SC 13D 1 0001.txt OMB APPROVAL OMB Number:3235-0145 Expires:December 31, 1997 Estimated average burden hours per form 14.90 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 13D Under the Securities Exchange Act of 1934 (Amendment No. *) * Redwood Trust, Inc. * --------------------------------------------------------------------------- Common Stock * 758075402 * Elizabeth D. Giorgis Gruber and McBaine Capital Management 50 Osgood Place, Penthouse San Francisco, CA 94133 (415) 981-2101 --------------------------------------------------------------------------- (Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications) * March 16, 2000 If the filing person has previously filed a statement on Schedule 13G to report the acquisition which is the subject of this Schedule 13D, and is filing this schedule because of Rule 13d-1(b)(3) or (4), check the following box / /. Check the following box if a fee is being paid with the statement / /. (A fee is not required only if the reporting person: (1) has a previous statement on file reporting beneficial ownership of more than five percent of the class of securities described in Item 1; and (2) has filed no amendment subsequent thereto reporting beneficial ownership of five percent or less of such class.) (See Rule 13d-7.) Note: Six copies of this statement, including all exhibits, should be filed with the Commission. See Rule 13d-1(a) for other parties to whom copies are to be sent. * The remainder of this cover page shall be filled out for a reporting person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page. The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes). SEC 1746 (12-91) SCHEDULE 13D CUSIP No. 758075402 Page 2 of 14 Pages --------------------------------------------------------------------------- 1 NAME OF REPORTING PERSON SS OR IRS IDENTIFICATION NO. OF ABOVE PERSON GRUBER & McBAINE CAPITAL MANAGEMENT, L.L.C. --------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /X / (b) / / --------------------------------------------------------------------------- 3 SEC USE ONLY --------------------------------------------------------------------------- 4 SOURCE OF FUNDS* AF --------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(E)/ / --------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION CALIFORNIA --------------------------------------------------------------------------- NUMBER OF 7 SOLE VOTING POWER SHARES 0 BENEFICIALLY -------------------------------------------------- OWNED BY 8 SHARED VOTING POWER EACH 496,000 REPORTING -------------------------------------------------- PERSON 9 SOLE DISPOSITIVE POWER WITH 0 -------------------------------------------------- 10 SHARED DISPOSITIVE POWER 496,000 --------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 496,000 --------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* / / --------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 5.64 --------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON* OO --------------------------------------------------------------------------- *SEE INSTRUCTIONS BEFORE FILLING OUT! INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7 (INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION. SCHEDULE 13D CUSIP No. 758075402 Page 3 of 14 Pages --------------------------------------------------------------------------- 1 NAME OF REPORTING PERSON SS OR IRS IDENTIFICATION NO. OF ABOVE PERSON JON D. GRUBER --------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /X / (b) / / --------------------------------------------------------------------------- 3 SEC USE ONLY --------------------------------------------------------------------------- 4 SOURCE OF FUNDS* AF, PF --------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(E)/ / --------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION UNITED STATES --------------------------------------------------------------------------- NUMBER OF 7 SOLE VOTING POWER SHARES 84,700 BENEFICIALLY -------------------------------------------------- OWNED BY 8 SHARED VOTING POWER EACH 496,000 REPORTING -------------------------------------------------- PERSON 9 SOLE DISPOSITIVE POWER WITH 84,700 -------------------------------------------------- 10 SHARED DISPOSITIVE POWER 496,000 --------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 580,700 --------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* / / --------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 6.61 --------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON* IN --------------------------------------------------------------------------- *SEE INSTRUCTIONS BEFORE FILLING OUT! INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7 (INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION. SCHEDULE 13D CUSIP No. 758075402 Page 4 of 14 Pages --------------------------------------------------------------------------- 1 NAME OF REPORTING PERSON SS OR IRS IDENTIFICATION NO. OF ABOVE PERSON J. PATTERSON McBAINE --------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /X / (b) / / --------------------------------------------------------------------------- 3 SEC USE ONLY --------------------------------------------------------------------------- 4 SOURCE OF FUNDS* AF, PF --------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(E)/ / --------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION UNITED STATES --------------------------------------------------------------------------- NUMBER OF 7 SOLE VOTING POWER SHARES 0 BENEFICIALLY -------------------------------------------------- OWNED BY 8 SHARED VOTING POWER EACH 496,000 REPORTING -------------------------------------------------- PERSON 9 SOLE DISPOSITIVE POWER WITH 0 -------------------------------------------------- 10 SHARED DISPOSITIVE POWER 496,000 --------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 496,000 --------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* / / --------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 5.64 --------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON* IN --------------------------------------------------------------------------- *SEE INSTRUCTIONS BEFORE FILLING OUT! INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7 (INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION. SCHEDULE 13D CUSIP No. 758075402 Page 5 of 14 Pages --------------------------------------------------------------------------- 1 NAME OF REPORTING PERSON SS OR IRS IDENTIFICATION NO. OF ABOVE PERSON LAGUNITAS PARTNERS, A California Limited Partnership --------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /X / (b) / / --------------------------------------------------------------------------- 3 SEC USE ONLY --------------------------------------------------------------------------- 4 SOURCE OF FUNDS* WC --------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(E)/ / --------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION CALIFORNIA --------------------------------------------------------------------------- NUMBER OF 7 SOLE VOTING POWER SHARES 0 BENEFICIALLY -------------------------------------------------- OWNED BY 8 SHARED VOTING POWER EACH 206,200 REPORTING -------------------------------------------------- PERSON 9 SOLE DISPOSITIVE POWER WITH 0 -------------------------------------------------- 10 SHARED DISPOSITIVE POWER 206,200 --------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 206,200 --------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* / / --------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 2.35 --------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON* PN --------------------------------------------------------------------------- *SEE INSTRUCTIONS BEFORE FILLING OUT! INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7 (INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION. SCHEDULE 13D CUSIP No. 758075402 Page 6 of 14 Pages --------------------------------------------------------------------------- 1 NAME OF REPORTING PERSON SS OR IRS IDENTIFICATION NO. OF ABOVE PERSON THOMAS O. LLOYD-BUTLER --------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /X/ (b) / / --------------------------------------------------------------------------- 3 SEC USE ONLY --------------------------------------------------------------------------- 4 SOURCE OF FUNDS* AF --------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(E)/ / --------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION UNITED STATES --------------------------------------------------------------------------- NUMBER OF 7 SOLE VOTING POWER SHARES 0 BENEFICIALLY -------------------------------------------------- OWNED BY 8 SHARED VOTING POWER EACH 496,000 REPORTING -------------------------------------------------- PERSON 9 SOLE DISPOSITIVE POWER WITH 0 -------------------------------------------------- 10 SHARED DISPOSITIVE POWER 496,000 --------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 496,000 --------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* / / --------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 5.64 --------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON* IN --------------------------------------------------------------------------- *SEE INSTRUCTIONS BEFORE FILLING OUT! INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7 (INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION. SCHEDULE 13D CUSIP No. 758075402 Page 7 of 14 Pages --------------------------------------------------------------------------- 1 NAME OF REPORTING PERSON SS OR IRS IDENTIFICATION NO. OF ABOVE PERSON ERIC B. SWERGOLD --------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /X/ (b) / / --------------------------------------------------------------------------- 3 SEC USE ONLY --------------------------------------------------------------------------- 4 SOURCE OF FUNDS* AF --------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(E)/ / --------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION UNITED STATES --------------------------------------------------------------------------- NUMBER OF 7 SOLE VOTING POWER SHARES 3,000 BENEFICIALLY -------------------------------------------------- OWNED BY 8 SHARED VOTING POWER EACH 496,000 REPORTING -------------------------------------------------- PERSON 9 SOLE DISPOSITIVE POWER WITH 3,000 -------------------------------------------------- 10 SHARED DISPOSITIVE POWER 496,000 --------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 499,000 --------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* / / --------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 5.68 --------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON* IN --------------------------------------------------------------------------- *SEE INSTRUCTIONS BEFORE FILLING OUT! INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7 (INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION. SCHEDULE 13D CUSIP No. 758075402 Page 8 of 14 Pages ITEM 1. SECURITY AND ISSUER. This statement relates to shares of Common Stock (the "Stock") of Redwood Trust, Inc. ("RWT"). The principal executive office of RWT is located at 591 Redwood Highway, Suite 3100, Mill Valley, CA 94941. ITEM 2. IDENTITY AND BACKGROUND. The persons filing this statement and the persons enumerated in Instruction C of Schedule 13D and, where applicable, their respective places of organization, general partners, directors, executive officers and controlling persons, and the information regarding them, are as follows: (a) Gruber and McBaine Capital Management, L.L.C. (LLC); Jon D. Gruber (Gruber); J. Patterson McBaine (McBaine); Thomas O. Lloyd-Butler (TLB); Eric B. Swergold (Swergold), and Lagunitas Partners, L.P., a California limited partnership (Lag). (b) The business address of LLC, Gruber, McBaine, TLB, Swergold, and Lag is 50 Osgood Place, Penthouse, San Francisco, CA 94133. (c) LLC is an investment adviser. Gruber and McBaine are the Managers of LLC and TLB and Swergold are members of LLC. Lag is an investment limited partnership. LLC is the general partner of Lag. (d) During the last five years, none of such persons has been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors). (e) During the last five years, none of such persons was a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and as a result of such proceeding was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws. (f) All such persons are citizens of the United States of America. SCHEDULE 13D CUSIP No. 758075402 Page 9 of 14 Pages ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION. The source and amount of funds used in purchasing the Stock were as follows: Purchaser Source of Funds Amount LLC Capital Under Management $4,167,921 Gruber Personal Funds $1,178,308 Swergold Personal Funds $42,738 Lag Working Capital $2,975,521 ITEM 4. PURPOSE OF TRANSACTION. The sole purpose of the purchase of the Stock reported herein was and is for investment. ITEM 5. INTEREST IN SECURITIES OF THE ISSUER. The beneficial ownership of the Stock of the persons named in Item 2 of this statement is as follows at the date hereof: Aggregate Beneficially Owned Voting Power Dispositive Power Name Number Percent Sole Shared Sole Shared Lag 206,200 2.35 0 206,200 0 206,200 LLC 496,000 5.64 0 496,000 0 496,000 Gruber580,700 6.61 84,700 496,000 0 496,000 McBaine496,000 5.64 0 496,000 0 496,000 TLB 496,000 5.64 0 496,000 0 496,000 Swergold499,0005.68 3000 496,000 0 496,000 The persons filing this statement effected the following transactions in the Stock on the dates indicated, and such transactions are the only transactions in the Stock by the persons filing this statement since December 31, 1998: SCHEDULE 13D CUSIP No. 758075402 Page 10 of 14 Pages Purchase Number Price Name or Sale Date of Shares Per Share Lag P 12/31/98 7000 13.90 LLC P 12/31/98 6000 13.90 Gruber P 12/31/98 1500 13.90 Swergold P 12/31/98 500 13.90 LLC P 1/4/99 3300 14.15 LLC P 1/5/99 2500 14.60 Lag P 1/5/99 3200 14.60 Gruber P 1/5/99 1500 14.60 Lag P 1/6/99 3700 15.88 Lag P 1/15/99 3000 16.05 LLC P 1/15/99 1500 16.05 LLC P 1/26/99 5800 14.54 Gruber P 1/26/99 1000 14.54 LLC P 2/16/99 2000 13.78 Gruber P 2/17/99 1000 13.93 LLC P 2/17/99 7000 13.93 LLC P 2/19/99 7500 14.45 Lag P 2/19/99 6000 14.45 Gruber P 2/19/99 1500 14.45 Gruber P 3/10/99 2000 15.56 Laga P 3/10/99 10000 15.56 LLC P 3/10/99 14000 15.56 LLC P 3/11/99 3000 15.66 Lag P 3/11/99 5000 15.66 Gruber P 3/11/99 1000 15.66 Lag P 5/18/99 5000 16.38 LLC P 5/18/99 1400 16.38 Lag P 5/19/99 3600 16.55 Lag P 5/20/99 5000 16.43 LLC P 5/20/99 5000 16.43 Gruber P 5/21/99 1900 16.68 LLC P 5/21/99 3000 16.68 Swergold P 5/21/99 100 16.68 Gruber P 5/24/99 1500 16.80 Gruber P 5/25/99 2000 16.80 LLC P 5/25/99 1600 16.80 Gruber P 6/3/99 1000 16.61 Lag P 6/3/99 5000 16.61 LLC P 6/3/99 4000 16.61 Gruber P 6/15/99 900 16.93 Swergold P 6/15/99 100 16.93 Gruber P 6/19/99 1000 16.99 Gruber P 6/17/99 2000 17.05 Lag P 6/17/99 13000 17.05 LLC P 6/17/99 11000 17.05 Lag P 6/23/99 5000 17.05 LLC P 6/23/99 2100 17.05 SCHEDULE 13D CUSIP No. 758075402 Page 11 of 14 Pages Gruber P 7/6/99 8000 16.30 Lag P 7/6/99 12000 16.30 LLC P 7/6/99 7000 16.30 Swergold P 7/6/99 300 16.30 Gruber P 7/7/99 1500 16.64 Lag P 7/7/99 8000 16.64 LLC P 7/7/99 7000 16.64 McBaine P 7/7/99 1500 16.64 McBaine P 7/8/99 500 16.55 McBaine P 7/14/99 500 16.67 LLC P 7/14/99 1600 16.67 Lag P 7/15/99 2000 17.16 LLC P 7/15/99 2600 17.16 McBaine P 7/15/99 500 17.16 Lag P 7/16/99 6000 17.68 LLC P 7/16/99 3400 17.68 McBaine P 7/16/99 500 17.68 Gruber P 7/22/99 500 16.55 LLC P 7/22/99 7000 16.55 Gruber P 7/29/99 1100 16.30 Gruber P 8/3/99 2000 16.55 Lag P 8/3/99 11000 16.55 LLC P 8/3/99 15900 16.55 Gruber P 8/5/99 1000 16.56 LLC P 8/5/99 4000 16.56 Lag P 8/10/99 10000 15.30 LLC P 8/10/99 10000 15.30 Gruber P 8/11/99 1500 15.54 LLC P 8/11/99 1000 15.54 Gruber P 9/22/99 1500 13.55 Lag P 9/22/99 8000 13.55 LLC P 9/22/99 8000 13.55 Lag P 10/26/99 5000 12.05 LLC P 10/26/99 3000 12.05 Swergold P 10/26/00 200 12.05 Gruber P 10/29/99 2000 12.76 Lag P 10/29/99 5000 12.76 Gruber P 12/16/99 17900 11.64 Gruber S 12/16/99 17900 11.61 Lag S 12/16/99 53600 11.61 LLC P 12/16/99 57600 11.64 LLC S 12/16/99 4000 11.61 McBaine P 12/16/99 3400 11.64 McBaine S 12/16/99 3400 11.61 Swergold P 12/16/99 200 11.74 Swergold S 12/16/99 200 11.64 Gruber P 2/4/00 4400 12.93 Lag P 2/4/00 9000 12.93 LLC P 2/4/99 5000 12.93 Gruber P 3/3/00 2500 12.24 Lag P 3/3/00 5000 12.24 SCHEDULE 13D CUSIP No. 758075402 Page 12 of 14 Pages LLC P 3/3/00 7500 12.24 Gruber P 3/7/00 1500 12.30 Lag P 3/7/00 4500 12.30 Gruber P 3/8/00 1000 12.54 Lag P 3/8/00 6000 12.54 LLC P 3/8/00 3000 12.54 Lag P 3/10/00 2100 12.48 LLC P 3/10/00 1000 12.48 Swergold P 3/10/00 200 12.48 Gruber P 3/15/00 4000 13.34 Lag P 3/15/00 9000 13.34 LLC P 3/15/00 3900 13.34 Gruber P 3/16/00 4500 14.10 Lag P 3/16/00 25000 14.10 LLC P 3/16/00 25500 14.10 Gruber P 3/22/00 3500 14.17 Lag P 3/22/00 10000 14.17 LLC P 3/22/00 6500 14.17 Gruber P 3/23/00 1600 14.44 Lag P 3/23/00 3000 14.44 Gruber P 3/31/00 3000 15.04 Lag P 3/31/00 7000 15.04 LLC P 3/31/00 5400 15.04 Gruber P 4/3/00 4000 15.04 Lag P 4/3/00 3000 15.04 LLC P 4/3/00 3000 15.04 Gruber P 4/19/00 3000 14.94 Lag P 4/19/00 7000 14.94 LLC P 4/19/00 5500 14.94 Gruber P 4/20/00 1000 14.99 Lag P 4/20/00 3500 14.99 Gruber P 4/24/00 4800 14.97 Lag P 4/24/00 10000 14.97 LLC P 4/24/00 9000 14.97 Swergold P 4/24/00 1200 14.97 Lag P 4/25/00 4200 14.80 LLC P 4/25/00 2000 14.80 Lag P 4/27/00 3000 14.56 LLC P 4/27/00 9000 14.56 Gruber P 4/28/00 2000 14.59 LLC P 4/28/00 2900 14.59 Swergold P 4/28/00 100 14.59 Gruber P 5/2/00 3000 15.01 Lag P 5/2/00 6000 15.01 LLC P 5/2/00 1100 15.01 McBaine S 6/1/00 3500 13.51 Gruber P 6/14/00 2000 13.89 Lag P 6/14/00 1000 13.89 LLC P 6/14/00 1700 13.89 Swergold P 6/14/00 300 13.89 SCHEDULE 13D CUSIP No. 758075402 Page 13 of 14 Pages ITEM. 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH RESPECT TO SECURITIES OF THE ISSUER. LLC is the general partner of Lag, pursuant to a limited partnership agreement. This agreement provides to the general partner the authority, among other things, to invest the funds of Lag in the Stock, to vote and dispose of those securities and to file this statement on behalf of Lag. Also pursuant to those limited partnership agreements, LLC is entitled to fees based on assets under management and realized and unrealized gains, if certain conditions are met. Pursuant to investment management agreements, LLC is authorized, among other things, to invest funds of its various investment advisory clients, and to vote and dispose of those securities. Such investment management agreements may be terminated by either party on thirty days' notice, and provide for fees payable to LLC based on assets under management and realized and unrealized gains, if certain conditions are met. Pursuant to authority granted to LLC orally and under a Power of Attorney, LLC is authorized, among other things, to invest funds of various relatives and affiliates of Gruber and McBaine. Such authority may be terminated at any time on notice and there are no fees payable to LLC for those services. ITEM 7. MATERIAL TO BE FILED AS EXHIBITS. A. Agreement Regarding Joint Filing of Statement on Schedule 13D or 13G (previously filed). SIGNATURES After reasonable inquiry and to the best of my knowledge, I certify that the information set forth in this statement is true, complete and correct. DATED: August 8, 2000 Jon D. Gruber J. Patterson McBaine Thomas O. Lloyd-Butler Eric B. Swergold Gruber and McBaine Capital Management, L.L.C., by J. Patterson McBaine, Manager Lagunitas Partners, L.P., by Gruber and McBaine Capital Management, L.L.C., by J. Patterson McBaine, Manager SCHEDULE 13D CUSIP No. 758075402 Page 14 of 14 Pages EXHIBIT A AGREEMENT REGARDING JOINT FILING OF STATEMENT ON SCHEDULE 13D OR 13G The undersigned agree to file jointly with the Securities and Exchange Commission (the "SEC") any and all statements on Schedule 13D or Schedule 13G (and any amendments or supplements thereto) required under section 13(d) of the Securities Exchange Act of 1934, as amended, in connection with purchases by the undersigned of common stock of RWT. For that purpose, the undersigned hereby constitute and appoint Gruber & McBaine Capital Management, L.L.C., as their true and lawful agent and attorney-in- fact, with full power and authority for and on behalf of the undersigned to prepare or cause to be prepared, sign, file with the SEC and furnish to any other person all certificates, instruments, agreements and documents necessary to comply with section 13(d) and section 16(a) of the Securities Exchange Act of 1934, as amended, in connection with said purchases, and to do and perform every act necessary and proper to be done incident to the exercise of the foregoing power, as fully as the undersigned might or could do if personally present. DATED: August 8, 2000. Jon D. Gruber J. Patterson McBaine Thomas O. Lloyd-Butler Eric B. Swergold Gruber and McBaine Capital Management, L.L.C., by J. Patterson McBaine, Manager Lagunitas Partners, L.P., by Gruber and McBaine Capital Management, L.L.C., by J. Patterson McBaine, Manager F:\DMS\M-CORP\INV_ADV\0113476.WP THIS IS FORMATTED FOR EDGAR (ELECTRONIC) FILING--NO SPECIAL CODES, COURIER 10 CPI LEGAL FONT. ALSO, BE AWARE THAT THE FIRST AND SECOND PAGES OF THE FORM ARE CONSIDERED PAGE 1. THIS PAGE MUST BE DUPLICATED FOR EACH ENTITY INCLUDED IN THIS FILING.