Redwood Trust, Inc., (Redwood) together with its subsidiaries, is an internally-managed operating company focused on engaging in residential and commercial mortgage banking activities and investing in mortgage- and other real estate-related assets. Redwood is structured as a real estate investment trust (REIT). The Company�s mortgage banking activities are generally carried out through its operating subsidiaries, while its portfolio of mortgage- and other real estate-related investments is primarily held at its REIT. The Company generally intends to retain profits generated and taxed at its operating subsidiaries, and to distribute as dividends at least 90% of the income the Company generates from the investment portfolio at its REIT. The Companies primary sources of income are net interest income from its investment portfolio and income from its mortgage banking activities.