REDWOOD TRUST INC — Director's Dealing 2021

Dec 20, 2021

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: REDWOOD TRUST INC (RWT)
CIK: 0000930236
Period of Report: 2021-12-20

Reporting Person: Robinson Dashiell I (Director, President)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2021-12-20	Common Stock	M	23379	$12.83	Acquired	52375	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2021-12-20	Deferred Stock Units	$15.19	F	25995	Disposed		Common Stock (25995)	Direct
2021-12-20	Deferred Stock Units	$15.19	M	23379	Disposed		Common Stock (23379)	Direct

Footnotes

F1: This transaction relates to the distribution and/or conversion of Deferred Stock Units to common stock under the Executive Deferred Compensation Plan.

F2: Represents the value (per stock unit or share of common stock) of the distribution and/or conversion of Deferred Stock Units, including to common stock under the Executive Deferred Compensation Plan,
based on the fair market value of Redwood Trust, Inc. common stock on the transaction date.

F3: Represents fair value of Deferred Stock Units, based on the original grant date fair market value.

F4: This disposition transaction represents a Compensation Committee approved withholding of securities incident to the payment of tax liability relating to the distribution and/or conversion of Deferred Stock Units in the Executive Deferred Compensation Plan.

F5: Deferred Stock Units were subject to a mandatory holding period and are being delivered to the Participant at the time provided in the Deferral Election Form, according to the terms and conditions of the Executive Deferred Compensation Plan.

F6: No expiration date is applicable to deferred stock units.

F7: Following these reported transactions, no other Deferred Stock Units with the same original grant date are beneficially owned.