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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: March 31, 2021

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 share113,010,497 shares outstanding as of May 4, 2021



REDWOOD TRUST, INC.
2021 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)
March 31, 2021December 31, 2020
ASSETS (1)
Residential loans, held-for-sale, at fair value$996,512 $176,641 
Residential loans, held-for-investment, at fair value3,705,324 4,072,410 
Business purpose loans, held-for-sale, at fair value333,110 245,394 
Business purpose loans, held-for-investment, at fair value3,839,010 3,890,959 
Multifamily loans, held-for-investment, at fair value489,545 492,221 
Real estate securities, at fair value364,320 344,125 
Other investments322,579 348,175 
Cash and cash equivalents426,019 461,260 
Restricted cash95,775 83,190 
Intangible assets52,992 56,865 
Derivative assets129,924 53,238 
Other assets141,738 130,588 
Total Assets$10,896,848 $10,355,066 
LIABILITIES AND EQUITY (1)
Liabilities
Short-term debt, net $1,253,882 $522,609 
Derivative liabilities73,178 16,072 
Accrued expenses and other liabilities244,274 179,340 
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, net1,438,262 1,425,485 
Total liabilities9,681,273 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 capital2,281,647 2,264,874 
Accumulated other comprehensive income (loss)4,988 (4,221)
Cumulative earnings1,094,534 997,277 
Cumulative distributions to stockholders(2,166,724)(2,148,152)
Total equity1,215,575 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.
2


REDWOOD TRUST, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME (LOSS)
(In Thousands, except Share Data)Three Months Ended March 31,
(Unaudited)20212020
Interest Income
Residential loans$43,655 $79,436 
Business purpose loans64,188 52,654 
Multifamily loans4,786 40,172 
Real estate securities9,663 18,309 
Other interest income6,013 7,510 
Total interest income128,305 198,081 
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 Income25,753 51,410 
Non-interest Income (Loss)
Mortgage banking activities, net82,607 (28,902)
Investment fair value changes, net45,087 (870,832)
Other income, net3,843 2,928 
Realized gains, net2,716 3,852 
Total non-interest income (loss), net134,253 (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 Taxes108,800 (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 outstanding112,276,842 114,076,568 
Diluted weighted average shares outstanding141,039,285 114,076,568 

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


3


REDWOOD TRUST, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(In Thousands)Three Months Ended March 31,
(Unaudited)20212020
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 income1,018 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.


4


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 StockAdditional
Paid-In
Capital
Accumulated
Other
Comprehensive
Income (Loss)
Cumulative
 Earnings
Cumulative
Distributions
to Stockholders
Total
(Unaudited)SharesAmount
December 31, 2020112,090,006 $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 stock806,068 8 13,366 — — — 13,374 
Employee stock purchase and incentive plans102,658 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, 2021112,998,732 $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 StockAdditional
Paid-In
Capital
Accumulated
Other
Comprehensive
Income
Cumulative
 Earnings
Cumulative
Distributions
to Stockholders
Total
(Unaudited)SharesAmount
December 31, 2019114,353,036 $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 stock350,088 3 5,544 — — — 5,547 
Employee stock purchase and incentive plans134,409 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, 2020114,837,533 $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.

5


REDWOOD TRUST, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In Thousands)
(Unaudited)
Three Months Ended March 31,
20212020
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, net2,216 (596)
Depreciation and amortization of non-financial assets4,172 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 loans2,345,164 2,733,285 
Principal payments on held-for-sale loans4,477 19,778 
Net settlements of derivatives24,849 (163,442)
Non-cash equity award compensation expense4,218 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 assets2,565 107,740 
Accrued interest payable and accrued expenses and other liabilities76,824 (54,414)
Net cash used in operating activities(966,164)(241,405)
Cash Flows From Investing Activities:
Originations of loan investments(