<PAGE>
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. *)
*
Redwood Trust, Inc.
*
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Common Stock
*
758075402
*
Elizabeth D. Giorgis
Gruber and McBaine Capital Management
50 Osgood Place, Penthouse
San Francisco, CA 94133
(415) 981-2101
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(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)
<PAGE>
SCHEDULE 13D
CUSIP No. 758075402 Page 2 of 14 Pages
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1 NAME OF REPORTING PERSON
SS OR IRS IDENTIFICATION NO. OF ABOVE PERSON
GRUBER & McBAINE CAPITAL MANAGEMENT, L.L.C.
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /X /
(b) / /
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
AF
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(E)/ /
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
CALIFORNIA
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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
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
496,000
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
/ /
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
5.64
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14 TYPE OF REPORTING PERSON*
OO
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*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.
<PAGE>
SCHEDULE 13D
CUSIP No. 758075402 Page 3 of 14 Pages
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1 NAME OF REPORTING PERSON
SS OR IRS IDENTIFICATION NO. OF ABOVE PERSON
JON D. GRUBER
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /X /
(b) / /
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
AF, PF
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(E)/ /
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
UNITED STATES
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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
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
580,700
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
/ /
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
6.61
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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.
<PAGE>
SCHEDULE 13D
CUSIP No. 758075402 Page 4 of 14 Pages
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1 NAME OF REPORTING PERSON
SS OR IRS IDENTIFICATION NO. OF ABOVE PERSON
J. PATTERSON McBAINE
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /X /
(b) / /
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
AF, PF
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(E)/ /
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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.
<PAGE>
SCHEDULE 13D
CUSIP No. 758075402 Page 5 of 14 Pages
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1 NAME OF REPORTING PERSON
SS OR IRS IDENTIFICATION NO. OF ABOVE PERSON
LAGUNITAS PARTNERS, A California Limited Partnership
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /X /
(b) / /
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
WC
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(E)/ /
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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
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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
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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.
<PAGE>
SCHEDULE 13D
CUSIP No. 758075402 Page 6 of 14 Pages
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1 NAME OF REPORTING PERSON
SS OR IRS IDENTIFICATION NO. OF ABOVE PERSON
THOMAS O. LLOYD-BUTLER
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /X/
(b) / /
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
AF
---------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(E)/ /
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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.
<PAGE>
SCHEDULE 13D
CUSIP No. 758075402 Page 7 of 14 Pages
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1 NAME OF REPORTING PERSON
SS OR IRS IDENTIFICATION NO. OF ABOVE PERSON
ERIC B. SWERGOLD
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /X/
(b) / /
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
AF
---------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(E)/ /
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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.
<PAGE>
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.
<PAGE>
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:
<PAGE>
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
<PAGE>
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
<PAGE>
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
<PAGE>
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
<PAGE>
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
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THIS PAGE MUST BE DUPLICATED FOR EACH ENTITY INCLUDED IN THIS FILING.
