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Redwood Trust, Inc. Declares a $0.67 Per Share Dividend for the Second Quarter of 2004

Friday, May 07, 2004

MILL VALLEY, Calif.--(BUSINESS WIRE)--May 7, 2004--Redwood Trust, Inc. (NYSE:RWT), a financial institution that invests in real estate loans, today announced that its Board of Directors declared a regular cash dividend of $0.67 per share for the second quarter of 2004. This dividend is payable on July 21, 2004 to shareholders of record on June 30, 2004.

"Our regular dividend of $0.67 per share per quarter represents the level of dividends we believe we can maintain over time in most economic and market scenarios," said George Bull, Redwood's Chairman and CEO. "We intend to keep our regular dividend rate at a conservative level so that shareholders can reasonably depend on the regular dividend continuing into the future.

"Our income currently exceeds our regular dividend payments," Bull added. "If this continues, we intend to declare additional special dividends while maintaining, or perhaps only slightly increasing, our regular dividend rate over time."

For more information about Redwood Trust, Inc., please visit http://www.redwoodtrust.com.

"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Certain matters discussed in this news release may constitute forward-looking statements within the meaning of the federal securities laws that inherently include certain risks and uncertainties. Actual results and the timing of certain events could differ materially from those projected in or contemplated by the forward-looking statements due to a number of factors, including, among other things, changes in interest rates on our mortgage assets and borrowings, changes in prepayment rates on our mortgage assets, general economic conditions, particularly as they affect the price of mortgage assets and the credit status of borrowers, and the level of liquidity in the capital markets, as it affects our ability to finance our mortgage asset portfolio, and other risk factors outlined in the Company's 2003 Annual Report on Form 10-K (available on the Company's Web site or by request to the Contacts listed above). Other factors not presently identified may also cause actual results to differ. No one should assume that results or trends projected in or contemplated by the forward-looking statements included above will prove to be accurate in the future. We will revise our outlook from time to time and frequently will not disclose such revisions publicly.

    CONTACT: Redwood Trust, Inc.
             Harold Zagunis/Nicole Klock, 415-389-7373

    SOURCE: Redwood Trust, Inc.

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