REDWOOD TRUST INC — Director's Dealing 2021

May 21, 2021

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: REDWOOD TRUST INC (RWT)
CIK: 0000930236
Period of Report: 2021-05-20

Reporting Person: Falcon Armando (Director)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2021-05-20	Deferred Stock Units	$10.94	A	10054	Acquired		Common Stock (10054)	Direct

Footnotes

F1: Represents fair market value RWT common stock on the grant date under the 2014 Incentive Award Plan.

F2: This transaction relates to the grant of Deferred Stock Units.

F3: 100% vested at grant.

F4: Shares are subject to a minimum mandatory holding period and will be delivered to the Participant at the time provided in the Deferral Election but no sooner than May 21, 2024.

F5: No expiration date is applicable to deferred stock units.