REDWOOD TRUST

Redwood Trust is a specialty finance company focused on making credit-sensitive investments in single-family residential and related assets. The Company is engaged in mortgage banking activities. The Company operates through three segments: Residential Investments, Residential Mortgage Banking, and Commercial. Since going public in 1994, they have successfully managed their business through several cycles and built a track record of innovation, prudent risk management, and a best-in-class reputation for service and executing credit risk solutions. They are internally managed and have elected to be taxed as a real estate investment trust, or REIT, for federal income tax purposes.