REDWOOD TRUST INC — Director's Dealing 2021

May 4, 2021

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: REDWOOD TRUST INC (RWT)
CIK: 0000930236
Period of Report: 2021-05-03

Reporting Person: Pero Jeffrey T (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2021-05-03	Common Stock	M	9000	$11.11	Acquired	96248	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2021-05-03	Deferred Stock Units	$15.03	M	9000	Disposed		Common Stock (9000)	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 per stock unit of Deferred Stock Units based on the weighted average of the original grant date fair market values.

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.

F5: No expiration date is applicable to Deferred Stock Units.