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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: September 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)

Maryland						68-0329422
(State or Other Jurisdiction of Incorporation or Organization)						(I.R.S. Employer Identification No.)

One Belvedere Place, Suite 300
Mill Valley,			California						94941
(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 class			Trading symbol(s)			Name of each exchange on which registered
Common stock, par value $0.01 per share			RWT			New 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 share						111,928,020			shares outstanding as of November 2, 2020

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REDWOOD TRUST, INC.

2020 FORM 10-Q REPORT

TABLE OF CONTENTS

 

									Page
PART I —			FINANCIAL INFORMATION
Item 1.			Financial Statements						2
			Consolidated Balance Sheets at September 30, 2020 (Unaudited) and December 31, 2019						2
			Consolidated Statements of Income (Loss) for the Three and Nine Months Ended September 30, 2020 and 2019 (Unaudited)						3
			Consolidated Statements of Comprehensive Income (Loss) for the Three and Nine Months Ended September 30, 2020 and 2019 (Unaudited)						4
			Consolidated Statements of Changes in Stockholders' Equity for the Three and Nine Months Ended September 30, 2020 and 2019 (Unaudited)						5
			Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2020 and 2019 (Unaudited)						7
			Notes to Consolidated Financial Statements (Unaudited)						9
			Note 1. Organization						9
			Note 2. Basis of Presentation						9
			Note 3. Summary of Significant Accounting Policies						12
			Note 4. Principles of Consolidation						16
			Note 5. Fair Value of Financial Instruments						24
			Note 6. Residential Loans						33
			Note 7. Business Purpose Residential Loans						35
			Note 8. Multifamily Loans						38
			Note 9. Real Estate Securities						39
			Note 10. Other Investments						43
			Note 11. Derivative Financial Instruments						46
			Note 12. Other Assets and Liabilities						48
			Note 13. Short-Term Debt						49
			Note 14. Asset-Backed Securities Issued						51
			Note 15. Long-Term Debt						52
			Note 16. Commitments and Contingencies						54
			Note 17. Equity						59
			Note 18. Equity Compensation Plans						62
			Note 19. Mortgage Banking Activities, Net						64
			Note 20. Other Income						65
			Note 21. General and Administrative Expenses, Loan Acquisition Costs, and Other Expenses						66
			Note 22. Taxes						67
			Note 23. Segment Information						68
Item 2.			Management’s Discussion and Analysis of Financial Condition and Results of Operations						73
Item 3.			Quantitative and Qualitative Disclosures About Market Risk						104
Item 4.			Controls and Procedures						104
PART II —			OTHER INFORMATION
Item 1.			Legal Proceedings						105
Item 1A.			Risk Factors						106
Item 2.			Unregistered Sales of Equity Securities and Use of Proceeds						107
Item 3.			Defaults Upon Senior Securities						107
Item 4.			Mine Safety Disclosures (Not Applicable)						107
Item 5.			Other Information						107
Item 6.			Exhibits						108
Signatures									110

i

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PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

REDWOOD TRUST, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(In Thousands, except Share Data) (Unaudited)						September 30, 2020						December 31, 2019
ASSETS (1)
Residential loans, held-for-sale, at fair value						$	105,128					$	536,385
Residential loans, held-for-investment, at fair value						4,389,808						7,178,465
Business purpose residential loans, held-for-sale, at fair value						285,549						331,565
Business purpose residential loans, held-for-investment, at fair value						3,670,552						3,175,178
Multifamily loans, held-for-investment, at fair value						491,415						4,408,524
Real estate securities, at fair value						351,335						1,099,874
Other investments						384,628						358,130
Cash and cash equivalents						450,684						196,966
Restricted cash						73,594						93,867
Goodwill and intangible assets						60,737						161,464
Derivative assets						14,709						35,701
Other assets						124,273						419,321
Total Assets						$	10,402,412					$	17,995,440
LIABILITIES AND EQUITY (1)
Liabilities
Short-term debt, net						$	482,761					$	2,329,145
Derivative liabilities						1,612						163,424
Accrued expenses and other liabilities						155,989						206,893
Asset-backed securities issued (includes $6,969,376 and $10,515,475 at fair value), net						7,172,398						10,515,475
Long-term debt, net						1,536,188						2,953,272
Total liabilities						9,348,948						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; 111,904,322 and 114,353,036 issued and outstanding						1,119						1,144
Additional paid-in capital						2,261,911						2,269,617
Accumulated other comprehensive (loss) income						(20,560)						41,513
Cumulative earnings						942,982						1,579,124
Cumulative distributions to stockholders						(2,131,988)						(2,064,167)
Total equity						1,053,464						1,827,231
Total Liabilities and Equity						$	10,402,412					$	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 September 30, 2020 and December 31, 2019, assets of consolidated VIEs totaled $8,197,095 and $11,931,869, respectively. At September 30, 2020 and December 31, 2019, liabilities of consolidated VIEs totaled $7,238,047 and $10,717,072, respectively. See Note 4 for further discussion.

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

2

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REDWOOD TRUST, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME (LOSS)

(In Thousands, except Share Data)						Three Months Ended September 30,												Nine Months Ended September 30,
(Unaudited)						2020						2019						2020						2019
Interest Income
Residential loans						$	44,921					$	77,070					$	179,331					$	230,308
Business purpose residential loans						55,637						5,446						161,710						12,231
Multifamily loans						4,918						36,829						49,960						94,134
Real estate securities						10,135						23,047						38,471						72,514
Other interest income						6,371						7,725						20,537						20,513
Total interest income						121,982						150,117						450,009						429,700
Interest Expense
Short-term debt						(5,145)						(24,239)						(45,119)						(70,732)
Asset-backed securities issued						(66,514)						(71,065)						(232,316)						(196,473)
Long-term debt						(28,752)						(21,300)						(72,313)						(64,895)
Total interest expense						(100,411)						(116,604)						(349,748)						(332,100)
Net Interest Income						21,571						33,513						100,261						97,600
Non-interest Income (Loss)
Mortgage banking activities, net						59,395						9,515						24,511						40,984
Investment fair value changes, net						107,047						11,444						(611,557)						34,741
Other income, net						(114)						4,356						3,979						13,840
Realized gains, net						602						4,714						30,419						18,227
Total non-interest income (loss), net						166,930						30,029						(552,648)						107,792
General and administrative expenses						(27,630)						(24,899)						(84,832)						(70,722)
Loan acquisition costs						(2,158)						(