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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, 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)

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
10% Series A Fixed-Rate Reset Cumulative Redeemable Preferred Stock, par value $0.01 per share			RWT PRA			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						118,636,302			shares outstanding as of November 6, 2023

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REDWOOD TRUST, INC.

2023 FORM 10-Q REPORT

TABLE OF CONTENTS

 

									Page
PART I —			FINANCIAL INFORMATION
Item 1.			Financial Statements						2
			Consolidated Balance Sheets at September 30, 2023 (Unaudited) and December 31, 2022						2
			Consolidated Statements of Income (Loss) for the Three and Nine Months Ended September 30, 2023 and 2022 (Unaudited)						3
			Consolidated Statements of Comprehensive Income (Loss) for the Three and Nine Months Ended September 30, 2023 and 2022 (Unaudited)						4
			Consolidated Statements of Changes in Stockholders' Equity for the Three and Nine Months Ended September 30, 2023 and 2022 (Unaudited)						5
			Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2023 and 2022 (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						12
			Note 4. Principles of Consolidation						15
			Note 5. Fair Value of Financial Instruments						22
			Note 6. Residential Loans						31
			Note 7. Business Purpose Loans						34
			Note 8. Consolidated Agency Multifamily Loans						38
			Note 9. Real Estate Securities						39
			Note 10. Home Equity Investments (HEI)						44
			Note 11. Other Investments						45
			Note 12. Derivative Financial Instruments						47
			Note 13. Other Assets and Liabilities						48
			Note 14. Short-Term Debt						51
			Note 15. Asset-Backed Securities Issued						54
			Note 16. Long-Term Debt						57
			Note 17. Commitments and Contingencies						60
			Note 18. Equity						63
			Note 19. Equity Compensation Plans						66
			Note 20. Mortgage Banking Activities, Net						68
			Note 21. Other Income, Net						69
			Note 22. Operating Expenses						70
			Note 23. Taxes						72
			Note 24. Segment Information						73
Item 2.			Management’s Discussion and Analysis of Financial Condition and Results of Operations						78
Item 3.			Quantitative and Qualitative Disclosures About Market Risk						112
Item 4.			Controls and Procedures						112
PART II —			OTHER INFORMATION
Item 1.			Legal Proceedings						113
Item 1A.			Risk Factors						113
Item 2.			Unregistered Sales of Equity Securities and Use of Proceeds						113
Item 3.			Defaults Upon Senior Securities						113
Item 4.			Mine Safety Disclosures (Not Applicable)						113
Item 5.			Other Information						113
Item 6.			Exhibits						114
Signatures									116

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, 2023						December 31, 2022
ASSETS (1)
Residential loans, held-for-sale, at fair value						$	610,946					$	780,781
Residential loans, held-for-investment, at fair value						5,236,391						4,832,407
Business purpose loans, held-for-sale, at fair value						102,777						364,073
Business purpose loans, held-for-investment, at fair value						5,146,553						4,968,513
Consolidated Agency multifamily loans, at fair value						420,554						424,551
Real estate securities, at fair value						129,445						240,475
Home equity investments, at fair value						431,272						403,462
Other investments						340,361						390,938
Cash and cash equivalents						203,622						258,894
Restricted cash						56,101						70,470
Goodwill						23,373						23,373
Intangible assets						31,570						40,892
Derivative assets						37,686						20,830
Other assets						250,487						211,240
Total Assets						$	13,021,138					$	13,030,899
LIABILITIES AND EQUITY (1)
Liabilities
Short-term debt, net						$	1,476,654					$	2,029,679
Derivative liabilities						8,781						16,855
Accrued expenses and other liabilities						208,294						180,203
Asset-backed securities issued (includes $7,910,345 and $7,424,132 at fair value), net						8,392,050						7,986,752
Long-term debt, net						1,829,560						1,733,425
Total liabilities						11,915,339						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; 118,503,762 and 113,484,675 issued and outstanding						1,185						1,135
Additional paid-in capital						2,395,247						2,349,845
Accumulated other comprehensive loss						(64,738)						(68,868)
Cumulative earnings						1,125,126						1,153,370
Cumulative distributions to stockholders						(2,417,944)						(2,351,497)
Total equity						1,105,799						1,083,985
Total Liabilities and Equity						$	13,021,138					$	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 September 30, 2023 and December 31, 2022, assets of consolidated VIEs totaled $9,639,117 and $9,257,291, respectively. At September 30, 2023 and December 31, 2022, liabilities of consolidated VIEs totaled $8,635,696 and $8,270,276, 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)						2023						2022						2023						2022
Interest Income
Residential loans						$	62,512					$	61,002					$	177,137					$	191,252
Business purpose loans						93,020						95,197						288,580						270,430
Consolidated Agency multifamily loans						4,677						4,762						13,992						14,247
Real estate securities						5,111						6,989						17,762						30,772
Other interest income						11,754						9,712						37,100						27,816
Total interest income						177,074						177,662						534,571						534,517
Interest Expense
Short-term debt						(27,323)						(23,944)						(87,862)						(49,093)
Asset-backed securities issued						(91,323)						(90,910)						(268,881)						(285,464)
Long-term debt						(38,077)						(27,873)						(104,944)						(71,435)
Total interest expense						(156,723)						(142,727)						(461,687)						(405,992)
Net Interest Income						20,351						34,935						72,884						128,525
Non-Interest (Loss) Income
Mortgage banking activities, net						19,440						16,535						52,663						2,833
Investment fair value changes, net						(31,430)						(57,697)						(36,153)						(151,789)
Other income, net						2,346						4,027						11,060						17,016
Realized gains, net						50						—						1,104						2,581
Total non-interest (loss) income, net						(9,594)						(37,135)						28,674						(129,359)
General and administrative expenses						(29,697)						(38,244)						(96,057)						(101,719)
Portfolio management costs						(3,661)						(1,863)						(10,271)						(5,208)
Loan acquisition costs						(1,880)						(2,426)						(4,613)						(10,371)
Other expenses						(4,633)						(4,261)						(13,292)						(11,814)
Net Loss before (Provision for) Benefit from Income Taxes						(29,114)						(48,994)						(22,675)						(129,946)
(Provision for) benefit from income taxes						(1,696)						(1,417)						(642)						10,484
Net Loss						$	(30,810)					$	(50,411)					$	(23,317)					$	(119,462)
Dividends on preferred stock						(1,750)						—						(4,927)						—
Net Loss related to common stockholders						$	(32,560)					$	(50,411)					$	(28,244)					$	(119,462)
Net loss related to common stockholders - Basic						$	(0.29)					$	(0.44)					$	(0.27)					$	(1.04)
Net loss related to common stockholders - Diluted						$	(0.29)					$	(0.44)					$	(0.27)					$	(1.04)
Basic weighted average common shares outstanding						115,465,977						116,087,890						114,381,548						118,530,172
Diluted weighted average common shares outstanding						115,465,977						116,087,890						114,381,548						118,530,172

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

3

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REDWOOD TRUST, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME

(In Thousands)						Three Months Ended September 30,												Nine Months Ended September 30,
(Unaudited)						2023						2022						2023						2022
Net (Loss) Income						$	(30,810)					$	(50,411)					$	(23,317)					$	(119,462)
Other comprehensive income (loss):
Net unrealized (loss) gain on available-for-sale securities						(3,921)						(8,731)						398						(60,013)
Reclassification of unrealized loss on available-for-sale securities to net income (loss)						234						544						645						918
Reclassification of unrealized loss on interest rate agreements to net income (loss)						1,040						1,040						3,087						3,087
Total other comprehensive (loss) income						(2,647)						(7,147)						4,130						(56,008)
Comprehensive (Loss) Income						$	(33,457)					$	(57,558)					$	(19,187)					$	(175,470)
Dividends on preferred stock						$	(1,750)					$	—					$	(4,927)					$	—
Comprehensive Loss Related to Common Stockholders						$	(35,207)