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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, 2023

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
10% Series A Fixed-Rate Reset Cumulative Redeemable Preferred Stock, par value $0.01 per shareRWT PRANew 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 share114,028,712 shares outstanding as of May 2, 2023



REDWOOD TRUST, INC.
2023 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, 2023December 31, 2022
ASSETS (1)
Residential loans, held-for-sale, at fair value$26,975 $780,781 
Residential loans, held-for-investment, at fair value5,465,883 4,832,407 
Business purpose loans, held-for-sale, at fair value371,385 364,073 
Business purpose loans, held-for-investment, at fair value4,993,264 4,968,513 
Consolidated Agency multifamily loans, at fair value426,599 424,551 
Real estate securities, at fair value243,346 240,475 
Home equity investments, at fair value416,783 403,462 
Other investments381,690 390,938 
Cash and cash equivalents404,449 258,894 
Restricted cash86,037 70,470 
Goodwill23,373 23,373 
Intangible assets37,784 40,892 
Derivative assets11,497 20,830 
Other assets232,221 211,240 
Total Assets$13,121,286 $13,030,899 
LIABILITIES AND EQUITY (1)
Liabilities
Short-term debt, net $1,616,452 $2,029,679 
Derivative liabilities10,736 16,855 
Accrued expenses and other liabilities176,271 180,203 
Asset-backed securities issued (includes $7,968,135 and $7,424,132 at fair value), net
8,447,119 7,986,752 
Long-term debt, net1,733,028 1,733,425 
Total liabilities11,983,606 11,946,914 
Commitments and Contingencies (see Note 17)
Equity
Preferred stock, par value $0.01 per share, 2,800,000 shares authorized; 2,800,000 and zero issued and outstanding
66,923  
Common stock, par value $0.01 per share, 395,000,000 shares authorized; 113,864,456 and 113,484,675 issued and outstanding
1,139 1,135 
Additional paid-in capital2,355,139 2,349,845 
Accumulated other comprehensive loss(63,036)(68,868)
Cumulative earnings1,156,571 1,153,370 
Cumulative distributions to stockholders(2,379,056)(2,351,497)
Total equity1,137,680 1,083,985 
Total Liabilities and Equity$13,121,286 $13,030,899 
——————
(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, 2023 and December 31, 2022, assets of consolidated VIEs totaled $9,836,956 and $9,257,291, respectively. At March 31, 2023 and December 31, 2022, liabilities of consolidated VIEs totaled $8,729,585 and $8,270,276, 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
(In Thousands, except Share Data)Three Months Ended March 31,
(Unaudited)20232022
Interest Income
Residential loans$57,874 $65,203 
Business purpose loans97,296 94,299 
Consolidated Agency multifamily loans4,618 4,753 
Real estate securities6,428 15,955 
Other interest income12,300 9,190 
Total interest income178,516 189,400 
Interest Expense
Short-term debt(31,828)(11,488)
Asset-backed securities issued(87,465)(105,695)
Long-term debt(32,786)(19,115)
Total interest expense(152,079)(136,298)
Net Interest Income26,437 53,102 
Non-interest Income
Mortgage banking activities, net16,671 16,315 
Investment fair value changes, net(127)(6,120)
Other income, net4,556 5,983 
Realized gains (losses), net(2)2,581 
Total non-interest income, net21,098 18,759 
General and administrative expenses(35,555)(33,276)
Portfolio management costs(3,510)(1,578)
Loan acquisition costs(1,289)(4,465)
Other expenses(3,684)(4,085)
Net Income before Benefit from Income Taxes3,497 28,457 
Benefit from income taxes1,123 2,458 
Net Income$4,620 $30,915 
Dividends on preferred stock(1,419) 
Net income available to common stockholders$3,201 $30,915 
Net income available to common stockholders - Basic$0.02 $0.25 
Net income available to common stockholders - Diluted$0.02 $0.24 
Basic weighted average common shares outstanding113,678,911 119,884,172 
Diluted weighted average common shares outstanding114,134,556 140,506,157 

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


3


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

(In Thousands)Three Months Ended March 31,
(Unaudited)20232022
Net Income$4,620 $30,915 
Other comprehensive income (loss):
Net unrealized gain (loss) on available-for-sale securities 5,007 (17,873)
Reclassification of unrealized (gain) on available-for-sale securities to net income (193)(692)
Reclassification of unrealized loss on interest rate agreements to net income1,018 1,018 
Total other comprehensive income (loss)5,832 (17,547)
Comprehensive Income$10,452 $13,368 
Dividends on preferred stock$(1,419)$ 
Comprehensive income available to common stockholders$9,033 $13,368 

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, 2023
(In Thousands, except Share Data)Preferred StockCommon StockAdditional
Paid-In
Capital
Accumulated
Other
Comprehensive
(Loss)
Cumulative
 Earnings
Cumulative
Distributions
to Stockholders
Total
(Unaudited)SharesPar Value
December 31, 2022$ 113,484,675 $1,135 $2,349,845 $(68,868)$1,153,370 $(2,351,497)$1,083,985 
Net income— — — — — 4,620 — 4,620 
Other comprehensive income