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UNITED STATES OF AMERICA
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
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☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the Quarterly Period Ended: March 31, 2021
OR
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☐ | 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)
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Maryland | | 68-0329422 |
(State or Other Jurisdiction of Incorporation or Organization) | | (I.R.S. Employer Identification No.) |
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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.
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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:
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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.
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Common Stock, $0.01 par value per share | | 113,010,497 | | shares outstanding as of May 4, 2021 |
REDWOOD TRUST, INC.
2021 FORM 10-Q REPORT
TABLE OF CONTENTS
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| FINANCIAL INFORMATION | | |
Item 1. | | | |
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Item 2. | | | |
Item 3. | | | |
Item 4. | | | |
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| OTHER INFORMATION | | |
Item 1. | | | |
Item 1A. | | | |
Item 2. | | | |
Item 3. | | | |
Item 4. | | | |
Item 5. | | | |
Item 6. | | | |
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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) | | March 31, 2021 | | December 31, 2020 |
ASSETS (1) | | | | |
Residential loans, held-for-sale, at fair value | | $ | 996,512 | | | $ | 176,641 | |
Residential loans, held-for-investment, at fair value | | 3,705,324 | | | 4,072,410 | |
Business purpose loans, held-for-sale, at fair value | | 333,110 | | | 245,394 | |
Business purpose loans, held-for-investment, at fair value | | 3,839,010 | | | 3,890,959 | |
Multifamily loans, held-for-investment, at fair value | | 489,545 | | | 492,221 | |
Real estate securities, at fair value | | 364,320 | | | 344,125 | |
Other investments | | 322,579 | | | 348,175 | |
Cash and cash equivalents | | 426,019 | | | 461,260 | |
Restricted cash | | 95,775 | | | 83,190 | |
Intangible assets | | 52,992 | | | 56,865 | |
| | | | |
| | | | |
Derivative assets | | 129,924 | | | 53,238 | |
Other assets | | 141,738 | | | 130,588 | |
Total Assets | | $ | 10,896,848 | | | $ | 10,355,066 | |
| | | | |
LIABILITIES AND EQUITY (1) | | | | |
Liabilities | | | | |
Short-term debt, net | | $ | 1,253,882 | | | $ | 522,609 | |
| | | | |
Derivative liabilities | | 73,178 | | | 16,072 | |
Accrued expenses and other liabilities | | 244,274 | | | 179,340 | |
| | | | |
Asset-backed securities issued (includes $6,475,472 and $6,900,362 at fair value), net | | 6,671,677 | | | 7,100,661 | |
Long-term debt, net | | 1,438,262 | | | 1,425,485 | |
Total liabilities | | 9,681,273 | | | 9,244,167 | |
Commitments and Contingencies (see Note 16) | | | | |
Equity | | | | |
Common stock, par value $0.01 per share, 395,000,000 shares authorized; 112,998,732 and 112,090,006 issued and outstanding | | 1,130 | | | 1,121 | |
Additional paid-in capital | | 2,281,647 | | | 2,264,874 | |
Accumulated other comprehensive income (loss) | | 4,988 | | | (4,221) | |
Cumulative earnings | | 1,094,534 | | | 997,277 | |
Cumulative distributions to stockholders | | (2,166,724) | | | (2,148,152) | |
Total equity | | 1,215,575 | | | 1,110,899 | |
Total Liabilities and Equity | | $ | 10,896,848 | | | $ | 10,355,066 | |
——————
(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 March 31, 2021 and December 31, 2020, assets of consolidated VIEs totaled $7,724,203 and $8,141,069, respectively. At March 31, 2021 and December 31, 2020, liabilities of consolidated VIEs totaled $6,704,943 and $7,148,414, respectively. See Note 4 for further discussion.
The accompanying notes are an integral part of these consolidated financial statements.
REDWOOD TRUST, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME (LOSS)
| | | | | | | | | | | | | | | | | | |
(In Thousands, except Share Data) | | Three Months Ended March 31, | | |
(Unaudited) | | 2021 | | 2020 | | | | |
Interest Income | | | | | | | | |
Residential loans | | $ | 43,655 | | | $ | 79,436 | | | | | |
Business purpose loans | | 64,188 | | | 52,654 | | | | | |
Multifamily loans | | 4,786 | | | 40,172 | | | | | |
Real estate securities | | 9,663 | | | 18,309 | | | | | |
Other interest income | | 6,013 | | | 7,510 | | | | | |
Total interest income | | 128,305 | | | 198,081 | | | | | |
Interest Expense | | | | | | | | |
Short-term debt | | (7,773) | | | (23,067) | | | | | |
Asset-backed securities issued | | (72,561) | | | (100,498) | | | | | |
Long-term debt | | (22,218) | | | (23,106) | | | | | |
Total interest expense | | (102,552) | | | (146,671) | | | | | |
Net Interest Income | | 25,753 | | | 51,410 | | | | | |
Non-interest Income (Loss) | | | | | | | | |
Mortgage banking activities, net | | 82,607 | | | (28,902) | | | | | |
Investment fair value changes, net | | 45,087 | | | (870,832) | | | | | |
Other income, net | | 3,843 | | | 2,928 | | | | | |
Realized gains, net | | 2,716 | | | 3,852 | | | | | |
Total non-interest income (loss), net | | 134,253 | | | (892,954) | | | | | |
General and administrative expenses | | (43,551) | | | (28,682) | | | | | |
Loan acquisition costs | | (3,559) | | | (3,986) | | | | | |
Other expenses | | (4,096) | | | (91,415) | | | | | |
Net Income (Loss) before (Provision for) Benefit from Income Taxes | | 108,800 | | | (965,627) | | | | | |
(Provision for) benefit from income taxes | | (11,543) | | | 22,229 | | | | | |
Net Income (Loss) | | $ | 97,257 | | | $ | (943,398) | | | | | |
| | | | | | | | |
Basic earnings (loss) per common share | | $ | 0.84 | | | $ | (8.28) | | | | | |
Diluted earnings (loss) per common share | | $ | 0.72 | | | $ | (8.28) | | | | | |
Basic weighted average shares outstanding | | 112,276,842 | | | 114,076,568 | | | | | |
Diluted weighted average shares outstanding | | 141,039,285 | | | 114,076,568 | | | | | |
The accompanying notes are an integral part of these consolidated financial statements.
REDWOOD TRUST, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
| | | | | | | | | | | | | | | | | | |
(In Thousands) | | Three Months Ended March 31, | | |
(Unaudited) | | 2021 | | 2020 | | | | |
Net Income (Loss) | | $ | 97,257 | | | $ | (943,398) | | | | | |
Other comprehensive income (loss): | | | | | | | | |
Net unrealized gain (loss) on available-for-sale securities | | 10,986 | | | (80,519) | | | | | |
Reclassification of unrealized gain on available-for-sale securities to net income | | (2,795) | | | (13,798) | | | | | |
Net unrealized loss on interest rate agreements | | — | | | (32,806) | | | | | |
Reclassification of unrealized loss on interest rate agreements to net income | | 1,018 | | | 79 | | | | | |
Total other comprehensive income (loss) | | 9,209 | | | (127,044) | | | | | |
Total Comprehensive Income (Loss) | | $ | 106,466 | | | $ | (1,070,442) | | | | | |
The accompanying notes are an integral part of these consolidated financial statements.
REDWOOD TRUST, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY
For the Three Months Ended March 31, 2021
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
(In Thousands, except Share Data) | | Common Stock | | Additional Paid-In Capital | | Accumulated Other Comprehensive Income (Loss) | | Cumulative Earnings | | Cumulative Distributions to Stockholders | | Total |
(Unaudited) | | Shares | | Amount | | | | | |
December 31, 2020 | | 112,090,006 | | | $ | 1,121 | | | $ | 2,264,874 | | | $ | (4,221) | | | $ | 997,277 | | | $ | (2,148,152) | | | $ | 1,110,899 | |
Net income | | — | | | — | | | — | | | — | | | 97,257 | | | — | | | 97,257 | |
Other comprehensive income | | — | | | — | | | — | | | 9,209 | | | — | | | — | | | 9,209 | |
Issuance of common stock | | 806,068 | | | 8 | | | 13,366 | | | — | | | — | | | — | | | 13,374 | |
| | | | | | | | | | | | | | |
Employee stock purchase and incentive plans | | 102,658 | | | 1 | | | (811) | | | — | | | — | | | — | | | (810) | |
Non-cash equity award compensation | | — | | | — | | | 4,218 | | | — | | | — | | | — | | | 4,218 | |
| | | | | | | | | | | | | | |
Common dividends declared ($0.16 per share) | | — | | | — | | | — | | | — | | | — | | | (18,572) | | | (18,572) | |
March 31, 2021 | | 112,998,732 | | | $ | 1,130 | | | $ | 2,281,647 | | | $ | 4,988 | | | $ | 1,094,534 | | | $ | (2,166,724) | | | $ | 1,215,575 | |
For the Three Months Ended March 31, 2020
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
(In Thousands, except Share Data) | | Common Stock | | Additional Paid-In Capital | | Accumulated Other Comprehensive Income | | Cumulative Earnings | | Cumulative Distributions to Stockholders | | Total |
(Unaudited) | | Shares | | Amount | | | | | |
December 31, 2019 | | 114,353,036 | | | $ | 1,144 | | | $ | 2,269,617 | | | $ | 41,513 | | | $ | 1,579,124 | | | $ | (2,064,167) | | | $ | 1,827,231 | |
Net loss | | — | | | — | | | — | | | — | | | (943,398) | | | — | | | (943,398) | |
Other comprehensive loss | | — | | | — | | | — | | | (127,044) | | | — | | | — | | | (127,044) | |
Issuance of common stock | | 350,088 | | | 3 | | | 5,544 | | | — | | | — | | | — | | | 5,547 | |
| | | | | | | | | | | | | | |
Employee stock purchase and incentive plans | | 134,409 | | | 1 | | | (2,541) | | | — | | | — | | | — | | | (2,540) | |
Non-cash equity award compensation | | — | | | — | | | 3,188 | | | — | | | — | | | — | | | 3,188 | |
| | | | | | | | | | | | | | |
Common dividends declared ($0.32 per share) | | — | | | — | | | — | | | — | | | — | | | (37,782) | | | (37,782) | |
March 31, 2020 | | 114,837,533 | | | $ | 1,148 | | | $ | 2,275,808 | | | $ | (85,531) | | | $ | 635,726 | | | $ | (2,101,949) | | | $ | 725,202 | |
The accompanying notes are an integral part of these consolidated financial statements.
REDWOOD TRUST, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
| | | | | | | | | | | | | | |
(In Thousands) (Unaudited) | | Three Months Ended March 31, |
| 2021 | | 2020 |
Cash Flows From Operating Activities: | | | | |
Net income (loss) | | $ | 97,257 | | | $ | (943,398) | |
Adjustments to reconcile net income (loss) to net cash used in operating activities: | | | | |
Amortization of premiums, discounts, and securities issuance costs, net | | 2,216 | | | (596) | |
Depreciation and amortization of non-financial assets | | 4,172 | | | 4,677 | |
Originations of held-for-sale loans | | (254,975) | | | (280,076) | |
Purchases of held-for-sale loans | | (3,150,432) | | | (2,665,447) | |
Proceeds from sales of held-for-sale loans | | 2,345,164 | | | 2,733,285 | |
Principal payments on held-for-sale loans | | 4,477 | | | 19,778 | |
Net settlements of derivatives | | 24,849 | | | (163,442) | |
| | | | |
Non-cash equity award compensation expense | | 4,218 | | | 3,188 | |
Goodwill impairment expense | | — | | | 88,675 | |
Market valuation adjustments | | (119,783) | | | 912,477 | |
Realized gains, net | | (2,716) | | | (3,852) | |
Net change in: | | | | |
Accrued interest receivable and other assets | | 2,565 | | | 107,740 | |
Accrued interest payable and accrued expenses and other liabilities | | 76,824 | | | (54,414) | |
Net cash used in operating activities | | (966,164) | | | (241,405) | |
Cash Flows From Investing Activities: | | | | |
Originations of loan investments | | ( |