Officials at Redwood Trust took pains last week to defend differences in the real estate investment trust’s business model compared with other REITs that focus on investing in mortgage-backed securities. Some investors have been critical of low dividend payments from Redwood, but the REIT said its dividend payments are not directly comparable to other REITs. “Analysts and investors puzzle about how to categorize Redwood and how to value our company,” Martin Hughes and Brett Nicholas ...