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UNITED STATES OF AMERICA
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
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☒ | 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
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☐ | 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)
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Maryland | | 68-0329422 |
(State or Other Jurisdiction of Incorporation or Organization) | | (I.R.S. Employer Identification No.) |
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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.
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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:
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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.
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Common Stock, $0.01 par value per share | | 118,636,302 | | shares outstanding as of November 6, 2023 |
REDWOOD TRUST, INC.
2023 FORM 10-Q REPORT
TABLE OF CONTENTS
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| FINANCIAL INFORMATION | | |
Item 1. | | | |
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Item 2. | | | |
Item 3. | | | |
Item 4. | | | |
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| OTHER INFORMATION | | |
Item 1. | | | |
Item 1A. | | | |
Item 2. | | | |
Item 3. | | | |
Item 4. | | | |
Item 5. | | | |
Item 6. | | | |
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PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
REDWOOD TRUST, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
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(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 | |
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LIABILITIES AND EQUITY (1) | | | | |
Liabilities | | | | |
Short-term debt, net | | $ | 1,476,654 | | | $ | 2,029,679 | |
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Derivative liabilities | | 8,781 | | | 16,855 | |
Accrued expenses and other liabilities | | 208,294 | | | 180,203 | |
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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.
REDWOOD TRUST, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME (LOSS)
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(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.
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) | | | |