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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, 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)

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						114,674,962			shares outstanding as of November 1, 2021

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REDWOOD TRUST, INC.

2021 FORM 10-Q REPORT

TABLE OF CONTENTS

 

									Page
PART I —			FINANCIAL INFORMATION
Item 1.			Financial Statements						2
			Consolidated Balance Sheets at September 30, 2021 (Unaudited) and December 31, 2020						2
			Consolidated Statements of Income (Loss) for the Three and Nine Months Ended September 30, 2021 and 2020 (Unaudited)						3
			Consolidated Statements of Comprehensive Income (Loss) for the Three and Nine Months Ended September 30, 2021 and 2020 (Unaudited)						4
			Consolidated Statements of Changes in Stockholders' Equity for the Three and Nine Months Ended September 30, 2021 and 2020 (Unaudited)						5
			Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2021 and 2020 (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						11
			Note 4. Principles of Consolidation						15
			Note 5. Fair Value of Financial Instruments						24
			Note 6. Residential Loans						34
			Note 7. Business Purpose Loans						38
			Note 8. Multifamily Loans						42
			Note 9. Real Estate Securities						42
			Note 10. Other Investments						48
			Note 11. Derivative Financial Instruments						50
			Note 12. Other Assets and Liabilities						52
			Note 13. Short-Term Debt						54
			Note 14. Asset-Backed Securities Issued						56
			Note 15. Long-Term Debt						59
			Note 16. Commitments and Contingencies						60
			Note 17. Equity						63
			Note 18. Equity Compensation Plans						66
			Note 19. Mortgage Banking Activities, Net						67
			Note 20. Other Income						68
			Note 21. General and Administrative Expenses, Loan Acquisition Costs, and Other Expenses						69
			Note 22. Taxes						70
			Note 23. Segment Information						70
Item 2.			Management’s Discussion and Analysis of Financial Condition and Results of Operations						75
Item 3.			Quantitative and Qualitative Disclosures About Market Risk						106
Item 4.			Controls and Procedures						106
PART II —			OTHER INFORMATION
Item 1.			Legal Proceedings						107
Item 1A.			Risk Factors						107
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						108
Item 6.			Exhibits						109
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, 2021						December 31, 2020
ASSETS (1)
Residential loans, held-for-sale, at fair value						$	1,495,079					$	176,641
Residential loans, held-for-investment, at fair value						4,721,389						4,072,410
Business purpose loans, held-for-sale, at fair value						466,346						245,394
Business purpose loans, held-for-investment, at fair value						4,227,209						3,890,959
Multifamily loans, held-for-investment, at fair value						482,791						492,221
Real estate securities, at fair value						353,286						344,125
Other investments						422,366						348,175
Cash and cash equivalents						556,989						461,260
Restricted cash						88,717						83,190
Intangible assets						45,246						56,865
Derivative assets						51,103						53,238
Other assets						162,193						130,588
Total Assets						$	13,072,714					$	10,355,066
LIABILITIES AND EQUITY (1)
Liabilities
Short-term debt, net						$	1,750,941					$	522,609
Derivative liabilities						10,972						16,072
Accrued expenses and other liabilities						251,576						179,340
Asset-backed securities issued (includes $7,756,101 and $6,900,362 at fair value), net						8,183,825						7,100,661
Long-term debt, net						1,499,577						1,425,485
Total liabilities						11,696,891						9,244,167
Commitments and Contingencies (see Note 16)
Equity
Common stock, par value $0.01 per share, 395,000,000 shares authorized; 114,661,762 and 112,090,006 issued and outstanding						1,147						1,121
Additional paid-in capital						2,312,272						2,264,874
Accumulated other comprehensive income (loss)						1,923						(4,221)
Cumulative earnings						1,272,845						997,277
Cumulative distributions to stockholders						(2,212,364)						(2,148,152)
Total equity						1,375,823						1,110,899
Total Liabilities and Equity						$	13,072,714					$	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 September 30, 2021 and December 31, 2020, assets of consolidated VIEs totaled $9,358,317 and $8,141,069, respectively. At September 30, 2021 and December 31, 2020, liabilities of consolidated VIEs totaled $8,391,761 and $7,348,713, 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)						2021						2020						2021						2020
Interest Income
Residential loans						$	53,993					$	44,921					$	146,081					$	179,331
Business purpose loans						67,129						55,637						201,640						161,710
Multifamily loans						4,846						4,918						14,492						49,960
Real estate securities						14,242						10,135						33,184						38,471
Other interest income						5,512						6,371						17,325						20,537
Total interest income						145,722						121,982						412,722						450,009
Interest Expense
Short-term debt						(11,826)						(5,145)						(30,794)						(45,119)
Asset-backed securities issued						(73,732)						(66,514)						(222,712)						(232,316)
Long-term debt						(18,196)						(28,752)						(60,865)						(72,313)
Total interest expense						(103,754)						(100,411)						(314,371)						(349,748)
Net Interest Income						41,968						21,571						98,351						100,261
Non-interest Income (Loss)
Mortgage banking activities, net						63,163						59,395						200,189						24,511
Investment fair value changes, net						26,077						107,047						120,644						(611,557)
Other income, net						2,388						(114)						8,357						3,979
Realized gains, net						6,703