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UNITED STATES OF AMERICA
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the Quarterly Period Ended: June 30, 2020

OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934

For the Transition Period from _______________ to _______________.
Commission File Number 1-13759
REDWOOD TRUST, INC.
(Exact Name of Registrant as Specified in Its Charter)
Maryland68-0329422
(State or Other Jurisdiction of
Incorporation or Organization)
(I.R.S. Employer
Identification No.)
One Belvedere Place, Suite 300
Mill Valley,California94941
(Address of Principal Executive Offices)(Zip Code)
(415) 389-7373
(Registrant’s Telephone Number, Including Area Code)
Not Applicable
(Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report)
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer Accelerated filer
Non-accelerated filer Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading symbol(s)Name of each exchange on which registered
Common stock, par value $0.01 per shareRWTNew York Stock Exchange
Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date.
Common Stock, $0.01 par value per share114,944,552  shares outstanding as of August 4, 2020



REDWOOD TRUST, INC.
2020 FORM 10-Q REPORT
TABLE OF CONTENTS
 
Page
PART I
FINANCIAL INFORMATION
Item 1.
Item 2.
Item 3.
Item 4.
PART II
OTHER INFORMATION
Item 1.
Item 1A.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.
i


PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
REDWOOD TRUST, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In Thousands, except Share Data)
(Unaudited)
June 30, 2020December 31, 2019
ASSETS (1)
Residential loans, held-for-sale, at fair value$20,199  $536,385  
Residential loans, held-for-investment, at fair value4,514,131  7,178,465  
Business purpose residential loans, held-for-sale, at fair value379,795  331,565  
Business purpose residential loans, held-for-investment, at fair value3,402,405  3,175,178  
Multifamily loans, held-for-investment, at fair value489,075  4,408,524  
Real estate securities, at fair value316,436  1,099,874  
Other investments429,840  358,130  
Cash and cash equivalents528,612  196,966  
Restricted cash44,496  93,867  
Goodwill and intangible assets64,610  161,464  
Derivative assets357  35,701  
Other assets171,586  419,321  
Total Assets$10,361,542  $17,995,440  
LIABILITIES AND EQUITY (1)
Liabilities
Short-term debt, net $662,807  $2,329,145  
Derivative liabilities1,932  163,424  
Accrued expenses and other liabilities166,013  206,893  
Asset-backed securities issued, at fair value6,856,086  10,515,475  
Long-term debt, net1,738,128  2,953,272  
Total liabilities9,424,966  16,168,209  
Commitments and Contingencies (see Note 16)
Equity
Common stock, par value $0.01 per share, 395,000,000 and 270,000,000 shares authorized; 114,940,197 and 114,353,036 issued and outstanding
1,149  1,144  
Additional paid-in capital2,279,625  2,269,617  
Accumulated other comprehensive (loss) income(29,391) 41,513  
Cumulative earnings801,170  1,579,124  
Cumulative distributions to stockholders(2,115,977) (2,064,167) 
Total equity936,576  1,827,231  
Total Liabilities and Equity$10,361,542  $17,995,440  
——————
(1)Our consolidated balance sheets include assets of consolidated variable interest entities (“VIEs”) that can only be used to settle obligations of these VIEs and liabilities of consolidated VIEs for which creditors do not have recourse to Redwood Trust, Inc. or its affiliates. At June 30, 2020 and December 31, 2019, assets of consolidated VIEs totaled $7,984,618 and $11,931,869, respectively. At June 30, 2020 and December 31, 2019, liabilities of consolidated VIEs totaled $7,140,221 and $10,717,072, respectively. See Note 4 for further discussion.


The accompanying notes are an integral part of these consolidated financial statements.
2


REDWOOD TRUST, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME (LOSS)
(In Thousands, except Share Data)Three Months Ended June 30,Six Months Ended June 30,
(Unaudited)2020201920202019
Interest Income
Residential loans$54,974  $77,288  $134,410  $153,238  
Business purpose residential loans53,419  3,996  106,073  6,785  
Multifamily loans4,870  35,917  45,042  57,305  
Real estate securities10,027  25,017  28,336  49,467  
Other interest income6,656  6,324  14,166  12,788  
Total interest income129,946  148,542  328,027  279,583  
Interest Expense
Short-term debt(16,907) (24,275) (39,974) (46,493) 
Asset-backed securities issued(65,304) (70,113) (165,802) (125,408) 
Long-term debt(20,455) (21,832) (43,561) (43,595) 
Total interest expense(102,666) (116,220) (249,337) (