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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, 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 share113,055,422 shares outstanding as of August 2, 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)
June 30, 2021December 31, 2020
ASSETS (1)
Residential loans, held-for-sale, at fair value$1,160,548 $176,641 
Residential loans, held-for-investment, at fair value4,582,052 4,072,410 
Business purpose loans, held-for-sale, at fair value418,442 245,394 
Business purpose loans, held-for-investment, at fair value3,990,447 3,890,959 
Multifamily loans, held-for-investment, at fair value485,157 492,221 
Real estate securities, at fair value354,886 344,125 
Other investments308,732 348,175 
Cash and cash equivalents421,223 461,260 
Restricted cash55,048 83,190 
Intangible assets49,119 56,865 
Derivative assets34,305 53,238 
Other assets136,432 130,588 
Total Assets$11,996,391 $10,355,066 
LIABILITIES AND EQUITY (1)
Liabilities
Short-term debt, net $1,484,999 $522,609 
Derivative liabilities3,240 16,072 
Accrued expenses and other liabilities191,705 179,340 
Asset-backed securities issued (includes $7,360,766 and $6,900,362 at fair value), net
7,536,997 7,100,661 
Long-term debt, net1,484,308 1,425,485 
Total liabilities10,701,249 9,244,167 
Commitments and Contingencies (see Note 16)
Equity
Common stock, par value $0.01 per share, 395,000,000 shares authorized; 113,052,780 and 112,090,006 issued and outstanding
1,131 1,121 
Additional paid-in capital2,287,412 2,264,874 
Accumulated other comprehensive income (loss)9,740 (4,221)
Cumulative earnings1,184,559 997,277 
Cumulative distributions to stockholders(2,187,700)(2,148,152)
Total equity1,295,142 1,110,899 
Total Liabilities and Equity$11,996,391 $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 June 30, 2021 and December 31, 2020, assets of consolidated VIEs totaled $8,616,435 and $8,141,069, respectively. At June 30, 2021 and December 31, 2020, liabilities of consolidated VIEs totaled $7,562,367 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 June 30,Six Months Ended June 30,
(Unaudited)2021202020212020
Interest Income
Residential loans$48,433 $54,974 $92,088 $134,410 
Business purpose loans70,323 53,419 134,511 106,073 
Multifamily loans4,860 4,870 9,646 45,042 
Real estate securities9,279 10,027 18,942 28,336 
Other interest income5,800 6,656 11,813 14,166 
Total interest income138,695 129,946 267,000 328,027 
Interest Expense
Short-term debt(11,195)(16,907)(18,968)(39,974)
Asset-backed securities issued(76,419)(65,304)(148,980)(165,802)
Long-term debt(20,451)(20,455)(42,669)(43,561)
Total interest expense(108,065)(102,666)(210,617)(249,337)
Net Interest Income30,630 27,280 56,383 78,690 
Non-interest Income (Loss)
Mortgage banking activities, net54,419 (5,982)137,026 (34,884)
Investment fair value changes, net49,480 152,228 94,567 (718,604)
Other income, net2,126 1,165 5,969 4,093 
Realized gains, net8,384 25,965 11,100 29,817 
Total non-interest income (loss), net114,409 173,376 248,662 (719,578)
General and administrative expenses(40,594)(28,520)(84,145)(57,202)
Loan acquisition costs(3,748)(1,572)(7,307)(5,558)
Other expenses(3,985)(5,083)(8,081)(96,498)
Net Income (Loss) before (Provision for) Benefit from Income Taxes96,712 165,481 205,512 (800,146)
(Provision for) benefit from income taxes(6,687)(37)(18,230)22,192 
Net Income (Loss)$90,025 $165,444 $187,282 $(777,954)
Basic earnings (loss) per common share$0.77 $1.41 $1.61 $(6.82)
Diluted earnings (loss) per common share