UNITED STATES OF AMERICA SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended: March 31, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Transition Period from _______________ to _______________. Commission File Number 1-13759 REDWOOD TRUST, INC. (Exact Name of Registrant as Specified in Its Charter) (State or Other ...

Business Segments - The company combined its Multifamily Investments and Third-Party Residential Investments segments into a new segment called Third-Party Investments starting in Q2 2020[31]. - The Residential Lending segment primarily generates revenue from net interest income and mortgage banking activities, with a focus on prime and jumbo mortgages[32]. - The Business Purpose Lending segment focuses on originating single-family rental and bridge loans, with revenue primarily from net interest income and mortgage banking activities[33]. - The Third-Party Investments segment includes investments in RMBS and Freddie Mac K-Series multifamily loan securitizations, generating revenue from interest income and potential gains on securities sales[34]. Workforce and Work Environment - As of December 31, 2020, the company employed 247 full-time employees, with 38% having been with the organization for over 5 years[36][38]. - The company has implemented a remote work model during the pandemic, allowing employees to work from home while monitoring health guidelines[43]. Competition and Market Risks - The company faces intense competition from various financial institutions, including commercial banks and other mortgage REITs, which may impact investment opportunities and returns[44]. - The company actively manages market risks, including credit and interest rate risks, to enhance earnings and preserve capital[582]. Diversity and Inclusion - The company is committed to fostering diversity and inclusion, with a newly created Diversity Council to guide these efforts[40]. Accounting Standards - New accounting standards and their potential effects on the company's financial statements are discussed in the annual report[584].