November 2017

Structured Credit Investor
“Thinking outside the box”

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Definitions

LTV: Loan-to-value Ratio
DTI: Debt-to-income Ratio
Non-QM: Non-Qualified Mortgage
CH deals: Designation that differentiates a transaction from Redwood’s prior SEMT securitizations due to the inclusion of loans that: (i) are not applicable for or do not meet the definition of QM and/or (ii) possess one or more collateral attributes that represent an expansion of the credit parameters used to originate ‘super-prime’ loans in prior SEMT transactions.

Past performance does not guarantee future results.

The opinions expressed are those of the Portfolio Manager and are subject to change, are not guaranteed, and should not be considered recommendations to buy or sell any security.