http://www.xbrl.org/dtr/type/2022-03-31" xmlns:country="http://xbrl.sec.gov/country/2023" xmlns:srt="http://fasb.org/srt/2023" xmlns:rwt="http://redwoodtrust.com/20250303">
<head>
     <title></title>
<meta http-equiv="Content-Type" content="text/html"/>
</head>
<!-- Field: Set; Name: xdx; ID: xdx_02C_US%2DGAAP%2D2023 -->
<!-- Field: Set; Name: xdx; ID: xdx_039_rwt_redwoodtrust.com_20250303 -->
<!-- Field: Set; Name: xdx; ID: xdx_040_20250303_20250303 -->
<!-- Field: Set; Name: xdx; ID: xdx_059_edei%2D%2DAmendmentFlag_false -->
<!-- Field: Set; Name: xdx; ID: xdx_056_edei%2D%2DEntityCentralIndexKey_0000930236 -->
<!-- Field: Set; Name: xdx; ID: xdx_072_SO_T%2D%2D\DeptFiles%2DiXBRL 8%2DK Covers Templates\+++%2DROOT%2DElement%2D+++\DocumentInformationLineItems.xdxs -->
<!-- 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="AsOf2025-03-03" id="Fact000003" name="dei:AmendmentFlag">false</ix:nonNumeric>
  <ix:nonNumeric contextRef="AsOf2025-03-03" id="Fact000004" name="dei:EntityCentralIndexKey">0000930236</ix:nonNumeric>
  </ix:hidden>
 <ix:references>
  <link:schemaRef xlink:href="rwt-20250303.xsd" xlink:type="simple"/>
  </ix:references>
 <ix:resources>
    <xbrli:context id="AsOf2025-03-03">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0000930236</xbrli:identifier>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2025-03-03</xbrli:startDate>
        <xbrli:endDate>2025-03-03</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2025-03-032025-03-03_us-gaap_CommonStockMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0000930236</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">us-gaap:CommonStockMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2025-03-03</xbrli:startDate>
        <xbrli:endDate>2025-03-03</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2025-03-032025-03-03_us-gaap_SeriesAPreferredStockMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0000930236</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">us-gaap:SeriesAPreferredStockMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2025-03-03</xbrli:startDate>
        <xbrli:endDate>2025-03-03</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2025-03-032025-03-03_custom_Percent9125SeniorNotesDue2029Member">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0000930236</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">rwt:Percent9125SeniorNotesDue2029Member</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2025-03-03</xbrli:startDate>
        <xbrli:endDate>2025-03-03</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2025-03-032025-03-03_custom_Percent9SeniorNotesDue2029Member">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0000930236</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">rwt:Percent9SeniorNotesDue2029Member</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2025-03-03</xbrli:startDate>
        <xbrli:endDate>2025-03-03</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2025-03-032025-03-03_custom_Percent9125SeniorNotesDue2030Member">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0000930236</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">rwt:Percent9125SeniorNotesDue2030Member</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2025-03-03</xbrli:startDate>
        <xbrli:endDate>2025-03-03</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-top: 0; margin-bottom: 0; margin-left: 0.5in; text-indent: 0in; text-align: justify"></p>

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

<p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt"></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="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>UNITED STATES</b></p>

<p style="font: 14pt 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">Washington, D.C. 20549</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-size: 9pt">&#160;</span></p>

<!-- Field: Rule-Page --><div style="margin: 0 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"><span style="font-size: 9pt"></span>&#160;</p>

<p style="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>FORM <span id="xdx_90F_edei--DocumentType_c20250303__20250303_zBWZbFtYrelk"><ix:nonNumeric contextRef="AsOf2025-03-03" id="Fact000010" 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"><span style="font-size: 9pt">&#160;</span></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<span style="text-transform: uppercase">
</span>15(d) of the <br/>
Securities Exchange Act of 1934</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-size: 9pt">&#160;</span></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_909_edei--DocumentPeriodEndDate_c20250303__20250303_zbVxf4CqZcb3"><ix:nonNumeric contextRef="AsOf2025-03-03" format="ixt:datemonthdayyearen" id="Fact000011" name="dei:DocumentPeriodEndDate">March 3, 2025</ix:nonNumeric></span></b></p>

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

<!-- Field: Rule-Page --><div style="margin: 0 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"><span style="font-size: 9pt">&#160;</span></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_c20250303__20250303_zyatKHO9E6Ak"><ix:nonNumeric contextRef="AsOf2025-03-03" id="Fact000012" 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"><span style="font-size: 9pt">&#160;</span></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_903_edei--EntityIncorporationStateCountryCode_c20250303__20250303_zubyGoIaUb55"><ix:nonNumeric contextRef="AsOf2025-03-03" format="ixt-sec:stateprovnameen" id="Fact000013" 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<br/>
 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_900_edei--EntityFileNumber_c20250303__20250303_zFvvrGD6Fd29"><ix:nonNumeric contextRef="AsOf2025-03-03" id="Fact000014" 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_908_edei--EntityTaxIdentificationNumber_c20250303__20250303_zt7ljiwnLQS5"><ix:nonNumeric contextRef="AsOf2025-03-03" id="Fact000015" 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"><span id="xdx_906_edei--EntityAddressAddressLine1_c20250303__20250303_zeO9hNvbvJsk"><b><ix:nonNumeric contextRef="AsOf2025-03-03" id="Fact000016" name="dei:EntityAddressAddressLine1">One
Belvedere Place</ix:nonNumeric></b></span><br/>
<span id="xdx_90C_edei--EntityAddressAddressLine2_c20250303__20250303_zPcnewrQZVBk"><b><ix:nonNumeric contextRef="AsOf2025-03-03" id="Fact000017" name="dei:EntityAddressAddressLine2">Suite 300</ix:nonNumeric></b></span><br/>
<span id="xdx_90E_edei--EntityAddressCityOrTown_c20250303__20250303_zw8LT7Hb3mLh"><b><ix:nonNumeric contextRef="AsOf2025-03-03" id="Fact000018" name="dei:EntityAddressCityOrTown">Mill Valley</ix:nonNumeric></b></span><b>, <span id="xdx_906_edei--EntityAddressStateOrProvince_c20250303__20250303_zuMM1qrO3gtk"><ix:nonNumeric contextRef="AsOf2025-03-03" format="ixt-sec:stateprovnameen" id="Fact000019" name="dei:EntityAddressStateOrProvince">California</ix:nonNumeric>
</span></b><b><span id="xdx_905_edei--EntityAddressPostalZipCode_c20250303__20250303_zQ1kwyXfmONg"><ix:nonNumeric contextRef="AsOf2025-03-03" id="Fact000020" name="dei:EntityAddressPostalZipCode">94941</ix:nonNumeric></span></b><br/> (Address of principal
executive offices, including Zip Code)</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-size: 9pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>(<span id="xdx_905_edei--CityAreaCode_c20250303__20250303_zQ4yiO3joUh2"><ix:nonNumeric contextRef="AsOf2025-03-03" id="Fact000021" name="dei:CityAreaCode">415</ix:nonNumeric></span>) <span id="xdx_900_edei--LocalPhoneNumber_c20250303__20250303_zGtGbSEbOp46"><ix:nonNumeric contextRef="AsOf2025-03-03" id="Fact000022" 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"><span style="font-size: 9pt">&#160;</span></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">&#160;</p>

<!-- Field: Rule-Page --><div style="margin: 0 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: left">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; text-align: center"><span style="font-size: 9pt">&#160;</span></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: 0.25in; text-align: left"><span style="font-family: Wingdings"><span id="xdx_909_edei--WrittenCommunications_c20250303__20250303_zrPl2X3J0WQb"><ix:nonNumeric contextRef="AsOf2025-03-03" format="ixt:booleanfalse" id="Fact000023" name="dei:WrittenCommunications">&#168;</ix:nonNumeric></span></span></td>
    <td style="text-align: left"><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"><span style="font-size: 9pt">&#160;</span></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: 0.25in; text-align: left"><span style="font-family: Wingdings"><span id="xdx_90B_edei--SolicitingMaterial_c20250303__20250303_zVjx7LMPiGYc"><ix:nonNumeric contextRef="AsOf2025-03-03" format="ixt:booleanfalse" id="Fact000024" 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"><span style="font-size: 9pt">&#160;</span></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: 0.25in; text-align: left"><span style="font-family: Wingdings"><span id="xdx_90A_edei--PreCommencementTenderOffer_c20250303__20250303_zcSXG5EtyPk7"><ix:nonNumeric contextRef="AsOf2025-03-03" format="ixt:booleanfalse" id="Fact000025" 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"><span style="font-size: 9pt">&#160;</span></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: 0.25in; text-align: left"><span style="font-family: Wingdings"><span id="xdx_90C_edei--PreCommencementIssuerTenderOffer_c20250303__20250303_zv1Icy2RV6x6"><ix:nonNumeric contextRef="AsOf2025-03-03" format="ixt:booleanfalse" id="Fact000026" 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"><span style="font-size: 9pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-size: 9pt"></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left">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"><span style="font-size: 9pt">&#160;</span></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_907_edei--EntityEmergingGrowthCompany_c20250303__20250303_zvCcJPDOU281"><ix:nonNumeric contextRef="AsOf2025-03-03" format="ixt:booleanfalse" id="Fact000027" name="dei:EntityEmergingGrowthCompany">&#168;</ix:nonNumeric></span></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-size: 9pt">&#160;</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Securities registered pursuant to Section
12(b) of the Act:</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-left: auto; border-collapse: collapse; font-size-adjust: none; font-stretch: normal; width: 100%; margin-right: auto">
<tr>
    <td style="border: black 1pt solid; padding: 2pt 5.4pt; border-image: none; width: 40%; text-align: center; text-indent: 0in; 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; padding: 2pt 5.4pt; width: 20%; text-align: center; text-indent: 0in; 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; padding: 2pt 5.4pt; width: 40%; text-align: center; text-indent: 0in; 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; padding: 2pt 5.4pt; vertical-align: middle; text-align: center; text-indent: 0in; font-size: 10pt"><span style="font-size: 10pt"><span id="xdx_909_edei--Security12bTitle_c20250303__20250303__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zkYDIFuSRFbl"><ix:nonNumeric contextRef="From2025-03-032025-03-03_us-gaap_CommonStockMember" id="Fact000028" 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; padding: 2pt 5.4pt; vertical-align: middle; text-align: center; text-indent: 0in; font-size: 10pt"><span style="font-size: 10pt"><span id="xdx_90A_edei--TradingSymbol_c20250303__20250303__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zJANucGD3W89"><ix:nonNumeric contextRef="From2025-03-032025-03-03_us-gaap_CommonStockMember" id="Fact000029" name="dei:TradingSymbol">RWT</ix:nonNumeric></span></span></td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 5.4pt; vertical-align: middle; text-align: center; text-indent: 0in; font-size: 10pt"><span style="font-size: 10pt"><span id="xdx_905_edei--SecurityExchangeName_c20250303__20250303__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zp3y4c5rnaKf"><ix:nonNumeric contextRef="From2025-03-032025-03-03_us-gaap_CommonStockMember" format="ixt-sec:exchnameen" id="Fact000030" name="dei:SecurityExchangeName">New York Stock Exchange</ix:nonNumeric></span></span></td></tr>
<tr>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding: 2pt 5.4pt; vertical-align: middle; text-align: center; text-indent: 0in; font-size: 10pt">
                                                                                <span><span id="xdx_90B_edei--Security12bTitle_c20250303__20250303__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesAPreferredStockMember_zltZdCD0AmCk"><ix:nonNumeric contextRef="From2025-03-032025-03-03_us-gaap_SeriesAPreferredStockMember" id="Fact000031" name="dei:Security12bTitle">10% Series A Fixed-Rate Reset Cumulative Redeemable Preferred Stock, par value $0.01 per share</ix:nonNumeric></span></span></td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 5.4pt; vertical-align: middle; text-align: center; text-indent: 0in; font-size: 10pt"><span id="xdx_90D_edei--TradingSymbol_c20250303__20250303__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesAPreferredStockMember_zFKUwHJXpgYg"><ix:nonNumeric contextRef="From2025-03-032025-03-03_us-gaap_SeriesAPreferredStockMember" id="Fact000032" name="dei:TradingSymbol">RWT PRA</ix:nonNumeric></span></td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 5.4pt; vertical-align: middle; text-align: center; text-indent: 0in; font-size: 10pt"><span id="xdx_909_edei--SecurityExchangeName_c20250303__20250303__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesAPreferredStockMember_z0VgFS7zaMZb"><ix:nonNumeric contextRef="From2025-03-032025-03-03_us-gaap_SeriesAPreferredStockMember" format="ixt-sec:exchnameen" id="Fact000033" name="dei:SecurityExchangeName">New York Stock Exchange</ix:nonNumeric></span></td></tr>
<tr>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding: 2pt 5.4pt; vertical-align: middle; text-align: center; text-indent: 0in; font-size: 10pt"><span id="xdx_900_edei--Security12bTitle_c20250303__20250303__us-gaap--StatementClassOfStockAxis__custom--Percent9125SeniorNotesDue2029Member_z3CFanjvBan1"><ix:nonNumeric contextRef="From2025-03-032025-03-03_custom_Percent9125SeniorNotesDue2029Member" id="Fact000034" name="dei:Security12bTitle">9.125% Senior Notes Due 2029</ix:nonNumeric></span></td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 5.4pt; vertical-align: middle; text-align: center; text-indent: 0in; font-size: 10pt"><span id="xdx_908_edei--TradingSymbol_c20250303__20250303__us-gaap--StatementClassOfStockAxis__custom--Percent9125SeniorNotesDue2029Member_z6z9RRmbWmDe"><ix:nonNumeric contextRef="From2025-03-032025-03-03_custom_Percent9125SeniorNotesDue2029Member" id="Fact000035" name="dei:TradingSymbol">RWTN</ix:nonNumeric></span></td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 5.4pt; vertical-align: middle; text-align: center; text-indent: 0in; font-size: 10pt"><span id="xdx_909_edei--SecurityExchangeName_c20250303__20250303__us-gaap--StatementClassOfStockAxis__custom--Percent9125SeniorNotesDue2029Member_zJFyoQIlLwif"><ix:nonNumeric contextRef="From2025-03-032025-03-03_custom_Percent9125SeniorNotesDue2029Member" format="ixt-sec:exchnameen" id="Fact000036" name="dei:SecurityExchangeName">New York Stock Exchange</ix:nonNumeric></span></td></tr>
<tr>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding: 2pt 5.4pt; vertical-align: middle; text-align: center; text-indent: 0in; font-size: 10pt"><span id="xdx_906_edei--Security12bTitle_c20250303__20250303__us-gaap--StatementClassOfStockAxis__custom--Percent9SeniorNotesDue2029Member_zuKxmQmTdwD1"><ix:nonNumeric contextRef="From2025-03-032025-03-03_custom_Percent9SeniorNotesDue2029Member" id="Fact000037" name="dei:Security12bTitle">9.0% Senior Notes Due 2029</ix:nonNumeric></span></td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 5.4pt; vertical-align: middle; text-align: center; text-indent: 0in; font-size: 10pt"><span id="xdx_906_edei--TradingSymbol_c20250303__20250303__us-gaap--StatementClassOfStockAxis__custom--Percent9SeniorNotesDue2029Member_zVrwUwgszKje"><ix:nonNumeric contextRef="From2025-03-032025-03-03_custom_Percent9SeniorNotesDue2029Member" id="Fact000038" name="dei:TradingSymbol">RWTO</ix:nonNumeric></span></td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 5.4pt; vertical-align: middle; text-align: center; text-indent: 0in; font-size: 10pt"><span id="xdx_907_edei--SecurityExchangeName_c20250303__20250303__us-gaap--StatementClassOfStockAxis__custom--Percent9SeniorNotesDue2029Member_zyuiyrH4ECba"><ix:nonNumeric contextRef="From2025-03-032025-03-03_custom_Percent9SeniorNotesDue2029Member" format="ixt-sec:exchnameen" id="Fact000039" name="dei:SecurityExchangeName">New York Stock Exchange</ix:nonNumeric></span></td></tr>
<tr>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding: 2pt 5.4pt; vertical-align: middle; text-align: center; text-indent: 0in; font-size: 10pt"><span id="xdx_905_edei--Security12bTitle_c20250303__20250303__us-gaap--StatementClassOfStockAxis__custom--Percent9125SeniorNotesDue2030Member_z24A9FGfosY9"><ix:nonNumeric contextRef="From2025-03-032025-03-03_custom_Percent9125SeniorNotesDue2030Member" id="Fact000040" name="dei:Security12bTitle">9.125% Senior Notes Due 2030</ix:nonNumeric></span></td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 5.4pt; vertical-align: middle; text-align: center; text-indent: 0in; font-size: 10pt"><span id="xdx_902_edei--TradingSymbol_c20250303__20250303__us-gaap--StatementClassOfStockAxis__custom--Percent9125SeniorNotesDue2030Member_zhCqckWocyph"><ix:nonNumeric contextRef="From2025-03-032025-03-03_custom_Percent9125SeniorNotesDue2030Member" id="Fact000041" name="dei:TradingSymbol">RWTP</ix:nonNumeric></span></td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 5.4pt; vertical-align: middle; text-align: center; text-indent: 0in; font-size: 10pt"><span id="xdx_903_edei--SecurityExchangeName_c20250303__20250303__us-gaap--StatementClassOfStockAxis__custom--Percent9125SeniorNotesDue2030Member_zwpiZisI2Fja"><ix:nonNumeric contextRef="From2025-03-032025-03-03_custom_Percent9125SeniorNotesDue2030Member" format="ixt-sec:exchnameen" id="Fact000042" name="dei:SecurityExchangeName">New York Stock Exchange</ix:nonNumeric></span></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-size: 9pt">&#160;</span></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"></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"></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-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Item&#160;8.01</b></span></td>
    <td style="width: 91%; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Other Events. </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: 0pt 0"><i>Filing of Shelf Registration Statement and Prospectus Supplement</i></p>

<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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
March&#160;3, 2025, Redwood Trust,&#160;Inc. (the &#8220;Company&#8221;) filed with the Securities and Exchange Commission (the &#8220;SEC&#8221;)
a shelf registration statement (File No.&#160;333-285506<span style="font-size: 10pt">) (the &#8220;Registration Statement&#8221;),
which became immediately effective upon filing.</span></span></p>

<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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">On
March&#160;4, 2025, the Company also filed with the SEC a prospectus supplement, dated March&#160;4, 2025, pursuant to Rule&#160;424(b)&#160;under
the Securities Act of 1933, as amended, relating to the Company&#8217;s </span>Direct Stock Purchase and Dividend Reinvestment Plan (the
&#8220;Plan&#8221;), which is designed to provide the Company&#8217;s existing stockholders and interested new investors with a method
of purchasing shares of the Company&#8217;s common stock and investing all or a percentage of their cash dividends in additional shares
of common stock.</p>

<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; text-indent: 0.5in">In connection with the filing of the prospectus
supplement, the Company is filing as Exhibit&#160;5.1 hereto the opinion of its Maryland counsel, Venable LLP, regarding the legality
of the validity of the securities being registered under the prospectus supplement. Additionally, the Company is filing as Exhibit&#160;8.1
hereto an opinion of its counsel, Latham&#160;&amp; Watkins LLP, with respect to certain tax matters.</p>

<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; text-indent: 0.25in">This Current Report shall not constitute an offer
to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation
or sale would be unlawful.</p>

<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-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Item&#160;9.01</b></span></td>
    <td style="width: 91%; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; 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>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr>
    <td style="width: 4%; font-size: 10pt">&#160;</td>
    <td style="vertical-align: top; width: 4%; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</span></td>
    <td style="vertical-align: top; width: 92%; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exhibits. </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 Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: bottom">
    <td style="width: 4%">&#160;</td>
    <td style="white-space: nowrap; width: 10%">
    <p style="border-bottom: black 0.75pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Exhibit&#160;No.</p></td>
    <td style="width: 5%">&#160;</td>
    <td style="width: 81%">
    <p style="border-bottom: black 0.75pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Description</p></td></tr>
  <tr>
    <td>&#160;</td>
    <td style="white-space: nowrap; vertical-align: top"><a href="tm257741d3_ex5-1.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.1</span></a></td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: top"><a href="tm257741d3_ex5-1.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Opinion of Venable LLP</span></a></td></tr>
  <tr>
    <td>&#160;</td>
    <td style="white-space: nowrap; vertical-align: top"><a href="tm257741d3_ex8-1.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.1</span></a></td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: top"><a href="tm257741d3_ex8-1.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Opinion of Latham&#160;&amp; Watkins LLP</span></a></td></tr>
  <tr>
    <td>&#160;</td>
    <td style="white-space: nowrap; vertical-align: top"><a href="tm257741d3_ex5-1.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.1</span></a></td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: top"><a href="tm257741d3_ex5-1.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consent of Venable LLP (included in Exhibit&#160;5.1)</span></a></td></tr>
  <tr>
    <td>&#160;</td>
    <td style="white-space: nowrap; vertical-align: top"><a href="tm257741d3_ex8-1.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.2</span></a></td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: top"><a href="tm257741d3_ex8-1.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consent of Latham&#160;&amp; Watkins LLP (included in Exhibit&#160;8.1)</span></a></td></tr>
  <tr>
    <td>&#160;</td>
    <td style="white-space: nowrap; vertical-align: top">104</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: top">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">&#160;</p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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">&#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: March&#160;4, 2025</td>
    <td colspan="3" style="font: 10pt Times New Roman, Times, Serif"> REDWOOD TRUST,&#160;INC.</td></tr>
  <tr style="vertical-align: bottom">
    <td colspan="4" 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:</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: 3%">&#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: 42%">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, Chief Legal Officer and Secretary</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"></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 -->

<!-- Field: Set; Name: xdx; ID: xdx_08B_extensions -->
<!-- eJylkN9KwzAUh5+g73AoeDe6NLNIe6d1DrEbZQ4RxIu4nUmwzSlJOrdH8i1N02164R/EEAjhfN85P04YDsIJXckKNdxfzAtYYN1UwiLMcY0a1RIdkV/fZODeOT5LY7VQ1n8PYk7OQeckEU+EK3h0Iw2uMmDxkJ8NeQIszfgplNMw6Oo5qbVcobJSVCDUCkpNjZZohd71HRZiS4rqnR91h9pIUhnEEevLb8BZzGFGG/FK+sVAUeRhMPAnCCea2sZR461F1ZkwrrB240xvf1yfZtkaS3VWol46Jo15cotKkp6RRXPZImc8nWL9hNrBjPFRzM67HHsB0sgp0DvgJXAWdBocPQ+dfEM99NjjD6n+Gon9Hoj9I84XSxqxY++Ycb5P9GnX72MdtV4= -->
</body>
</html>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>2
<FILENAME>tm257741d3_ex5-1.htm
<DESCRIPTION>EXHIBIT 5.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

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

<P STYLE="margin: 0; text-align: right">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><IMG SRC="tm257741d3_ex5-1img001.jpg" ALT="">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">March&nbsp;4, 2025</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">One Belvedere Place</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.45in; text-align: left">Re:</TD><TD STYLE="text-align: justify">Registration Statement on Form&nbsp;S-3:</TD>
</TR><TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify"><U>Direct Stock Purchase and Dividend Reinvestment
Plan</U></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">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 12,500,000 shares (the &ldquo;Shares&rdquo;) of common stock, $.01 par value per share, of the Company (the &ldquo;Common Stock&rdquo;),
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;Securities Act&rdquo;). The Shares may be issued from time to time pursuant to the Redwood Trust,&nbsp;Inc. Direct
Stock Purchase and Dividend Reinvestment Plan (the &ldquo;Plan&rdquo;), as described under the heading &ldquo;The Plan&rdquo; in the Prospectus
Supplement (as defined herein).</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">1.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Registration Statement and the related form of prospectus included 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-indent: 1in">2.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Prospectus Supplement, dated March&nbsp;4, 2025 (the &ldquo;Prospectus Supplement&rdquo;), relating to the Plan, filed by the Company
with the Commission pursuant to Rule&nbsp;424(b)&nbsp;under the Securities Act;</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">3.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
charter of the Company (the &ldquo;Charter&rdquo;), certified by the State Department of Assessments and Taxation of Maryland (the &ldquo;SDAT&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">4.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Amended and Restated Bylaws of the Company, certified as of the date hereof by an officer of the Company;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">5.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Resolutions
adopted by the Board of Directors of the Company (the &ldquo;Resolutions&rdquo;), relating to the authorization of the Plan and the issuance
of the Shares, certified as of the date hereof by an officer of the Company;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><IMG SRC="tm257741d3_ex5-1img002.jpg" ALT="">&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">Redwood Trust,&nbsp;Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">March&nbsp;4, 2025</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">6.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;A
certificate of the SDAT as to the good standing of the Company, dated as of a recent date;</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">7.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;A
certificate executed by an officer of the Company, dated as of the date hereof; and</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">8.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;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.</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">1.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Each
individual executing any of the Documents, whether on behalf of such individual or any other person, is legally competent to do so.</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">2.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Each
individual executing any of the Documents on behalf of a party (other than the Company) is duly authorized to do so.</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">3.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;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, binding and enforceable in
accordance with all stated terms.</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">4.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;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.</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">5.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;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. None of the Shares will be issued in violation of the
restrictions on ownership and transfer set forth in Article&nbsp;XI of the 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"></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">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><IMG SRC="tm257741d3_ex5-1img002.jpg" ALT="">&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">Redwood Trust,&nbsp;Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">March&nbsp;4, 2025</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; 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">1.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Company is a corporation duly incorporated and validly existing under and by virtue of the laws of the State of Maryland and is in good
standing with the SDAT.</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">2.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
issuance of the Shares has been duly authorized and, when and if issued and delivered against payment therefor in accordance with the
Registration Statement, the Resolutions and the Plan, the Shares will be validly issued, fully paid and nonassessable.</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 any federal or state securities laws, including the securities laws of the State of Maryland. 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; text-indent: 1in">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 filing of the Prospectus Supplement
(the &ldquo;Current Report&rdquo;), which is incorporated by reference in the Registration Statement. We hereby consent to the filing
of this opinion as an exhibit to the Current Report and the said incorporation by reference 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
Securities Act.</P>

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

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

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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-8.1
<SEQUENCE>3
<FILENAME>tm257741d3_ex8-1.htm
<DESCRIPTION>EXHIBIT 8.1
<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 8.1</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 70%">&nbsp;</TD>
    <TD STYLE="width: 30%; font: 10pt Times New Roman, Times, Serif"><P STYLE="margin-top: 0; margin-bottom: 0">10250 Constellation Blvd.,
                                            Suite&nbsp;1100</P>
                                                                     <P STYLE="margin-top: 0; margin-bottom: 0">Los Angeles, California
                                            90067</P>
                                                                     <P STYLE="margin-top: 0; margin-bottom: 0">Tel: +1.424.653.5500
                                            Fax: +1.424.653.5501</P>
                                                                     <P STYLE="margin-top: 0; margin-bottom: 0">www.lw.com</P></TD></TR>
  </TABLE>


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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD ROWSPAN="15">&nbsp;<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><IMG SRC="tm257741d3_ex8-1img001.jpg" ALT="">&nbsp;</P>
                           <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
                           <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
                           <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
                                                                        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">March&nbsp;4,
                                            2025</P>
                                                                        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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

</TD>
    <TD COLSPAN="2"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">FIRM / AFFILIATE OFFICES</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Austin</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Milan</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Beijing</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Munich</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Boston</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">New York</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Brussels</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Orange County</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Century City</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Paris</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chicago</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Riyadh</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dubai</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">San Diego</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">D&uuml;sseldorf</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">San Francisco</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Frankfurt</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Seoul</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hamburg</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Silicon Valley</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hong Kong</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Singapore</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Houston</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tel Aviv</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">London</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tokyo</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Los Angeles</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Washington, D.C.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 70%">&nbsp;</TD>
    <TD STYLE="width: 12%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Madrid</FONT></TD>
    <TD STYLE="width: 18%">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">Redwood Trust, Inc.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.45in; text-align: left">Re:</TD><TD STYLE="text-align: justify"><U>Direct Stock Purchase
                                            and Dividend Reinvestment Plan</U></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">To the addressee set forth above:</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">We have acted as special
tax counsel to Redwood Trust,&nbsp;Inc., a Maryland corporation (&ldquo;<B><I>RWT</I></B>&rdquo;), in connection with the registration
of shares of common stock of RWT issuable under RWT&rsquo;s Direct Stock Purchase and Dividend Reinvestment Plan, pursuant to a registration
statement on Form&nbsp;S-3 dated March&nbsp;3, 2025 (such registration statement, together with all exhibits thereto and the documents
incorporated by reference therein, the &ldquo;<B><I>Registration Statement</I></B>&rdquo;) filed by RWT with the Securities and Exchange
Commission (the &ldquo;<B><I>Commission</I></B>&rdquo;) under the Securities Act of 1933, as amended (the &ldquo;<B><I>Act</I></B>&rdquo;),
a prospectus dated March&nbsp;3, 2025 (the &ldquo;<B><I>Base Prospectus</I></B>&rdquo;) and a prospectus supplement dated March&nbsp;4,
2025 (the &ldquo;<B><I>Prospectus Supplement</I></B>,&rdquo; and together with the Base Prospectus, the &ldquo;<B><I>Prospectus</I></B>&rdquo;)
filed by RWT with the Commission under the Act.</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">You have requested our opinion
concerning certain of the federal income tax considerations relating to RWT, including with respect to its election to be taxed as a
real estate investment trust (&ldquo;<B><I>REIT</I></B>&rdquo;). This opinion is based on certain assumptions and factual representations
concerning the business, assets and governing documents of RWT and its subsidiaries as set forth in the Registration Statement and the
Prospectus. We have also been furnished with, and with your consent have relied upon, certain representations made by RWT and its subsidiaries
with respect to certain factual matters through a certificate of an officer of RWT, dated as of the date hereof (the &ldquo;<B><I>Officer&rsquo;s
Certificate</I></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; text-indent: 0.5in">In our capacity as special
tax counsel to RWT, we have made such legal and factual examinations and inquiries, including an examination of originals or copies certified
or otherwise identified to our satisfaction of such documents, corporate records and other instruments as we have deemed necessary or
appropriate for purposes of this opinion. For purposes of our opinion, we have not made an independent investigation or audit of the
facts set forth in the above referenced documents or in the Officer&rsquo;s Certificate. In particular, we note that RWT may engage in
transactions in connection with which we have not provided legal advice, and have not reviewed, and of which we may be unaware. Consequently,
we have relied on your representation that the facts, statements, representations, and covenants presented in the above referenced documents
and the Officer&rsquo;s Certificate, or otherwise furnished to us, accurately and completely describe all material facts relevant to
our opinion. In addition, in rendering this opinion we have assumed the truth and accuracy of all representations and statements made
to us that are qualified as to knowledge or belief, without regard to such qualification. In our examination, we have assumed the authenticity
of all documents submitted to us as originals, the genuineness of all signatures thereon, the legal capacity of natural persons executing
such documents and the conformity to authentic original documents of all documents submitted to us as copies.</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">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>March&nbsp;4, 2025</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Page&nbsp;2</B></P></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"><IMG SRC="tm257741d3_ex8-1img002.jpg" ALT="">&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; text-align: justify; text-indent: 0.5in">We are opining herein only
as to the federal income tax laws of the United States, and we express no opinion with respect to the applicability thereto, or the effect
thereon, of other federal laws, the laws of any state or other jurisdiction or as to any matters of municipal law or the laws of any
other local agencies within any state.</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">Based on such facts and subject
to the qualifications, representations, assumptions and limitations set forth herein and in the Registration Statement and the Prospectus,
it is our opinion that:</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">1.</TD><TD STYLE="text-align: justify">Commencing with RWT&rsquo;s taxable year
                                            ended December&nbsp;31, 2011, RWT has been organized and has operated in conformity with
                                            the requirements for qualification and taxation as a REIT under the Internal Revenue Code
                                            of 1986, as amended (the &ldquo;<B><I>Code</I></B>&rdquo;), and its proposed method of operation
                                            will enable RWT to meet the requirements for qualification and taxation as a REIT under the
                                            Code; and</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">2.</TD><TD STYLE="text-align: justify">The statements set forth in the Base
                                            Prospectus and the Prospectus Supplement under the captions &ldquo;Material U.S. Federal
                                            Income Tax Considerations&rdquo; and &ldquo;Supplemental Material U.S. Federal Income Tax
                                            Considerations,&rdquo; respectively, insofar as they purport to describe or summarize certain
                                            provisions of the statutes or regulations referred to therein, are accurate descriptions
                                            or summaries in all material respects.</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">No opinion is expressed as
to any matter not discussed herein.</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">This opinion is rendered
to you as of the date of this letter, and we undertake no obligation to update this opinion subsequent to the date hereof. This opinion
is based on various statutory provisions, regulations promulgated thereunder and interpretations thereof by the Internal Revenue Service
and the courts having jurisdiction over such matters, all of which are subject to change either prospectively or retroactively. Any such
change may affect the conclusions stated herein. Also, any variation or difference in the facts from those set forth in the Registration
Statement, the Prospectus or the Officer&rsquo;s Certificate may affect the conclusions stated herein. In addition, RWT&rsquo;s qualification
and taxation as a REIT depend upon RWT&rsquo;s ability to meet the various qualification tests imposed under the Code, including through
actual annual operating results, asset composition, distribution levels and diversity of stock ownership, the results of which have not
been and will not be reviewed by Latham&nbsp;&amp; Watkins LLP. Accordingly, no assurance can be given that the actual results of RWT&rsquo;s
operation for any particular taxable year will satisfy such requirements. In addition, the opinion set forth above does not foreclose
the possibility that RWT may have to pay a deficiency dividend, or an excise or penalty tax, which could be significant in amount, in
order to maintain its REIT qualification.</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>

<!-- 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">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>March&nbsp;4, 2025</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Page&nbsp;3</B></P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><IMG SRC="tm257741d3_ex8-1img002.jpg" ALT=""></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">This opinion is rendered
only to you and is solely for your benefit in connection with the Prospectus upon the understanding that we are not hereby assuming professional
responsibility to any other person whatsoever. This opinion may not be relied upon by you for any other purpose, or furnished to, assigned
to, quoted to or relied upon by any other person, firm or other entity for any purpose without our prior written consent, which may be
granted or withheld in our sole discretion, provided that this opinion may be relied upon by persons entitled to rely on it pursuant
to applicable provisions of federal securities law.</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">We hereby consent to the
filing of this opinion as an exhibit to the Prospectus and to the reference to our firm name in (i)&nbsp;the Base Prospectus under the
captions &ldquo;Material U.S. Federal Income Tax Considerations&rdquo; and &ldquo;Validity of the Securities,&rdquo; and (ii)&nbsp;the
Prospectus Supplement under the caption &ldquo;Legal Opinions.&rdquo; In giving this consent, we do not hereby admit that we are within
the category of persons whose consent is required under Section&nbsp;7 of the Act or the rules&nbsp;or regulations of the Commission
promulgated thereunder.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; border-collapse: collapse; width: 100%">
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt; width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 50%"><FONT STYLE="font-size: 10pt">Sincerely,</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">/s/ Latham &amp; Watkins LLP</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: 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"></P>

<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-20250303.xsd
<DESCRIPTION>XBRL TAXONOMY EXTENSION SCHEMA
<TEXT>
<XBRL>
<?xml version="1.0" encoding="US-ASCII" ?>
    <!-- Field: Doc-Info; Name: Generator; Value: GoFiler Complete; Version: 5.25b -->
    <!-- Field: Doc-Info; Name: VendorURI; Value: https://www.novaworks.com -->
    <!-- Field: Doc-Info; Name: Status; Value: 0x00000000 -->
    <!-- Field: Doc-Info; Name: Misc; Value: +aA5w7xRiXgen8uLa3ZcWaKL6bOdzZR+yYkxtmBwbTlKbyQsh+P/CCHkN5YGkZgF -->
<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/2023" xmlns:us-gaap="http://fasb.org/us-gaap/2023" xmlns:srt="http://fasb.org/srt/2023" xmlns:srt-types="http://fasb.org/srt-types/2023" xmlns:dtr-types="http://www.xbrl.org/dtr/type/2022-03-31" xmlns:rwt="http://redwoodtrust.com/20250303" elementFormDefault="qualified" targetNamespace="http://redwoodtrust.com/20250303">
    <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-20250303_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-20250303_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" />
        <link:linkbaseRef xlink:type="simple" xlink:href="rwt-20250303_def.xml" xlink:role="http://www.xbrl.org/2003/role/definitionLinkbaseRef" xlink:arcrole="http://www.w3.org/1999/xlink/properties/linkbase" xlink:title="Definition 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/2023" schemaLocation="https://xbrl.sec.gov/dei/2023/dei-2023.xsd" />
    <import namespace="http://fasb.org/us-gaap/2023" schemaLocation="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd" />
    <import namespace="http://fasb.org/us-types/2023" schemaLocation="https://xbrl.fasb.org/us-gaap/2023/elts/us-types-2023.xsd" />
    <import namespace="http://www.xbrl.org/dtr/type/2022-03-31" schemaLocation="https://www.xbrl.org/dtr/type/2022-03-31/types.xsd" />
    <import namespace="http://xbrl.sec.gov/country/2023" schemaLocation="https://xbrl.sec.gov/country/2023/country-2023.xsd" />
    <import namespace="http://fasb.org/srt/2023" schemaLocation="https://xbrl.fasb.org/srt/2023/elts/srt-2023.xsd" />
    <import namespace="http://fasb.org/srt-types/2023" schemaLocation="https://xbrl.fasb.org/srt/2023/elts/srt-types-2023.xsd" />
    <element id="rwt_Percent9125SeniorNotesDue2029Member" name="Percent9125SeniorNotesDue2029Member" abstract="true" nillable="true" xbrli:periodType="duration" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" />
    <element id="rwt_Percent9SeniorNotesDue2029Member" name="Percent9SeniorNotesDue2029Member" abstract="true" nillable="true" xbrli:periodType="duration" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" />
    <element id="rwt_Percent9125SeniorNotesDue2030Member" name="Percent9125SeniorNotesDue2030Member" nillable="true" xbrli:periodType="duration" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" />
</schema>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.DEF
<SEQUENCE>5
<FILENAME>rwt-20250303_def.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION DEFINITION LINKBASE
<TEXT>
<XBRL>
<?xml version="1.0" encoding="US-ASCII" standalone="no"?>
    <!-- Field: Doc-Info; Name: Generator; Value: GoFiler Complete; Version: 5.25b -->
    <!-- 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:xbrldt="http://xbrl.org/2005/xbrldt" 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-20250303.xsd#Cover" xlink:type="simple" />
    <link:arcroleRef xlink:type="simple" xlink:href="http://www.xbrl.org/2005/xbrldt-2005.xsd#hypercube-dimension" arcroleURI="http://xbrl.org/int/dim/arcrole/hypercube-dimension" />
    <link:arcroleRef xlink:type="simple" xlink:href="http://www.xbrl.org/2005/xbrldt-2005.xsd#dimension-domain" arcroleURI="http://xbrl.org/int/dim/arcrole/dimension-domain" />
    <link:arcroleRef xlink:type="simple" xlink:href="http://www.xbrl.org/2005/xbrldt-2005.xsd#domain-member" arcroleURI="http://xbrl.org/int/dim/arcrole/domain-member" />
    <link:arcroleRef xlink:type="simple" xlink:href="http://www.xbrl.org/2005/xbrldt-2005.xsd#all" arcroleURI="http://xbrl.org/int/dim/arcrole/all" />
    <link:arcroleRef xlink:type="simple" xlink:href="http://www.xbrl.org/2005/xbrldt-2005.xsd#notAll" arcroleURI="http://xbrl.org/int/dim/arcrole/notAll" />
    <link:arcroleRef xlink:type="simple" xlink:href="http://www.xbrl.org/2005/xbrldt-2005.xsd#dimension-default" arcroleURI="http://xbrl.org/int/dim/arcrole/dimension-default" />
    <link:definitionLink 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/2023/dei-2023.xsd#dei_DocumentInformationLineItems" xlink:label="loc_deiDocumentInformationLineItems" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_StatementTable" xlink:label="loc_us-gaapStatementTable" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/all" xbrldt:contextElement="segment" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_us-gaapStatementTable" xlink:type="arc" order="10" xbrldt:closed="true" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_StatementClassOfStockAxis" xlink:label="loc_us-gaapStatementClassOfStockAxis" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaapStatementTable" xlink:to="loc_us-gaapStatementClassOfStockAxis" xlink:type="arc" order="1" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_ClassOfStockDomain" xlink:label="loc_us-gaapClassOfStockDomain" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaapStatementClassOfStockAxis" xlink:to="loc_us-gaapClassOfStockDomain" xlink:type="arc" order="20" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_ClassOfStockDomain" xlink:label="loc_us-gaapClassOfStockDomain_10" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xbrldt:contextElement="segment" xlink:from="loc_us-gaapStatementClassOfStockAxis" xlink:to="loc_us-gaapClassOfStockDomain_10" xlink:type="arc" order="30" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_CommonStockMember" xlink:label="loc_us-gaapCommonStockMember_10" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapClassOfStockDomain" xlink:to="loc_us-gaapCommonStockMember_10" xlink:type="arc" order="11" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_SeriesAPreferredStockMember" xlink:label="loc_us-gaapSeriesAPreferredStockMember_20" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapClassOfStockDomain" xlink:to="loc_us-gaapSeriesAPreferredStockMember_20" xlink:type="arc" order="21" />
      <link:loc xlink:type="locator" xlink:href="rwt-20250303.xsd#rwt_Percent9125SeniorNotesDue2029Member" xlink:label="loc_rwtPercent9125SeniorNotesDue2029Member_30" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapClassOfStockDomain" xlink:to="loc_rwtPercent9125SeniorNotesDue2029Member_30" xlink:type="arc" order="31" />
      <link:loc xlink:type="locator" xlink:href="rwt-20250303.xsd#rwt_Percent9SeniorNotesDue2029Member" xlink:label="loc_rwtPercent9SeniorNotesDue2029Member_40" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapClassOfStockDomain" xlink:to="loc_rwtPercent9SeniorNotesDue2029Member_40" xlink:type="arc" order="41" />
      <link:loc xlink:type="locator" xlink:href="rwt-20250303.xsd#rwt_Percent9125SeniorNotesDue2030Member" xlink:label="loc_rwtPercent9125SeniorNotesDue2030Member_50" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapClassOfStockDomain" xlink:to="loc_rwtPercent9125SeniorNotesDue2030Member_50" xlink:type="arc" order="51" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_DocumentType" xlink:label="loc_deiDocumentType_70" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiDocumentType_70" xlink:type="arc" order="0" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_AmendmentFlag" xlink:label="loc_deiAmendmentFlag_70" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiAmendmentFlag_70" xlink:type="arc" order="1" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_AmendmentDescription" xlink:label="loc_deiAmendmentDescription_70" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiAmendmentDescription_70" xlink:type="arc" order="2" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_DocumentRegistrationStatement" xlink:label="loc_deiDocumentRegistrationStatement_70" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiDocumentRegistrationStatement_70" xlink:type="arc" order="3" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_DocumentAnnualReport" xlink:label="loc_deiDocumentAnnualReport_70" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiDocumentAnnualReport_70" xlink:type="arc" order="4" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_DocumentQuarterlyReport" xlink:label="loc_deiDocumentQuarterlyReport_70" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiDocumentQuarterlyReport_70" xlink:type="arc" order="5" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_DocumentTransitionReport" xlink:label="loc_deiDocumentTransitionReport_70" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiDocumentTransitionReport_70" xlink:type="arc" order="6" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_DocumentShellCompanyReport" xlink:label="loc_deiDocumentShellCompanyReport_70" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiDocumentShellCompanyReport_70" xlink:type="arc" order="7" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_DocumentShellCompanyEventDate" xlink:label="loc_deiDocumentShellCompanyEventDate_70" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiDocumentShellCompanyEventDate_70" xlink:type="arc" order="8" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_DocumentPeriodStartDate" xlink:label="loc_deiDocumentPeriodStartDate_70" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiDocumentPeriodStartDate_70" xlink:type="arc" order="9" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_DocumentPeriodEndDate" xlink:label="loc_deiDocumentPeriodEndDate_70" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiDocumentPeriodEndDate_70" xlink:type="arc" order="10" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_DocumentFiscalPeriodFocus" xlink:label="loc_deiDocumentFiscalPeriodFocus_70" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiDocumentFiscalPeriodFocus_70" xlink:type="arc" order="11" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_DocumentFiscalYearFocus" xlink:label="loc_deiDocumentFiscalYearFocus_70" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiDocumentFiscalYearFocus_70" xlink:type="arc" order="12" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_CurrentFiscalYearEndDate" xlink:label="loc_deiCurrentFiscalYearEndDate_70" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiCurrentFiscalYearEndDate_70" xlink:type="arc" order="13" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityFileNumber" xlink:label="loc_deiEntityFileNumber_70" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiEntityFileNumber_70" xlink:type="arc" order="14" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityRegistrantName" xlink:label="loc_deiEntityRegistrantName_70" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiEntityRegistrantName_70" xlink:type="arc" order="15" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityCentralIndexKey" xlink:label="loc_deiEntityCentralIndexKey_70" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiEntityCentralIndexKey_70" xlink:type="arc" order="16" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityPrimarySicNumber" xlink:label="loc_deiEntityPrimarySicNumber_70" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiEntityPrimarySicNumber_70" xlink:type="arc" order="17" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityTaxIdentificationNumber" xlink:label="loc_deiEntityTaxIdentificationNumber_70" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiEntityTaxIdentificationNumber_70" xlink:type="arc" order="18" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityIncorporationStateCountryCode" xlink:label="loc_deiEntityIncorporationStateCountryCode_70" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiEntityIncorporationStateCountryCode_70" xlink:type="arc" order="19" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityAddressAddressLine1" xlink:label="loc_deiEntityAddressAddressLine1_70" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiEntityAddressAddressLine1_70" xlink:type="arc" order="20" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityAddressAddressLine2" xlink:label="loc_deiEntityAddressAddressLine2_70" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiEntityAddressAddressLine2_70" xlink:type="arc" order="21" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityAddressAddressLine3" xlink:label="loc_deiEntityAddressAddressLine3_70" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiEntityAddressAddressLine3_70" xlink:type="arc" order="22" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityAddressCityOrTown" xlink:label="loc_deiEntityAddressCityOrTown_70" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiEntityAddressCityOrTown_70" xlink:type="arc" order="23" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityAddressStateOrProvince" xlink:label="loc_deiEntityAddressStateOrProvince_70" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiEntityAddressStateOrProvince_70" xlink:type="arc" order="24" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityAddressCountry" xlink:label="loc_deiEntityAddressCountry_70" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiEntityAddressCountry_70" xlink:type="arc" order="25" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityAddressPostalZipCode" xlink:label="loc_deiEntityAddressPostalZipCode_70" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiEntityAddressPostalZipCode_70" xlink:type="arc" order="26" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_CountryRegion" xlink:label="loc_deiCountryRegion_70" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiCountryRegion_70" xlink:type="arc" order="27" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_CityAreaCode" xlink:label="loc_deiCityAreaCode_70" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiCityAreaCode_70" xlink:type="arc" order="28" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_LocalPhoneNumber" xlink:label="loc_deiLocalPhoneNumber_70" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiLocalPhoneNumber_70" xlink:type="arc" order="29" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_Extension" xlink:label="loc_deiExtension_70" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiExtension_70" xlink:type="arc" order="30" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_WrittenCommunications" xlink:label="loc_deiWrittenCommunications_70" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiWrittenCommunications_70" xlink:type="arc" order="31" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_SolicitingMaterial" xlink:label="loc_deiSolicitingMaterial_70" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiSolicitingMaterial_70" xlink:type="arc" order="32" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_PreCommencementTenderOffer" xlink:label="loc_deiPreCommencementTenderOffer_70" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiPreCommencementTenderOffer_70" xlink:type="arc" order="33" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_PreCommencementIssuerTenderOffer" xlink:label="loc_deiPreCommencementIssuerTenderOffer_70" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiPreCommencementIssuerTenderOffer_70" xlink:type="arc" order="34" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_Security12bTitle" xlink:label="loc_deiSecurity12bTitle_70" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiSecurity12bTitle_70" xlink:type="arc" order="35" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_NoTradingSymbolFlag" xlink:label="loc_deiNoTradingSymbolFlag_70" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiNoTradingSymbolFlag_70" xlink:type="arc" order="36" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_TradingSymbol" xlink:label="loc_deiTradingSymbol_70" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiTradingSymbol_70" xlink:type="arc" order="37" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_SecurityExchangeName" xlink:label="loc_deiSecurityExchangeName_70" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiSecurityExchangeName_70" xlink:type="arc" order="38" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_Security12gTitle" xlink:label="loc_deiSecurity12gTitle_70" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiSecurity12gTitle_70" xlink:type="arc" order="39" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_SecurityReportingObligation" xlink:label="loc_deiSecurityReportingObligation_70" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiSecurityReportingObligation_70" xlink:type="arc" order="40" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_AnnualInformationForm" xlink:label="loc_deiAnnualInformationForm_70" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiAnnualInformationForm_70" xlink:type="arc" order="41" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_AuditedAnnualFinancialStatements" xlink:label="loc_deiAuditedAnnualFinancialStatements_70" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiAuditedAnnualFinancialStatements_70" xlink:type="arc" order="42" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityWellKnownSeasonedIssuer" xlink:label="loc_deiEntityWellKnownSeasonedIssuer_70" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiEntityWellKnownSeasonedIssuer_70" xlink:type="arc" order="43" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityVoluntaryFilers" xlink:label="loc_deiEntityVoluntaryFilers_70" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiEntityVoluntaryFilers_70" xlink:type="arc" order="44" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityCurrentReportingStatus" xlink:label="loc_deiEntityCurrentReportingStatus_70" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiEntityCurrentReportingStatus_70" xlink:type="arc" order="45" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityInteractiveDataCurrent" xlink:label="loc_deiEntityInteractiveDataCurrent_70" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiEntityInteractiveDataCurrent_70" xlink:type="arc" order="46" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityFilerCategory" xlink:label="loc_deiEntityFilerCategory_70" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiEntityFilerCategory_70" xlink:type="arc" order="47" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntitySmallBusiness" xlink:label="loc_deiEntitySmallBusiness_70" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiEntitySmallBusiness_70" xlink:type="arc" order="48" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityEmergingGrowthCompany" xlink:label="loc_deiEntityEmergingGrowthCompany_70" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiEntityEmergingGrowthCompany_70" xlink:type="arc" order="49" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityExTransitionPeriod" xlink:label="loc_deiEntityExTransitionPeriod_70" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiEntityExTransitionPeriod_70" xlink:type="arc" order="50" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_DocumentAccountingStandard" xlink:label="loc_deiDocumentAccountingStandard_70" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiDocumentAccountingStandard_70" xlink:type="arc" order="51" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_OtherReportingStandardItemNumber" xlink:label="loc_deiOtherReportingStandardItemNumber_70" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiOtherReportingStandardItemNumber_70" xlink:type="arc" order="52" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityShellCompany" xlink:label="loc_deiEntityShellCompany_70" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiEntityShellCompany_70" xlink:type="arc" order="53" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityPublicFloat" xlink:label="loc_deiEntityPublicFloat_70" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiEntityPublicFloat_70" xlink:type="arc" order="54" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityBankruptcyProceedingsReportingCurrent" xlink:label="loc_deiEntityBankruptcyProceedingsReportingCurrent_70" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiEntityBankruptcyProceedingsReportingCurrent_70" xlink:type="arc" order="55" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityCommonStockSharesOutstanding" xlink:label="loc_deiEntityCommonStockSharesOutstanding_70" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiEntityCommonStockSharesOutstanding_70" xlink:type="arc" order="56" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_DocumentsIncorporatedByReferenceTextBlock" xlink:label="loc_deiDocumentsIncorporatedByReferenceTextBlock_70" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiDocumentsIncorporatedByReferenceTextBlock_70" xlink:type="arc" order="57" />
    </link:definitionLink>
</link:linkbase>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.LAB
<SEQUENCE>6
<FILENAME>rwt-20250303_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: 5.25b -->
    <!-- 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.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_StatementClassOfStockAxis" xlink:label="us-gaap_StatementClassOfStockAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StatementClassOfStockAxis" xlink:to="us-gaap_StatementClassOfStockAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StatementClassOfStockAxis_lbl" xml:lang="en-US">Class of Stock [Axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_CommonStockMember" xlink:label="us-gaap_CommonStockMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommonStockMember" xlink:to="us-gaap_CommonStockMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CommonStockMember_lbl" xml:lang="en-US">Common Stock [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_SeriesAPreferredStockMember" xlink:label="us-gaap_SeriesAPreferredStockMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SeriesAPreferredStockMember" xlink:to="us-gaap_SeriesAPreferredStockMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SeriesAPreferredStockMember_lbl" xml:lang="en-US">Series A Preferred Stock [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="rwt-20250303.xsd#rwt_Percent9125SeniorNotesDue2029Member" xlink:label="rwt_Percent9125SeniorNotesDue2029Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rwt_Percent9125SeniorNotesDue2029Member" xlink:to="rwt_Percent9125SeniorNotesDue2029Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rwt_Percent9125SeniorNotesDue2029Member_lbl" xml:lang="en-US">9.125% Senior Notes Due 2029 [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="rwt-20250303.xsd#rwt_Percent9SeniorNotesDue2029Member" xlink:label="rwt_Percent9SeniorNotesDue2029Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rwt_Percent9SeniorNotesDue2029Member" xlink:to="rwt_Percent9SeniorNotesDue2029Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rwt_Percent9SeniorNotesDue2029Member_lbl" xml:lang="en-US">9.0% Senior Notes Due 2029 [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="rwt-20250303.xsd#rwt_Percent9125SeniorNotesDue2030Member" xlink:label="rwt_Percent9125SeniorNotesDue2030Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rwt_Percent9125SeniorNotesDue2030Member" xlink:to="rwt_Percent9125SeniorNotesDue2030Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rwt_Percent9125SeniorNotesDue2030Member_lbl" xml:lang="en-US">Percent 9125 Senior Notes Due 2030 [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_StatementTable" xlink:label="us-gaap_StatementTable" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StatementTable" xlink:to="us-gaap_StatementTable_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StatementTable_lbl" xml:lang="en-US">Statement [Table]</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_DocumentInformationLineItems" xlink:label="dei_DocumentInformationLineItems" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentInformationLineItems" xlink:to="dei_DocumentInformationLineItems_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentInformationLineItems_lbl" xml:lang="en-US">Document Information [Line Items]</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.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/2023/dei-2023.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/2023/dei-2023.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/2023/dei-2023.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/2023/dei-2023.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/2023/dei-2023.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/2023/dei-2023.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/2023/dei-2023.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/2023/dei-2023.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/2023/dei-2023.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/2023/dei-2023.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/2023/dei-2023.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/2023/dei-2023.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/2023/dei-2023.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/2023/dei-2023.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/2023/dei-2023.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/2023/dei-2023.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/2023/dei-2023.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/2023/dei-2023.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/2023/dei-2023.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/2023/dei-2023.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/2023/dei-2023.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/2023/dei-2023.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/2023/dei-2023.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/2023/dei-2023.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/2023/dei-2023.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/2023/dei-2023.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/2023/dei-2023.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/2023/dei-2023.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/2023/dei-2023.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/2023/dei-2023.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/2023/dei-2023.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/2023/dei-2023.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/2023/dei-2023.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/2023/dei-2023.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/2023/dei-2023.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/2023/dei-2023.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/2023/dei-2023.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/2023/dei-2023.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/2023/dei-2023.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/2023/dei-2023.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/2023/dei-2023.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/2023/dei-2023.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/2023/dei-2023.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/2023/dei-2023.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/2023/dei-2023.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/2023/dei-2023.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/2023/dei-2023.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/2023/dei-2023.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/2023/dei-2023.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/2023/dei-2023.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/2023/dei-2023.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/2023/dei-2023.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/2023/dei-2023.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/2023/dei-2023.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/2023/dei-2023.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/2023/dei-2023.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/2023/dei-2023.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:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rwt_Percent9125SeniorNotesDue2029Member" xlink:to="rwt_Percent9125SeniorNotesDue2029Member_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rwt_Percent9125SeniorNotesDue2029Member_doc" xml:lang="en-US">Percent 9.125 Senior Notes Due 2029 Member</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rwt_Percent9SeniorNotesDue2029Member" xlink:to="rwt_Percent9SeniorNotesDue2029Member_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rwt_Percent9SeniorNotesDue2029Member_doc" xml:lang="en-US">Percent 9.0 Senior Notes Due 2029 Member</link:label>
    </link:labelLink>
</link:linkbase>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.PRE
<SEQUENCE>7
<FILENAME>rwt-20250303_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: 5.25b -->
    <!-- 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-20250303.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/2023/dei-2023.xsd#dei_CoverAbstract" xlink:label="loc_deiCoverAbstract" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_StatementTable" xlink:label="loc_us-gaapStatementTable" />
      <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_us-gaapStatementTable" order="100" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_DocumentInformationLineItems" xlink:label="loc_deiDocumentInformationLineItems" />
      <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementTable" xlink:to="loc_deiDocumentInformationLineItems" order="200" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_StatementClassOfStockAxis" xlink:label="loc_us-gaapStatementClassOfStockAxis" />
      <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementTable" xlink:to="loc_us-gaapStatementClassOfStockAxis" order="10" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_ClassOfStockDomain" xlink:label="loc_us-gaapClassOfStockDomain" />
      <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementClassOfStockAxis" xlink:to="loc_us-gaapClassOfStockDomain" order="0" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_CommonStockMember" xlink:label="loc_us-gaapCommonStockMember" />
      <link:presentationArc order="20" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapClassOfStockDomain" xlink:to="loc_us-gaapCommonStockMember" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_SeriesAPreferredStockMember" xlink:label="loc_us-gaapSeriesAPreferredStockMember" />
      <link:presentationArc order="30" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapClassOfStockDomain" xlink:to="loc_us-gaapSeriesAPreferredStockMember" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="rwt-20250303.xsd#rwt_Percent9125SeniorNotesDue2029Member" xlink:label="loc_rwtPercent9125SeniorNotesDue2029Member" />
      <link:presentationArc order="40" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapClassOfStockDomain" xlink:to="loc_rwtPercent9125SeniorNotesDue2029Member" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="rwt-20250303.xsd#rwt_Percent9SeniorNotesDue2029Member" xlink:label="loc_rwtPercent9SeniorNotesDue2029Member" />
      <link:presentationArc order="50" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapClassOfStockDomain" xlink:to="loc_rwtPercent9SeniorNotesDue2029Member" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="rwt-20250303.xsd#rwt_Percent9125SeniorNotesDue2030Member" xlink:label="loc_rwtPercent9125SeniorNotesDue2030Member" />
      <link:presentationArc order="60" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapClassOfStockDomain" xlink:to="loc_rwtPercent9125SeniorNotesDue2030Member" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_DocumentType" xlink:label="loc_deiDocumentType" />
      <link:presentationArc order="0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiDocumentType" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_AmendmentFlag" xlink:label="loc_deiAmendmentFlag" />
      <link:presentationArc order="10" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiAmendmentFlag" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_AmendmentDescription" xlink:label="loc_deiAmendmentDescription" />
      <link:presentationArc order="20" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiAmendmentDescription" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_DocumentRegistrationStatement" xlink:label="loc_deiDocumentRegistrationStatement" />
      <link:presentationArc order="30" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiDocumentRegistrationStatement" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_DocumentAnnualReport" xlink:label="loc_deiDocumentAnnualReport" />
      <link:presentationArc order="40" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiDocumentAnnualReport" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_DocumentQuarterlyReport" xlink:label="loc_deiDocumentQuarterlyReport" />
      <link:presentationArc order="50" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiDocumentQuarterlyReport" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_DocumentTransitionReport" xlink:label="loc_deiDocumentTransitionReport" />
      <link:presentationArc order="60" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiDocumentTransitionReport" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_DocumentShellCompanyReport" xlink:label="loc_deiDocumentShellCompanyReport" />
      <link:presentationArc order="70" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiDocumentShellCompanyReport" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_DocumentShellCompanyEventDate" xlink:label="loc_deiDocumentShellCompanyEventDate" />
      <link:presentationArc order="80" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiDocumentShellCompanyEventDate" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_DocumentPeriodStartDate" xlink:label="loc_deiDocumentPeriodStartDate" />
      <link:presentationArc order="90" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiDocumentPeriodStartDate" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_DocumentPeriodEndDate" xlink:label="loc_deiDocumentPeriodEndDate" />
      <link:presentationArc order="100" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiDocumentPeriodEndDate" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_DocumentFiscalPeriodFocus" xlink:label="loc_deiDocumentFiscalPeriodFocus" />
      <link:presentationArc order="110" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiDocumentFiscalPeriodFocus" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_DocumentFiscalYearFocus" xlink:label="loc_deiDocumentFiscalYearFocus" />
      <link:presentationArc order="120" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiDocumentFiscalYearFocus" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_CurrentFiscalYearEndDate" xlink:label="loc_deiCurrentFiscalYearEndDate" />
      <link:presentationArc order="130" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiCurrentFiscalYearEndDate" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityFileNumber" xlink:label="loc_deiEntityFileNumber" />
      <link:presentationArc order="140" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiEntityFileNumber" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityRegistrantName" xlink:label="loc_deiEntityRegistrantName" />
      <link:presentationArc order="150" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiEntityRegistrantName" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityCentralIndexKey" xlink:label="loc_deiEntityCentralIndexKey" />
      <link:presentationArc order="160" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiEntityCentralIndexKey" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityPrimarySicNumber" xlink:label="loc_deiEntityPrimarySicNumber" />
      <link:presentationArc order="170" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiEntityPrimarySicNumber" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityTaxIdentificationNumber" xlink:label="loc_deiEntityTaxIdentificationNumber" />
      <link:presentationArc order="180" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiEntityTaxIdentificationNumber" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityIncorporationStateCountryCode" xlink:label="loc_deiEntityIncorporationStateCountryCode" />
      <link:presentationArc order="190" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiEntityIncorporationStateCountryCode" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityAddressAddressLine1" xlink:label="loc_deiEntityAddressAddressLine1" />
      <link:presentationArc order="200" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiEntityAddressAddressLine1" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityAddressAddressLine2" xlink:label="loc_deiEntityAddressAddressLine2" />
      <link:presentationArc order="210" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiEntityAddressAddressLine2" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityAddressAddressLine3" xlink:label="loc_deiEntityAddressAddressLine3" />
      <link:presentationArc order="220" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiEntityAddressAddressLine3" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityAddressCityOrTown" xlink:label="loc_deiEntityAddressCityOrTown" />
      <link:presentationArc order="230" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiEntityAddressCityOrTown" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityAddressStateOrProvince" xlink:label="loc_deiEntityAddressStateOrProvince" />
      <link:presentationArc order="240" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiEntityAddressStateOrProvince" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityAddressCountry" xlink:label="loc_deiEntityAddressCountry" />
      <link:presentationArc order="250" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiEntityAddressCountry" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityAddressPostalZipCode" xlink:label="loc_deiEntityAddressPostalZipCode" />
      <link:presentationArc order="260" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiEntityAddressPostalZipCode" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_CountryRegion" xlink:label="loc_deiCountryRegion" />
      <link:presentationArc order="270" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiCountryRegion" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_CityAreaCode" xlink:label="loc_deiCityAreaCode" />
      <link:presentationArc order="280" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiCityAreaCode" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_LocalPhoneNumber" xlink:label="loc_deiLocalPhoneNumber" />
      <link:presentationArc order="290" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiLocalPhoneNumber" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_Extension" xlink:label="loc_deiExtension" />
      <link:presentationArc order="300" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiExtension" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_WrittenCommunications" xlink:label="loc_deiWrittenCommunications" />
      <link:presentationArc order="310" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiWrittenCommunications" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_SolicitingMaterial" xlink:label="loc_deiSolicitingMaterial" />
      <link:presentationArc order="320" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiSolicitingMaterial" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_PreCommencementTenderOffer" xlink:label="loc_deiPreCommencementTenderOffer" />
      <link:presentationArc order="330" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiPreCommencementTenderOffer" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_PreCommencementIssuerTenderOffer" xlink:label="loc_deiPreCommencementIssuerTenderOffer" />
      <link:presentationArc order="340" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiPreCommencementIssuerTenderOffer" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_Security12bTitle" xlink:label="loc_deiSecurity12bTitle" />
      <link:presentationArc order="350" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiSecurity12bTitle" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_NoTradingSymbolFlag" xlink:label="loc_deiNoTradingSymbolFlag" />
      <link:presentationArc order="360" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiNoTradingSymbolFlag" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_TradingSymbol" xlink:label="loc_deiTradingSymbol" />
      <link:presentationArc order="370" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiTradingSymbol" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_SecurityExchangeName" xlink:label="loc_deiSecurityExchangeName" />
      <link:presentationArc order="380" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiSecurityExchangeName" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_Security12gTitle" xlink:label="loc_deiSecurity12gTitle" />
      <link:presentationArc order="390" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiSecurity12gTitle" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_SecurityReportingObligation" xlink:label="loc_deiSecurityReportingObligation" />
      <link:presentationArc order="400" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiSecurityReportingObligation" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_AnnualInformationForm" xlink:label="loc_deiAnnualInformationForm" />
      <link:presentationArc order="410" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiAnnualInformationForm" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_AuditedAnnualFinancialStatements" xlink:label="loc_deiAuditedAnnualFinancialStatements" />
      <link:presentationArc order="420" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiAuditedAnnualFinancialStatements" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityWellKnownSeasonedIssuer" xlink:label="loc_deiEntityWellKnownSeasonedIssuer" />
      <link:presentationArc order="430" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiEntityWellKnownSeasonedIssuer" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityVoluntaryFilers" xlink:label="loc_deiEntityVoluntaryFilers" />
      <link:presentationArc order="440" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiEntityVoluntaryFilers" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityCurrentReportingStatus" xlink:label="loc_deiEntityCurrentReportingStatus" />
      <link:presentationArc order="450" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiEntityCurrentReportingStatus" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityInteractiveDataCurrent" xlink:label="loc_deiEntityInteractiveDataCurrent" />
      <link:presentationArc order="460" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiEntityInteractiveDataCurrent" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityFilerCategory" xlink:label="loc_deiEntityFilerCategory" />
      <link:presentationArc order="470" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiEntityFilerCategory" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntitySmallBusiness" xlink:label="loc_deiEntitySmallBusiness" />
      <link:presentationArc order="480" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiEntitySmallBusiness" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityEmergingGrowthCompany" xlink:label="loc_deiEntityEmergingGrowthCompany" />
      <link:presentationArc order="490" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiEntityEmergingGrowthCompany" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityExTransitionPeriod" xlink:label="loc_deiEntityExTransitionPeriod" />
      <link:presentationArc order="500" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiEntityExTransitionPeriod" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_DocumentAccountingStandard" xlink:label="loc_deiDocumentAccountingStandard" />
      <link:presentationArc order="510" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiDocumentAccountingStandard" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_OtherReportingStandardItemNumber" xlink:label="loc_deiOtherReportingStandardItemNumber" />
      <link:presentationArc order="520" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiOtherReportingStandardItemNumber" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityShellCompany" xlink:label="loc_deiEntityShellCompany" />
      <link:presentationArc order="530" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiEntityShellCompany" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityPublicFloat" xlink:label="loc_deiEntityPublicFloat" />
      <link:presentationArc order="540" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiEntityPublicFloat" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityBankruptcyProceedingsReportingCurrent" xlink:label="loc_deiEntityBankruptcyProceedingsReportingCurrent" />
      <link:presentationArc order="550" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiEntityBankruptcyProceedingsReportingCurrent" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityCommonStockSharesOutstanding" xlink:label="loc_deiEntityCommonStockSharesOutstanding" />
      <link:presentationArc order="560" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiEntityCommonStockSharesOutstanding" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_DocumentsIncorporatedByReferenceTextBlock" xlink:label="loc_deiDocumentsIncorporatedByReferenceTextBlock" />
      <link:presentationArc order="570" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiDocumentsIncorporatedByReferenceTextBlock" xlink:type="arc" />
    </link:presentationLink>
</link:linkbase>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>8
<FILENAME>tm257741d3_ex5-1img001.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 tm257741d3_ex5-1img001.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" !0 LD# 2(  A$! Q$!_\0
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M')Q@MZ_E33)%G.].!V8= .?\3QZ].:^/?VF?V=_'OQ3T7Q!K7PW_ &C?C?\
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MT_0O#>BZIKVM7\YQ#9:3H]A/J.HW<I[16UG!--)P?D0U_$A^Q?XP\??LA?\
M!?I],^)VH7MG_P -K^&5UKQ#)JPVB/6?V@?#%E\:(M%N-N,3^'_C1%<?#/1@
M."_E+C:3DX9R/"\14N,Z=626)RWAFMF.'3T5J&+I2J7?*]'%SAI;XDMKM=7$
M><XK(L=PS.C&]#,L\I9=7]:N$DH^6S3M:VBT=K']F_Q!L_B!?>'-2M?AOXE\
M->$?%LLNE-IVL^,_!>H^/]!L+5;N-KQ+KP[IOCWX<W>K27,"21&\M_&4,M@S
M1SQ6%Q*PBF_GN_81_P""E/[=?[;'[67[3_[,<>M?LN?#9?V=)/&B_P#"9O\
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MUQ<->2+X:UUH!.;E-+U#RDM)_P Z?^#G'4O#B?L"^$-$U I-XAUO]I#X?_\
M"%Z="/\ B8R:A9>$_B&=5GL,9S<I8>88,\"<1@9^;'I'[2?@WQ;\/_\ @WGU
M+P'X\MI+/Q?X3_89^$.A>([&X*B]TO4M'T+PA!/I]R!\V[3)[>VT(AN<V);.
M-JUVX+*LJQV X#S^>%C0>;\45\MJ4Y*U/$4D\-"52-.4K1O2J3IM1E9R5DM(
MHY<7FN.H9EQMD=3$O$_V9P9E6/ISM[U.3HUFXMI7;<H*3;71.ZN?6'_!*O\
M:3_:,_;1_9F^&O[4WQBU?X.:5I7Q(M/%\,7PT^&WPT\4:#?^'=8\*?$SQ=X'
M>]O?&GB#XO\ BUKY+JV\*+?RV \+::SKK(5FPHB;]4Y"VV7:/F\M]ORE\,%.
MT[ R%N0/E#H2> ZD@C\7O^#?<@?\$HOV9B1G-]\<<?7_ (7]\20"?Q'^37[1
M,VU7;VZ\=\_ASCV]:^1XAPF%RW/,\P>'25#!8[&T7%=.?$2FM-K<FW9)(^KR
M+%U<RRK*,;4_B8O!X*HM.E.BJ;;[MM>K/PB_X+&?MY_M3_\ !./X9^$_C?\
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M]M7H=$\71I\K@DU--O1K5:?EW/TPPG8G/;/3\>*4%5SAN>.V1^G^-?F#XO\
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M]H9?#WQ\_:&_9QUG4;5=-^*O@2R^*7ANRFQY2>+?AUK#:3JUEI8.<QZMX?\
M%][J&JY!^7PL^/2OZC?V"8O^$Y\/_';]IFX(N)OVE_V@_B#XQ\.WTBD7EU\(
M?AK<1_ CX)3H%(06.L^!OAU'XUB!7=M\82')#&OX6/BC\._B[^PA_P %B_&O
MPW^ MJMIX]'QI\4^#/@H,@B+2?VG/#]SIG@E">1F+P]\5;2VZY5M /0@"O\
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MZX4\UE3<J-G2A-4JB>O[QTY3BDK/7V2F[VVOJDW?RZM3*(XB<*_\:H^>GO\
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M*C7H)/EKX>>#E=]*T9?^36EIV/P4_P""9?\ P3N_:Y_X)Q?"WQ_\*?#GQ/\
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M[67TR/YU+7GQ<Y2G4J.\JC4K;VTM;\;GJ*,()1IJT5H%%%%4,**** "BBB@
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M[_2O"FC3>=X;ETOQ;I7P9T37O#/CJ"./Q'X.\7ZSKVL6,$MU96P'ZG[E/?\
M0_X4ZC^U,5-;Q25UIINM7ON[*]M[+30'EN$6Z?S:_4^)-;^%GQU_X69??$?P
MQXG^'NAZSXK\)^'/AUXODO\ 0-:U.&R\*^!/BEXK\8^%-:T2PN;Z&*;6]?\
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M_HA/QB_\QG_\\>C_ (6YXD_Z(3\8O_,9_P#SQZ /<**\/_X6YXD_Z(3\8O\
MS&?_ ,\>C_A;GB3_ *(3\8O_ #&?_P \>@#W"BO#_P#A;GB3_HA/QB_\QG_\
M\>C_ (6YXD_Z(3\8O_,9_P#SQZ /<**\/_X6YXD_Z(3\8O\ S&?_ ,\>C_A;
MGB3_ *(3\8O_ #&?_P \>@#W"BO#_P#A;GB3_HA/QB_\QG_\\>C_ (6YXD_Z
M(3\8O_,9_P#SQZ /<**\/_X6YXD_Z(3\8O\ S&?_ ,\>C_A;GB3_ *(3\8O_
M #&?_P \>@#W"BO#_P#A;GB3_HA/QB_\QG_\\>C_ (6YXD_Z(3\8O_,9_P#S
MQZ /<**\/_X6YXD_Z(3\8O\ S&?_ ,\>C_A;GB3_ *(3\8O_ #&?_P \>@#W
M"BO#_P#A;GB3_HA/QB_\QG_\\>C_ (6YXD_Z(3\8O_,9_P#SQZ /<**\/_X6
MYXD_Z(3\8O\ S&?_ ,\>C_A;GB3_ *(3\8O_ #&?_P \>@#W"BO#_P#A;GB3
M_HA/QB_\QG_\\>C_ (6YXD_Z(3\8O_,9_P#SQZ /<**\/_X6YXD_Z(3\8O\
MS&?_ ,\>C_A;GB3_ *(3\8O_ #&?_P \>@#W"BO#_P#A;GB3_HA/QB_\QG_\
M\>C_ (6YXD_Z(3\8O_,9_P#SQZ /<**\/_X6YXD_Z(3\8O\ S&?_ ,\>C_A;
MGB3_ *(3\8O_ #&?_P \>@#W"BO#_P#A;GB3_HA/QB_\QG_\\>C_ (6YXD_Z
M(3\8O_,9_P#SQZ /<**\/_X6YXD_Z(3\8O\ S&?_ ,\>C_A;GB3_ *(3\8O_
M #&?_P \>@#W"BO#_P#A;GB3_HA/QB_\QG_\\>C_ (6YXD_Z(3\8O_,9_P#S
MQZ /<**\/_X6YXD_Z(3\8O\ S&?_ ,\>C_A;GB3_ *(3\8O_ #&?_P \>@#W
M"BO#_P#A;GB3_HA/QB_\QG_\\>C_ (6YXD_Z(3\8O_,9_P#SQZ /<**\/_X6
MYXD_Z(3\8O\ S&?_ ,\>C_A;GB3_ *(3\8O_ #&?_P \>@#W"BO#_P#A;GB3
M_HA/QB_\QG_\\>C_ (6YXD_Z(3\8O_,9_P#SQZ /<**\/_X6YXD_Z(3\8O\
MS&?_ ,\>C_A;GB3_ *(3\8O_ #&?_P \>@#W"BO#_P#A;GB3_HA/QB_\QG_\
M\>C_ (6YXD_Z(3\8O_,9_P#SQZ /<**\/_X6YXD_Z(3\8O\ S&?_ ,\>C_A;
MGB3_ *(3\8O_ #&?_P \>@#W"BO#_P#A;GB3_HA/QB_\QG_\\>C_ (6YXD_Z
M(3\8O_,9_P#SQZ /<**\/_X6YXD_Z(3\8O\ S&?_ ,\>C_A;GB3_ *(3\8O_
M #&?_P \>@#W"BO#_P#A;GB3_HA/QB_\QG_\\>C_ (6YXD_Z(3\8O_,9_P#S
MQZ /<**\/_X6YXD_Z(3\8O\ S&?_ ,\>C_A;GB3_ *(3\8O_ #&?_P \>@#W
M"BO#_P#A;GB3_HA/QB_\QG_\\>C_ (6YXD_Z(3\8O_,9_P#SQZ /<**\/_X6
MYXD_Z(3\8O\ S&?_ ,\>C_A;GB3_ *(3\8O_ #&?_P \>@#W"BO#_P#A;GB3
M_HA/QB_\QG_\\>C_ (6YXD_Z(3\8O_,9_P#SQZ /<**\/_X6YXD_Z(3\8O\
MS&?_ ,\>C_A;GB3_ *(3\8O_ #&?_P \>@#W"BO#_P#A;GB3_HA/QB_\QG_\
M\>C_ (6YXD_Z(3\8O_,9_P#SQZ /<**\/_X6YXD_Z(3\8O\ S&?_ ,\>C_A;
MGB3_ *(3\8O_ #&?_P \>@#W"BO#_P#A;GB3_HA/QB_\QG_\\>@?%KQ*Q"CX
M$_&/+<#!^&.<G@8W_$J-,^F]T7/WG49( /<**X?PEXHU'Q-%-<7O@KQ5X):*
A;9]C\4'PT+BY!8?O1_PCVM>(H<X.0/M: _WQUKN* /_9

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>9
<FILENAME>tm257741d3_ex8-1img001.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 tm257741d3_ex8-1img001.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0@)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1"  @ 18# 2(  A$! Q$!_\0
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M+C_QJ'Q#X8T_Q/;PP:CYVR%]Z^5(4.<8YQ7E/AOP;I>I^._$.D7+71M+$@0
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M%G]FCF8,X\UWR0,?Q$TE3:GS(;QBEA71FO>TL_*][??L9_B/P_X;\2?N=62
MSPKP_F[)(P?H>G?GBN9^%DL\%[KVD0WCWFD6,X2TF8Y'5L@'IC@'C^M=3K'@
M+PSK]^U]J>F^?<LH4OY\B\#IPK 5K:5H^GZ'8I9:;:I;VZ=$7)Y]23R3[FJY
M'S\Q'UB"P[I7<KVT>R]-7^AC:?I&JV$^HPG[$]G=W,T^X.WF+OS@8VX].]5E
M\.ZK<>&+71;Q[1$M3:A)()9 S+$ZEN< J2%XQW-=?@4;15\J.;V\[WT[_H4=
G,TFQTI)%LH%C\PYD;)9W.2<LQ)+')/)/>BK^,455DMC)R<G=G__9

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>10
<FILENAME>tm257741d3_ex8-1img002.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 tm257741d3_ex8-1img002.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0@)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1"  5 ,,# 2(  A$! Q$!_\0
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MGK;\;'3IX@TZ3Q%)H*S$ZA'#YS)M. O'?UY'%3:=J]GJDEZEH[.;.=K:8[<
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MI(N2,@^XZ4451FFT[HSY_"^D7/AU-!EM<Z<@4+$'8$8.1\V<]?>IKS0=.O\
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3]M4U]YZ[^9OT4451D%%%% '_V0$!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>11
<FILENAME>tm257741d3_ex5-1img002.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 tm257741d3_ex5-1img002.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0@)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1" !/ LX# 2(  A$! Q$!_\0
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MHHHGDDD58T7>S,< +ZGVHLP)Z*P1XT\,G&-=L.?^FZ_GUZ5MQ2QSPI+&P9'
M96!R"#WH::W ?15>]OK73K1[J\GC@MTQNDD8*JY..2:RO^$T\,XR==T\#U-P
MH_K19L+F[25A?\)KX9/37=/_ ._Z_P"-6[Z_1]$>]M'65&A\V.11N&TC(8>O
M'.*+,+FED9ZTM<5X9U2^N[U89YFE)B:60$9 4E=K[NV?G^7IP/3GM:&K, HH
MHI %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !111
M0 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%%
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5T+"TFM(F2:Z>X8MD,X/'MU- '__9

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>13
<FILENAME>R1.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/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;">v3.25.0.1</span><table class="report" border="0" cellspacing="2" id="idm46303009409008">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Cover<br></strong></div></th>
<th class="th"><div>Mar. 03, 2025</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentInformationLineItems', window );"><strong>Document Information [Line Items]</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="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="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="Show.showAR( this, 'defref_dei_DocumentPeriodEndDate', window );">Document Period End Date</a></td>
<td class="text">Mar.  03,  2025<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="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="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="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="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="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="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="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="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="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="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="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="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="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="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="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="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="Show.showAR( this, 'defref_dei_EntityEmergingGrowthCompany', window );">Entity Emerging Growth Company</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=us-gaap_CommonStockMember', window );">Common Stock [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentInformationLineItems', window );"><strong>Document Information [Line Items]</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="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="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">RWT<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NYSE<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=us-gaap_SeriesAPreferredStockMember', window );">Series A Preferred Stock [Member]</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="Show.showAR( this, 'defref_dei_DocumentInformationLineItems', window );"><strong>Document Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_Security12bTitle', window );">Title of 12(b) Security</a></td>
<td class="text">10% Series A Fixed-Rate Reset Cumulative Redeemable Preferred 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="Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">RWT PRA<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NYSE<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=rwt_Percent9125SeniorNotesDue2029Member', window );">9.125% Senior Notes Due 2029 [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentInformationLineItems', window );"><strong>Document Information [Line Items]</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="Show.showAR( this, 'defref_dei_Security12bTitle', window );">Title of 12(b) Security</a></td>
<td class="text">9.125% Senior Notes Due 2029<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">RWTN<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NYSE<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=rwt_Percent9SeniorNotesDue2029Member', window );">9.0% Senior Notes Due 2029 [Member]</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="Show.showAR( this, 'defref_dei_DocumentInformationLineItems', window );"><strong>Document Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_Security12bTitle', window );">Title of 12(b) Security</a></td>
<td class="text">9.0% Senior Notes Due 2029<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">RWTO<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NYSE<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=rwt_Percent9125SeniorNotesDue2030Member', window );">Percent 9125 Senior Notes Due 2030 [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentInformationLineItems', window );"><strong>Document Information [Line Items]</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="Show.showAR( this, 'defref_dei_Security12bTitle', window );">Title of 12(b) Security</a></td>
<td class="text">9.125% Senior Notes Due 2030<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">RWTP<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NYSE<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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Area code of city</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="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_DocumentInformationLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="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_DocumentInformationLineItems</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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>For the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period.  The format of the date is YYYY-MM-DD.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Address Line 2 such as Street or Suite number</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of the City or Town</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Code for the postal or zip code</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of the state or province.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="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-2<br></p></div>
<a href="javascript:void(0);" onclick="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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Indicate if registrant meets the emerging growth company criteria.</p></div>
<a href="javascript:void(0);" onclick="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-2<br></p></div>
<a href="javascript:void(0);" onclick="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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="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-2<br></p></div>
<a href="javascript:void(0);" onclick="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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="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-2<br></p></div>
<a href="javascript:void(0);" onclick="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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Local phone number for entity.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="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="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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="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="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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Title of a 12(b) registered security.</p></div>
<a href="javascript:void(0);" onclick="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="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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="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="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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="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="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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="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="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>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementClassOfStockAxis=us-gaap_CommonStockMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementClassOfStockAxis=us-gaap_CommonStockMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementClassOfStockAxis=us-gaap_SeriesAPreferredStockMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementClassOfStockAxis=us-gaap_SeriesAPreferredStockMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementClassOfStockAxis=rwt_Percent9125SeniorNotesDue2029Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementClassOfStockAxis=rwt_Percent9125SeniorNotesDue2029Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementClassOfStockAxis=rwt_Percent9SeniorNotesDue2029Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementClassOfStockAxis=rwt_Percent9SeniorNotesDue2029Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementClassOfStockAxis=rwt_Percent9125SeniorNotesDue2030Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementClassOfStockAxis=rwt_Percent9125SeniorNotesDue2030Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EXCEL
<SEQUENCE>14
<FILENAME>Financial_Report.xlsx
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
begin 644 Financial_Report.xlsx
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M,AF**I9P6B#BR2!M:59]L$].M.=Y%S?W1:[-XPFNWPQP>'3^ 5!+ P04
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MYHOA/UY_ 5!+ 0(4 Q0    ( ,LQ9%H'04UB@0   +$    0
M  "  0    !D;V-0<F]P<R]A<' N>&UL4$L! A0#%     @ RS%D6I,'$>3N
M    *P(  !$              ( !KP   &1O8U!R;W!S+V-O<F4N>&UL4$L!
M A0#%     @ RS%D6IE<G",0!@  G"<  !,              ( !S $  'AL
M+W1H96UE+W1H96UE,2YX;6Q02P$"% ,4    " #+,61:.N$D7.(%  "8'P
M&               @($-"   >&PO=V]R:W-H965T<R]S:&5E=#$N>&UL4$L!
M A0#%     @ RS%D6I^@&_"Q @  X@P   T              ( !)0X  'AL
M+W-T>6QE<RYX;6Q02P$"% ,4    " #+,61:EXJ[',     3 @  "P
M        @ $!$0  7W)E;',O+G)E;'-02P$"% ,4    " #+,61:JL0B%C,!
M   B @  #P              @ 'J$0  >&PO=V]R:V)O;VLN>&UL4$L! A0#
M%     @ RS%D6B0>FZ*M    ^ $  !H              ( !2A,  'AL+U]R
M96QS+W=O<FMB;V]K+GAM;"YR96QS4$L! A0#%     @ RS%D6F60>9(9 0
MSP,  !,              ( !+Q0  %M#;VYT96YT7U1Y<&5S72YX;6Q02P4&
2      D "0 ^ @  >14

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>15
<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>16
<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>18
<FILENAME>FilingSummary.xml
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<XML>
<?xml version='1.0' encoding='utf-8'?>
<FilingSummary>
  <Version>3.25.0.1</Version>
  <ProcessingTime/>
  <ReportFormat>html</ReportFormat>
  <ContextCount>6</ContextCount>
  <ElementCount>23</ElementCount>
  <EntityCount>1</EntityCount>
  <FootnotesReported>false</FootnotesReported>
  <SegmentCount>5</SegmentCount>
  <ScenarioCount>0</ScenarioCount>
  <TuplesReported>false</TuplesReported>
  <UnitCount>3</UnitCount>
  <MyReports>
    <Report instance="tm257741d3_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>rwt-20250303.xsd</File>
    <File>rwt-20250303_def.xml</File>
    <File>rwt-20250303_lab.xml</File>
    <File>rwt-20250303_pre.xml</File>
    <File doctype="8-K" isOnlyDei="true" isUsgaap="true" original="tm257741d3_8k.htm">tm257741d3_8k.htm</File>
  </InputFiles>
  <SupplementalFiles/>
  <BaseTaxonomies>
    <BaseTaxonomy items="35">http://xbrl.sec.gov/dei/2023</BaseTaxonomy>
  </BaseTaxonomies>
  <HasPresentationLinkbase>true</HasPresentationLinkbase>
  <HasCalculationLinkbase>false</HasCalculationLinkbase>
</FilingSummary>
</XML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>JSON
<SEQUENCE>20
<FILENAME>MetaLinks.json
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
{
 "version": "2.2",
 "instance": {
  "tm257741d3_8k.htm": {
   "nsprefix": "rwt",
   "nsuri": "http://redwoodtrust.com/20250303",
   "dts": {
    "schema": {
     "local": [
      "rwt-20250303.xsd"
     ],
     "remote": [
      "http://www.xbrl.org/2003/xbrl-instance-2003-12-31.xsd",
      "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",
      "http://www.xbrl.org/2005/xbrldt-2005.xsd",
      "http://www.xbrl.org/2006/ref-2006-02-27.xsd",
      "http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd",
      "http://www.xbrl.org/lrr/role/net-2009-12-16.xsd",
      "https://www.xbrl.org/2020/extensible-enumerations-2.0.xsd",
      "https://www.xbrl.org/dtr/type/2020-01-21/types.xsd",
      "https://www.xbrl.org/dtr/type/2022-03-31/types.xsd",
      "https://xbrl.fasb.org/srt/2023/elts/srt-2023.xsd",
      "https://xbrl.fasb.org/srt/2023/elts/srt-roles-2023.xsd",
      "https://xbrl.fasb.org/srt/2023/elts/srt-types-2023.xsd",
      "https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd",
      "https://xbrl.fasb.org/us-gaap/2023/elts/us-roles-2023.xsd",
      "https://xbrl.fasb.org/us-gaap/2023/elts/us-types-2023.xsd",
      "https://xbrl.sec.gov/country/2023/country-2023.xsd",
      "https://xbrl.sec.gov/dei/2023/dei-2023.xsd"
     ]
    },
    "definitionLink": {
     "local": [
      "rwt-20250303_def.xml"
     ]
    },
    "labelLink": {
     "local": [
      "rwt-20250303_lab.xml"
     ]
    },
    "presentationLink": {
     "local": [
      "rwt-20250303_pre.xml"
     ]
    },
    "inline": {
     "local": [
      "tm257741d3_8k.htm"
     ]
    }
   },
   "keyStandard": 23,
   "keyCustom": 0,
   "axisStandard": 1,
   "axisCustom": 0,
   "memberStandard": 2,
   "memberCustom": 3,
   "hidden": {
    "total": 2,
    "http://xbrl.sec.gov/dei/2023": 2
   },
   "contextCount": 6,
   "entityCount": 1,
   "segmentCount": 5,
   "elementCount": 68,
   "unitCount": 3,
   "baseTaxonomies": {
    "http://xbrl.sec.gov/dei/2023": 35
   },
   "report": {
    "R1": {
     "role": "http://redwoodtrust.com/role/Cover",
     "longName": "00000001 - Document - Cover",
     "shortName": "Cover",
     "isDefault": "true",
     "groupType": "document",
     "subGroupType": "",
     "menuCat": "Cover",
     "order": "1",
     "firstAnchor": {
      "contextRef": "AsOf2025-03-03",
      "name": "dei:DocumentType",
      "unitRef": null,
      "xsiNil": "false",
      "lang": "en-US",
      "decimals": null,
      "ancestors": [
       "span",
       "b",
       "p",
       "body",
       "html"
      ],
      "reportCount": 1,
      "baseRef": "tm257741d3_8k.htm",
      "first": true,
      "unique": true
     },
     "uniqueAnchor": {
      "contextRef": "AsOf2025-03-03",
      "name": "dei:DocumentType",
      "unitRef": null,
      "xsiNil": "false",
      "lang": "en-US",
      "decimals": null,
      "ancestors": [
       "span",
       "b",
       "p",
       "body",
       "html"
      ],
      "reportCount": 1,
      "baseRef": "tm257741d3_8k.htm",
      "first": true,
      "unique": true
     }
    }
   },
   "tag": {
    "dei_AmendmentDescription": {
     "xbrltype": "stringItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "AmendmentDescription",
     "presentation": [
      "http://redwoodtrust.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Amendment Description",
        "documentation": "Description of changes contained within amended document."
       }
      }
     },
     "auth_ref": []
    },
    "dei_AmendmentFlag": {
     "xbrltype": "booleanItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "AmendmentFlag",
     "presentation": [
      "http://redwoodtrust.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Amendment Flag",
        "documentation": "Boolean flag that is true when the XBRL content amends previously-filed or accepted submission."
       }
      }
     },
     "auth_ref": []
    },
    "dei_AnnualInformationForm": {
     "xbrltype": "booleanItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "AnnualInformationForm",
     "presentation": [
      "http://redwoodtrust.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Annual Information Form",
        "documentation": "Boolean flag with value true on a form if it is an annual report containing an annual information form."
       }
      }
     },
     "auth_ref": [
      "r14"
     ]
    },
    "dei_AuditedAnnualFinancialStatements": {
     "xbrltype": "booleanItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "AuditedAnnualFinancialStatements",
     "presentation": [
      "http://redwoodtrust.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Audited Annual Financial Statements",
        "documentation": "Boolean flag with value true on a form if it is an annual report containing audited financial statements."
       }
      }
     },
     "auth_ref": [
      "r14"
     ]
    },
    "dei_CityAreaCode": {
     "xbrltype": "normalizedStringItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "CityAreaCode",
     "presentation": [
      "http://redwoodtrust.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "City Area Code",
        "documentation": "Area code of city"
       }
      }
     },
     "auth_ref": []
    },
    "us-gaap_ClassOfStockDomain": {
     "xbrltype": "domainItemType",
     "nsuri": "http://fasb.org/us-gaap/2023",
     "localname": "ClassOfStockDomain",
     "presentation": [
      "http://redwoodtrust.com/role/Cover"
     ],
     "auth_ref": []
    },
    "us-gaap_CommonStockMember": {
     "xbrltype": "domainItemType",
     "nsuri": "http://fasb.org/us-gaap/2023",
     "localname": "CommonStockMember",
     "presentation": [
      "http://redwoodtrust.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Common Stock [Member]"
       }
      }
     },
     "auth_ref": []
    },
    "dei_CountryRegion": {
     "xbrltype": "normalizedStringItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "CountryRegion",
     "presentation": [
      "http://redwoodtrust.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Country Region",
        "documentation": "Region code of country"
       }
      }
     },
     "auth_ref": []
    },
    "dei_CoverAbstract": {
     "xbrltype": "stringItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "CoverAbstract",
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Cover page."
       }
      }
     },
     "auth_ref": []
    },
    "dei_CurrentFiscalYearEndDate": {
     "xbrltype": "gMonthDayItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "CurrentFiscalYearEndDate",
     "presentation": [
      "http://redwoodtrust.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Current Fiscal Year End Date",
        "documentation": "End date of current fiscal year in the format --MM-DD."
       }
      }
     },
     "auth_ref": []
    },
    "dei_DocumentAccountingStandard": {
     "xbrltype": "accountingStandardItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "DocumentAccountingStandard",
     "presentation": [
      "http://redwoodtrust.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Document Accounting Standard",
        "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'."
       }
      }
     },
     "auth_ref": [
      "r13"
     ]
    },
    "dei_DocumentAnnualReport": {
     "xbrltype": "booleanItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "DocumentAnnualReport",
     "presentation": [
      "http://redwoodtrust.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Document Annual Report",
        "documentation": "Boolean flag that is true only for a form used as an annual report."
       }
      }
     },
     "auth_ref": [
      "r11",
      "r13",
      "r14"
     ]
    },
    "dei_DocumentFiscalPeriodFocus": {
     "xbrltype": "fiscalPeriodItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "DocumentFiscalPeriodFocus",
     "presentation": [
      "http://redwoodtrust.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Document Fiscal Period Focus",
        "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."
       }
      }
     },
     "auth_ref": []
    },
    "dei_DocumentFiscalYearFocus": {
     "xbrltype": "gYearItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "DocumentFiscalYearFocus",
     "presentation": [
      "http://redwoodtrust.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Document Fiscal Year Focus",
        "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."
       }
      }
     },
     "auth_ref": []
    },
    "dei_DocumentInformationLineItems": {
     "xbrltype": "stringItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "DocumentInformationLineItems",
     "presentation": [
      "http://redwoodtrust.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Document Information [Line Items]",
        "documentation": "Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table."
       }
      }
     },
     "auth_ref": []
    },
    "dei_DocumentPeriodEndDate": {
     "xbrltype": "dateItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "DocumentPeriodEndDate",
     "presentation": [
      "http://redwoodtrust.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Document Period End Date",
        "documentation": "For the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period.  The format of the date is YYYY-MM-DD."
       }
      }
     },
     "auth_ref": []
    },
    "dei_DocumentPeriodStartDate": {
     "xbrltype": "dateItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "DocumentPeriodStartDate",
     "presentation": [
      "http://redwoodtrust.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Document Period Start Date",
        "documentation": "The start date of the period covered in the document, in YYYY-MM-DD format."
       }
      }
     },
     "auth_ref": []
    },
    "dei_DocumentQuarterlyReport": {
     "xbrltype": "booleanItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "DocumentQuarterlyReport",
     "presentation": [
      "http://redwoodtrust.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Document Quarterly Report",
        "documentation": "Boolean flag that is true only for a form used as an quarterly report."
       }
      }
     },
     "auth_ref": [
      "r12"
     ]
    },
    "dei_DocumentRegistrationStatement": {
     "xbrltype": "booleanItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "DocumentRegistrationStatement",
     "presentation": [
      "http://redwoodtrust.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Document Registration Statement",
        "documentation": "Boolean flag that is true only for a form used as a registration statement."
       }
      }
     },
     "auth_ref": [
      "r0"
     ]
    },
    "dei_DocumentShellCompanyEventDate": {
     "xbrltype": "dateItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "DocumentShellCompanyEventDate",
     "presentation": [
      "http://redwoodtrust.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Document Shell Company Event Date",
        "documentation": "Date of event requiring a shell company report."
       }
      }
     },
     "auth_ref": [
      "r13"
     ]
    },
    "dei_DocumentShellCompanyReport": {
     "xbrltype": "booleanItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "DocumentShellCompanyReport",
     "presentation": [
      "http://redwoodtrust.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Document Shell Company Report",
        "documentation": "Boolean flag that is true for a Shell Company Report pursuant to section 13 or 15(d) of the Exchange Act."
       }
      }
     },
     "auth_ref": [
      "r13"
     ]
    },
    "dei_DocumentTransitionReport": {
     "xbrltype": "booleanItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "DocumentTransitionReport",
     "presentation": [
      "http://redwoodtrust.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Document Transition Report",
        "documentation": "Boolean flag that is true only for a form used as a transition report."
       }
      }
     },
     "auth_ref": [
      "r15"
     ]
    },
    "dei_DocumentType": {
     "xbrltype": "submissionTypeItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "DocumentType",
     "presentation": [
      "http://redwoodtrust.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Document Type",
        "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'."
       }
      }
     },
     "auth_ref": []
    },
    "dei_DocumentsIncorporatedByReferenceTextBlock": {
     "xbrltype": "textBlockItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "DocumentsIncorporatedByReferenceTextBlock",
     "presentation": [
      "http://redwoodtrust.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Documents Incorporated by Reference [Text Block]",
        "documentation": "Documents incorporated by reference."
       }
      }
     },
     "auth_ref": [
      "r3"
     ]
    },
    "dei_EntityAddressAddressLine1": {
     "xbrltype": "normalizedStringItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "EntityAddressAddressLine1",
     "presentation": [
      "http://redwoodtrust.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Entity Address, Address Line One",
        "documentation": "Address Line 1 such as Attn, Building Name, Street Name"
       }
      }
     },
     "auth_ref": []
    },
    "dei_EntityAddressAddressLine2": {
     "xbrltype": "normalizedStringItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "EntityAddressAddressLine2",
     "presentation": [
      "http://redwoodtrust.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Entity Address, Address Line Two",
        "documentation": "Address Line 2 such as Street or Suite number"
       }
      }
     },
     "auth_ref": []
    },
    "dei_EntityAddressAddressLine3": {
     "xbrltype": "normalizedStringItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "EntityAddressAddressLine3",
     "presentation": [
      "http://redwoodtrust.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Entity Address, Address Line Three",
        "documentation": "Address Line 3 such as an Office Park"
       }
      }
     },
     "auth_ref": []
    },
    "dei_EntityAddressCityOrTown": {
     "xbrltype": "normalizedStringItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "EntityAddressCityOrTown",
     "presentation": [
      "http://redwoodtrust.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Entity Address, City or Town",
        "documentation": "Name of the City or Town"
       }
      }
     },
     "auth_ref": []
    },
    "dei_EntityAddressCountry": {
     "xbrltype": "countryCodeItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "EntityAddressCountry",
     "presentation": [
      "http://redwoodtrust.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Entity Address, Country",
        "documentation": "ISO 3166-1 alpha-2 country code."
       }
      }
     },
     "auth_ref": []
    },
    "dei_EntityAddressPostalZipCode": {
     "xbrltype": "normalizedStringItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "EntityAddressPostalZipCode",
     "presentation": [
      "http://redwoodtrust.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Entity Address, Postal Zip Code",
        "documentation": "Code for the postal or zip code"
       }
      }
     },
     "auth_ref": []
    },
    "dei_EntityAddressStateOrProvince": {
     "xbrltype": "stateOrProvinceItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "EntityAddressStateOrProvince",
     "presentation": [
      "http://redwoodtrust.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Entity Address, State or Province",
        "documentation": "Name of the state or province."
       }
      }
     },
     "auth_ref": []
    },
    "dei_EntityBankruptcyProceedingsReportingCurrent": {
     "xbrltype": "booleanItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "EntityBankruptcyProceedingsReportingCurrent",
     "presentation": [
      "http://redwoodtrust.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Entity Bankruptcy Proceedings, Reporting Current",
        "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."
       }
      }
     },
     "auth_ref": [
      "r6"
     ]
    },
    "dei_EntityCentralIndexKey": {
     "xbrltype": "centralIndexKeyItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "EntityCentralIndexKey",
     "presentation": [
      "http://redwoodtrust.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Entity Central Index Key",
        "documentation": "A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK."
       }
      }
     },
     "auth_ref": [
      "r2"
     ]
    },
    "dei_EntityCommonStockSharesOutstanding": {
     "xbrltype": "sharesItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "EntityCommonStockSharesOutstanding",
     "presentation": [
      "http://redwoodtrust.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Entity Common Stock, Shares Outstanding",
        "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."
       }
      }
     },
     "auth_ref": []
    },
    "dei_EntityCurrentReportingStatus": {
     "xbrltype": "yesNoItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "EntityCurrentReportingStatus",
     "presentation": [
      "http://redwoodtrust.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Entity Current Reporting Status",
        "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."
       }
      }
     },
     "auth_ref": []
    },
    "dei_EntityEmergingGrowthCompany": {
     "xbrltype": "booleanItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "EntityEmergingGrowthCompany",
     "presentation": [
      "http://redwoodtrust.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Entity Emerging Growth Company",
        "documentation": "Indicate if registrant meets the emerging growth company criteria."
       }
      }
     },
     "auth_ref": [
      "r2"
     ]
    },
    "dei_EntityExTransitionPeriod": {
     "xbrltype": "booleanItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "EntityExTransitionPeriod",
     "presentation": [
      "http://redwoodtrust.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Elected Not To Use the Extended Transition Period",
        "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."
       }
      }
     },
     "auth_ref": [
      "r19"
     ]
    },
    "dei_EntityFileNumber": {
     "xbrltype": "fileNumberItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "EntityFileNumber",
     "presentation": [
      "http://redwoodtrust.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Entity File Number",
        "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."
       }
      }
     },
     "auth_ref": []
    },
    "dei_EntityFilerCategory": {
     "xbrltype": "filerCategoryItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "EntityFilerCategory",
     "presentation": [
      "http://redwoodtrust.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Entity Filer Category",
        "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."
       }
      }
     },
     "auth_ref": [
      "r2"
     ]
    },
    "dei_EntityIncorporationStateCountryCode": {
     "xbrltype": "edgarStateCountryItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "EntityIncorporationStateCountryCode",
     "presentation": [
      "http://redwoodtrust.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Entity Incorporation, State or Country Code",
        "documentation": "Two-character EDGAR code representing the state or country of incorporation."
       }
      }
     },
     "auth_ref": []
    },
    "dei_EntityInteractiveDataCurrent": {
     "xbrltype": "yesNoItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "EntityInteractiveDataCurrent",
     "presentation": [
      "http://redwoodtrust.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Entity Interactive Data Current",
        "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)."
       }
      }
     },
     "auth_ref": [
      "r16"
     ]
    },
    "dei_EntityPrimarySicNumber": {
     "xbrltype": "sicNumberItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "EntityPrimarySicNumber",
     "presentation": [
      "http://redwoodtrust.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Entity Primary SIC Number",
        "documentation": "Primary Standard Industrial Classification (SIC) Number for the Entity."
       }
      }
     },
     "auth_ref": [
      "r14"
     ]
    },
    "dei_EntityPublicFloat": {
     "xbrltype": "monetaryItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "EntityPublicFloat",
     "crdr": "credit",
     "presentation": [
      "http://redwoodtrust.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Entity Public Float",
        "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."
       }
      }
     },
     "auth_ref": []
    },
    "dei_EntityRegistrantName": {
     "xbrltype": "normalizedStringItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "EntityRegistrantName",
     "presentation": [
      "http://redwoodtrust.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Entity Registrant Name",
        "documentation": "The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC."
       }
      }
     },
     "auth_ref": [
      "r2"
     ]
    },
    "dei_EntityShellCompany": {
     "xbrltype": "booleanItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "EntityShellCompany",
     "presentation": [
      "http://redwoodtrust.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Entity Shell Company",
        "documentation": "Boolean flag that is true when the registrant is a shell company as defined in Rule 12b-2 of the Exchange Act."
       }
      }
     },
     "auth_ref": [
      "r2"
     ]
    },
    "dei_EntitySmallBusiness": {
     "xbrltype": "booleanItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "EntitySmallBusiness",
     "presentation": [
      "http://redwoodtrust.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Entity Small Business",
        "documentation": "Indicates that the company is a Smaller Reporting Company (SRC)."
       }
      }
     },
     "auth_ref": [
      "r2"
     ]
    },
    "dei_EntityTaxIdentificationNumber": {
     "xbrltype": "employerIdItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "EntityTaxIdentificationNumber",
     "presentation": [
      "http://redwoodtrust.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Entity Tax Identification Number",
        "documentation": "The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS."
       }
      }
     },
     "auth_ref": [
      "r2"
     ]
    },
    "dei_EntityVoluntaryFilers": {
     "xbrltype": "yesNoItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "EntityVoluntaryFilers",
     "presentation": [
      "http://redwoodtrust.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Entity Voluntary Filers",
        "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."
       }
      }
     },
     "auth_ref": []
    },
    "dei_EntityWellKnownSeasonedIssuer": {
     "xbrltype": "yesNoItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "EntityWellKnownSeasonedIssuer",
     "presentation": [
      "http://redwoodtrust.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Entity Well-known Seasoned Issuer",
        "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."
       }
      }
     },
     "auth_ref": [
      "r17"
     ]
    },
    "dei_Extension": {
     "xbrltype": "normalizedStringItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "Extension",
     "presentation": [
      "http://redwoodtrust.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Extension",
        "documentation": "Extension number for local phone number."
       }
      }
     },
     "auth_ref": []
    },
    "dei_LocalPhoneNumber": {
     "xbrltype": "normalizedStringItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "LocalPhoneNumber",
     "presentation": [
      "http://redwoodtrust.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Local Phone Number",
        "documentation": "Local phone number for entity."
       }
      }
     },
     "auth_ref": []
    },
    "dei_NoTradingSymbolFlag": {
     "xbrltype": "trueItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "NoTradingSymbolFlag",
     "presentation": [
      "http://redwoodtrust.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "No Trading Symbol Flag",
        "documentation": "Boolean flag that is true only for a security having no trading symbol."
       }
      }
     },
     "auth_ref": []
    },
    "dei_OtherReportingStandardItemNumber": {
     "xbrltype": "otherReportingStandardItemNumberItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "OtherReportingStandardItemNumber",
     "presentation": [
      "http://redwoodtrust.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Other Reporting Standard Item Number",
        "documentation": "\"Item 17\" or \"Item 18\" specified when the basis of accounting is neither US GAAP nor IFRS."
       }
      }
     },
     "auth_ref": [
      "r13"
     ]
    },
    "rwt_Percent9125SeniorNotesDue2029Member": {
     "xbrltype": "domainItemType",
     "nsuri": "http://redwoodtrust.com/20250303",
     "localname": "Percent9125SeniorNotesDue2029Member",
     "presentation": [
      "http://redwoodtrust.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "9.125% Senior Notes Due 2029 [Member]",
        "documentation": "Percent 9.125 Senior Notes Due 2029 Member"
       }
      }
     },
     "auth_ref": []
    },
    "rwt_Percent9125SeniorNotesDue2030Member": {
     "xbrltype": "domainItemType",
     "nsuri": "http://redwoodtrust.com/20250303",
     "localname": "Percent9125SeniorNotesDue2030Member",
     "presentation": [
      "http://redwoodtrust.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Percent 9125 Senior Notes Due 2030 [Member]"
       }
      }
     },
     "auth_ref": []
    },
    "rwt_Percent9SeniorNotesDue2029Member": {
     "xbrltype": "domainItemType",
     "nsuri": "http://redwoodtrust.com/20250303",
     "localname": "Percent9SeniorNotesDue2029Member",
     "presentation": [
      "http://redwoodtrust.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "9.0% Senior Notes Due 2029 [Member]",
        "documentation": "Percent 9.0 Senior Notes Due 2029 Member"
       }
      }
     },
     "auth_ref": []
    },
    "dei_PreCommencementIssuerTenderOffer": {
     "xbrltype": "booleanItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "PreCommencementIssuerTenderOffer",
     "presentation": [
      "http://redwoodtrust.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Pre-commencement Issuer Tender Offer",
        "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."
       }
      }
     },
     "auth_ref": [
      "r7"
     ]
    },
    "dei_PreCommencementTenderOffer": {
     "xbrltype": "booleanItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "PreCommencementTenderOffer",
     "presentation": [
      "http://redwoodtrust.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Pre-commencement Tender Offer",
        "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."
       }
      }
     },
     "auth_ref": [
      "r8"
     ]
    },
    "dei_Security12bTitle": {
     "xbrltype": "securityTitleItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "Security12bTitle",
     "presentation": [
      "http://redwoodtrust.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Title of 12(b) Security",
        "documentation": "Title of a 12(b) registered security."
       }
      }
     },
     "auth_ref": [
      "r1"
     ]
    },
    "dei_Security12gTitle": {
     "xbrltype": "securityTitleItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "Security12gTitle",
     "presentation": [
      "http://redwoodtrust.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Title of 12(g) Security",
        "documentation": "Title of a 12(g) registered security."
       }
      }
     },
     "auth_ref": [
      "r5"
     ]
    },
    "dei_SecurityExchangeName": {
     "xbrltype": "edgarExchangeCodeItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "SecurityExchangeName",
     "presentation": [
      "http://redwoodtrust.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Security Exchange Name",
        "documentation": "Name of the Exchange on which a security is registered."
       }
      }
     },
     "auth_ref": [
      "r4"
     ]
    },
    "dei_SecurityReportingObligation": {
     "xbrltype": "securityReportingObligationItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "SecurityReportingObligation",
     "presentation": [
      "http://redwoodtrust.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Security Reporting Obligation",
        "documentation": "15(d), indicating whether the security has a reporting obligation under that section of the Exchange Act."
       }
      }
     },
     "auth_ref": [
      "r9"
     ]
    },
    "us-gaap_SeriesAPreferredStockMember": {
     "xbrltype": "domainItemType",
     "nsuri": "http://fasb.org/us-gaap/2023",
     "localname": "SeriesAPreferredStockMember",
     "presentation": [
      "http://redwoodtrust.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Series A Preferred Stock [Member]"
       }
      }
     },
     "auth_ref": []
    },
    "dei_SolicitingMaterial": {
     "xbrltype": "booleanItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "SolicitingMaterial",
     "presentation": [
      "http://redwoodtrust.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Soliciting Material",
        "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."
       }
      }
     },
     "auth_ref": [
      "r10"
     ]
    },
    "us-gaap_StatementClassOfStockAxis": {
     "xbrltype": "stringItemType",
     "nsuri": "http://fasb.org/us-gaap/2023",
     "localname": "StatementClassOfStockAxis",
     "presentation": [
      "http://redwoodtrust.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Class of Stock [Axis]"
       }
      }
     },
     "auth_ref": []
    },
    "us-gaap_StatementTable": {
     "xbrltype": "stringItemType",
     "nsuri": "http://fasb.org/us-gaap/2023",
     "localname": "StatementTable",
     "presentation": [
      "http://redwoodtrust.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Statement [Table]"
       }
      }
     },
     "auth_ref": []
    },
    "dei_TradingSymbol": {
     "xbrltype": "tradingSymbolItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "TradingSymbol",
     "presentation": [
      "http://redwoodtrust.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Trading Symbol",
        "documentation": "Trading symbol of an instrument as listed on an exchange."
       }
      }
     },
     "auth_ref": []
    },
    "dei_WrittenCommunications": {
     "xbrltype": "booleanItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "WrittenCommunications",
     "presentation": [
      "http://redwoodtrust.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Written Communications",
        "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."
       }
      }
     },
     "auth_ref": [
      "r18"
     ]
    }
   }
  }
 },
 "std_ref": {
  "r0": {
   "role": "http://www.xbrl.org/2003/role/presentationRef",
   "Publisher": "SEC",
   "Name": "Exchange Act",
   "Number": "240",
   "Section": "12"
  },
  "r1": {
   "role": "http://www.xbrl.org/2003/role/presentationRef",
   "Publisher": "SEC",
   "Name": "Exchange Act",
   "Number": "240",
   "Section": "12",
   "Subsection": "b"
  },
  "r2": {
   "role": "http://www.xbrl.org/2003/role/presentationRef",
   "Publisher": "SEC",
   "Name": "Exchange Act",
   "Number": "240",
   "Section": "12",
   "Subsection": "b-2"
  },
  "r3": {
   "role": "http://www.xbrl.org/2003/role/presentationRef",
   "Publisher": "SEC",
   "Name": "Exchange Act",
   "Number": "240",
   "Section": "12",
   "Subsection": "b-23"
  },
  "r4": {
   "role": "http://www.xbrl.org/2003/role/presentationRef",
   "Publisher": "SEC",
   "Name": "Exchange Act",
   "Number": "240",
   "Section": "12",
   "Subsection": "d1-1"
  },
  "r5": {
   "role": "http://www.xbrl.org/2003/role/presentationRef",
   "Publisher": "SEC",
   "Name": "Exchange Act",
   "Number": "240",
   "Section": "12",
   "Subsection": "g"
  },
  "r6": {
   "role": "http://www.xbrl.org/2003/role/presentationRef",
   "Publisher": "SEC",
   "Name": "Exchange Act",
   "Number": "240",
   "Section": "12, 13, 15d"
  },
  "r7": {
   "role": "http://www.xbrl.org/2003/role/presentationRef",
   "Publisher": "SEC",
   "Name": "Exchange Act",
   "Number": "240",
   "Section": "13e",
   "Subsection": "4c"
  },
  "r8": {
   "role": "http://www.xbrl.org/2003/role/presentationRef",
   "Publisher": "SEC",
   "Name": "Exchange Act",
   "Number": "240",
   "Section": "14d",
   "Subsection": "2b"
  },
  "r9": {
   "role": "http://www.xbrl.org/2003/role/presentationRef",
   "Publisher": "SEC",
   "Name": "Exchange Act",
   "Number": "240",
   "Section": "15",
   "Subsection": "d"
  },
  "r10": {
   "role": "http://www.xbrl.org/2003/role/presentationRef",
   "Publisher": "SEC",
   "Name": "Exchange Act",
   "Section": "14a",
   "Number": "240",
   "Subsection": "12"
  },
  "r11": {
   "role": "http://www.xbrl.org/2003/role/presentationRef",
   "Publisher": "SEC",
   "Name": "Form 10-K",
   "Number": "249",
   "Section": "310"
  },
  "r12": {
   "role": "http://www.xbrl.org/2003/role/presentationRef",
   "Publisher": "SEC",
   "Name": "Form 10-Q",
   "Number": "240",
   "Section": "308",
   "Subsection": "a"
  },
  "r13": {
   "role": "http://www.xbrl.org/2003/role/presentationRef",
   "Publisher": "SEC",
   "Name": "Form 20-F",
   "Number": "249",
   "Section": "220",
   "Subsection": "f"
  },
  "r14": {
   "role": "http://www.xbrl.org/2003/role/presentationRef",
   "Publisher": "SEC",
   "Name": "Form 40-F",
   "Number": "249",
   "Section": "240",
   "Subsection": "f"
  },
  "r15": {
   "role": "http://www.xbrl.org/2003/role/presentationRef",
   "Publisher": "SEC",
   "Name": "Forms 10-K, 10-Q, 20-F",
   "Number": "240",
   "Section": "13",
   "Subsection": "a-1"
  },
  "r16": {
   "role": "http://www.xbrl.org/2003/role/presentationRef",
   "Publisher": "SEC",
   "Name": "Regulation S-T",
   "Number": "232",
   "Section": "405"
  },
  "r17": {
   "role": "http://www.xbrl.org/2003/role/presentationRef",
   "Publisher": "SEC",
   "Name": "Securities Act",
   "Number": "230",
   "Section": "405"
  },
  "r18": {
   "role": "http://www.xbrl.org/2003/role/presentationRef",
   "Publisher": "SEC",
   "Name": "Securities Act",
   "Number": "230",
   "Section": "425"
  },
  "r19": {
   "role": "http://www.xbrl.org/2003/role/presentationRef",
   "Publisher": "SEC",
   "Name": "Securities Act",
   "Number": "7A",
   "Section": "B",
   "Subsection": "2"
  }
 }
}
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>ZIP
<SEQUENCE>21
<FILENAME>0001104659-25-019981-xbrl.zip
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
begin 644 0001104659-25-019981-xbrl.zip
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MW?!%\#[Z=G][]O1E.C?Q7[/@CK\+GC[HA[,;K]__>WK=_G(YO9]<Y"Z[.GR
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M\=0##9KP0S*<OLITT3[+?= EUF>UQN+Q1\>4'YD$VN!"#+_*HJB9X$L-)C*
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M+K=0#:I"$ZU.2T" #<D)8-:POM//I" F5_Q0!2!9@A?BCN-8G*BL^.<RH>0
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MOV9F_KI:L!18?<JJ<@5!1\22 XLD"!3@7"8-5PP54J2U/E:G:H2U5,?8[PH
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M>W.#[>_:7/5-E^(GL;G<)/Y:X(R(+?\#4$L#!!0    ( ,LQ9%JA%-8X? @
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MTTH&DX>Z#B@,3"LJZ3VLF(HGXHDPRANC<CY$\,^^I5@JR^_'[']#^SUF48)
M(NSW0'G\$2[JFL4T*W(&I(2)9#_]"%ML9,6X4,:@5<P&N?\_D0BI*$R5<Z3%
MK#U2HSV6(R-YM$>J)?[C-BX6;\];W\328:'0@'^0 A*)K-@XD;T%,F]GR;MU
MR5L=4C(^:?2*UJGL+0-> _SAOT*/:3+\;U54>G?;H:K)7@ I[8%4UF >QD4
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M50SG6P,%]C")>/S%!):#""S"S[IQI@^U8/*&F9.SW9_M1.^D^R;R,@O)FV(
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M\!%+<AN!7WP/ K-["->=\UWKQ^HT;7C ,_2AVT79GS9"V;L\F$'X@'EMI?"
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MS'  (BFV*IR(UU-NRU(00*JQ)"FZBRI\6N)0%8<H'Q%X2S34NG*ZT&I"'S(
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MJ;FKXT,Z2KO)CE_^Z6+W*HS)O;P+>'P\=^?!\=Q59&>Q$B&%10[ B,:VO 0
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M2P$"% ,4    " #+,61:H136.'P(  #V:   %               @ $<&@
M<G=T+3(P,C4P,S S7W!R92YX;6Q02P$"% ,4    " #+,61:T8I[,YP8  !P
MH0  $0              @ '*(@  =&TR-3<W-#%D,U\X:RYH=&U02P$"% ,4
M    " #+,61:2SRDMPP-  #=0@  %               @ &5.P  =&TR-3<W
M-#%D,U]E>#4M,2YH=&U02P$"% ,4    " #+,61:AI9BQ>P0  "N50  %
M            @ '32   =&TR-3<W-#%D,U]E>#@M,2YH=&U02P4&      <
,!P#' 0  \5D

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>22
<FILENAME>tm257741d3_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/2023"
  xmlns:iso4217="http://www.xbrl.org/2003/iso4217"
  xmlns:link="http://www.xbrl.org/2003/linkbase"
  xmlns:rwt="http://redwoodtrust.com/20250303"
  xmlns:us-gaap="http://fasb.org/us-gaap/2023"
  xmlns:xbrldi="http://xbrl.org/2006/xbrldi"
  xmlns:xlink="http://www.w3.org/1999/xlink">
    <link:schemaRef xlink:href="rwt-20250303.xsd" xlink:type="simple"/>
    <context id="AsOf2025-03-03">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0000930236</identifier>
        </entity>
        <period>
            <startDate>2025-03-03</startDate>
            <endDate>2025-03-03</endDate>
        </period>
    </context>
    <context id="From2025-03-032025-03-03_us-gaap_CommonStockMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0000930236</identifier>
            <segment>
                <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">us-gaap:CommonStockMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2025-03-03</startDate>
            <endDate>2025-03-03</endDate>
        </period>
    </context>
    <context id="From2025-03-032025-03-03_us-gaap_SeriesAPreferredStockMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0000930236</identifier>
            <segment>
                <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">us-gaap:SeriesAPreferredStockMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2025-03-03</startDate>
            <endDate>2025-03-03</endDate>
        </period>
    </context>
    <context id="From2025-03-032025-03-03_custom_Percent9125SeniorNotesDue2029Member">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0000930236</identifier>
            <segment>
                <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">rwt:Percent9125SeniorNotesDue2029Member</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2025-03-03</startDate>
            <endDate>2025-03-03</endDate>
        </period>
    </context>
    <context id="From2025-03-032025-03-03_custom_Percent9SeniorNotesDue2029Member">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0000930236</identifier>
            <segment>
                <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">rwt:Percent9SeniorNotesDue2029Member</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2025-03-03</startDate>
            <endDate>2025-03-03</endDate>
        </period>
    </context>
    <context id="From2025-03-032025-03-03_custom_Percent9125SeniorNotesDue2030Member">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0000930236</identifier>
            <segment>
                <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">rwt:Percent9125SeniorNotesDue2030Member</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2025-03-03</startDate>
            <endDate>2025-03-03</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:AmendmentFlag contextRef="AsOf2025-03-03" id="Fact000003">false</dei:AmendmentFlag>
    <dei:EntityCentralIndexKey contextRef="AsOf2025-03-03" id="Fact000004">0000930236</dei:EntityCentralIndexKey>
    <dei:DocumentType contextRef="AsOf2025-03-03" id="Fact000010">8-K</dei:DocumentType>
    <dei:DocumentPeriodEndDate contextRef="AsOf2025-03-03" id="Fact000011">2025-03-03</dei:DocumentPeriodEndDate>
    <dei:EntityRegistrantName contextRef="AsOf2025-03-03" id="Fact000012">REDWOOD TRUST, INC.</dei:EntityRegistrantName>
    <dei:EntityIncorporationStateCountryCode contextRef="AsOf2025-03-03" id="Fact000013">MD</dei:EntityIncorporationStateCountryCode>
    <dei:EntityFileNumber contextRef="AsOf2025-03-03" id="Fact000014">001-13759</dei:EntityFileNumber>
    <dei:EntityTaxIdentificationNumber contextRef="AsOf2025-03-03" id="Fact000015">68-0329422</dei:EntityTaxIdentificationNumber>
    <dei:EntityAddressAddressLine1 contextRef="AsOf2025-03-03" id="Fact000016">One Belvedere Place</dei:EntityAddressAddressLine1>
    <dei:EntityAddressAddressLine2 contextRef="AsOf2025-03-03" id="Fact000017">Suite 300</dei:EntityAddressAddressLine2>
    <dei:EntityAddressCityOrTown contextRef="AsOf2025-03-03" id="Fact000018">Mill Valley</dei:EntityAddressCityOrTown>
    <dei:EntityAddressStateOrProvince contextRef="AsOf2025-03-03" id="Fact000019">CA</dei:EntityAddressStateOrProvince>
    <dei:EntityAddressPostalZipCode contextRef="AsOf2025-03-03" id="Fact000020">94941</dei:EntityAddressPostalZipCode>
    <dei:CityAreaCode contextRef="AsOf2025-03-03" id="Fact000021">415</dei:CityAreaCode>
    <dei:LocalPhoneNumber contextRef="AsOf2025-03-03" id="Fact000022">389-7373</dei:LocalPhoneNumber>
    <dei:WrittenCommunications contextRef="AsOf2025-03-03" id="Fact000023">false</dei:WrittenCommunications>
    <dei:SolicitingMaterial contextRef="AsOf2025-03-03" id="Fact000024">false</dei:SolicitingMaterial>
    <dei:PreCommencementTenderOffer contextRef="AsOf2025-03-03" id="Fact000025">false</dei:PreCommencementTenderOffer>
    <dei:PreCommencementIssuerTenderOffer contextRef="AsOf2025-03-03" id="Fact000026">false</dei:PreCommencementIssuerTenderOffer>
    <dei:EntityEmergingGrowthCompany contextRef="AsOf2025-03-03" id="Fact000027">false</dei:EntityEmergingGrowthCompany>
    <dei:Security12bTitle
      contextRef="From2025-03-032025-03-03_us-gaap_CommonStockMember"
      id="Fact000028">Common Stock, par value $0.01 per share</dei:Security12bTitle>
    <dei:TradingSymbol
      contextRef="From2025-03-032025-03-03_us-gaap_CommonStockMember"
      id="Fact000029">RWT</dei:TradingSymbol>
    <dei:SecurityExchangeName
      contextRef="From2025-03-032025-03-03_us-gaap_CommonStockMember"
      id="Fact000030">NYSE</dei:SecurityExchangeName>
    <dei:Security12bTitle
      contextRef="From2025-03-032025-03-03_us-gaap_SeriesAPreferredStockMember"
      id="Fact000031">10% Series A Fixed-Rate Reset Cumulative Redeemable Preferred Stock, par value $0.01 per share</dei:Security12bTitle>
    <dei:TradingSymbol
      contextRef="From2025-03-032025-03-03_us-gaap_SeriesAPreferredStockMember"
      id="Fact000032">RWT PRA</dei:TradingSymbol>
    <dei:SecurityExchangeName
      contextRef="From2025-03-032025-03-03_us-gaap_SeriesAPreferredStockMember"
      id="Fact000033">NYSE</dei:SecurityExchangeName>
    <dei:Security12bTitle
      contextRef="From2025-03-032025-03-03_custom_Percent9125SeniorNotesDue2029Member"
      id="Fact000034">9.125% Senior Notes Due 2029</dei:Security12bTitle>
    <dei:TradingSymbol
      contextRef="From2025-03-032025-03-03_custom_Percent9125SeniorNotesDue2029Member"
      id="Fact000035">RWTN</dei:TradingSymbol>
    <dei:SecurityExchangeName
      contextRef="From2025-03-032025-03-03_custom_Percent9125SeniorNotesDue2029Member"
      id="Fact000036">NYSE</dei:SecurityExchangeName>
    <dei:Security12bTitle
      contextRef="From2025-03-032025-03-03_custom_Percent9SeniorNotesDue2029Member"
      id="Fact000037">9.0% Senior Notes Due 2029</dei:Security12bTitle>
    <dei:TradingSymbol
      contextRef="From2025-03-032025-03-03_custom_Percent9SeniorNotesDue2029Member"
      id="Fact000038">RWTO</dei:TradingSymbol>
    <dei:SecurityExchangeName
      contextRef="From2025-03-032025-03-03_custom_Percent9SeniorNotesDue2029Member"
      id="Fact000039">NYSE</dei:SecurityExchangeName>
    <dei:Security12bTitle
      contextRef="From2025-03-032025-03-03_custom_Percent9125SeniorNotesDue2030Member"
      id="Fact000040">9.125% Senior Notes Due 2030</dei:Security12bTitle>
    <dei:TradingSymbol
      contextRef="From2025-03-032025-03-03_custom_Percent9125SeniorNotesDue2030Member"
      id="Fact000041">RWTP</dei:TradingSymbol>
    <dei:SecurityExchangeName
      contextRef="From2025-03-032025-03-03_custom_Percent9125SeniorNotesDue2030Member"
      id="Fact000042">NYSE</dei:SecurityExchangeName>
</xbrl>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
