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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, 2024

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
9.125% Senior Notes Due 2029RWTNNew 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 share132,152,786 shares outstanding as of May 8, 2024



REDWOOD TRUST, INC.
2024 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, 2024December 31, 2023
ASSETS (1)
Residential consumer loans, held-for-sale, at fair value$511,706 $911,192 
Residential consumer loans, held-for-investment, at fair value7,104,886 6,139,445 
Residential investor loans, held-for-sale, at fair value280,551 180,250 
Residential investor loans, held-for-investment, at fair value4,901,443 5,040,048 
Consolidated Agency multifamily loans, at fair value422,788 425,285 
Real estate securities, at fair value212,307 127,797 
Home equity investments, at fair value560,745 550,436 
Other investments337,345 343,930 
Cash and cash equivalents275,394 293,104 
Restricted cash64,993 75,684 
Goodwill23,373 23,373 
Intangible assets25,657 28,462 
Derivative assets3,155 14,212 
Other assets333,631 351,109 
Total Assets$15,057,974 $14,504,327 
LIABILITIES AND EQUITY (1)
Liabilities
Short-term debt, net $1,251,444 $1,558,222 
Derivative liabilities5,849 33,828 
Accrued expenses and other liabilities241,191 216,803 
Asset-backed securities issued (includes $9,979,891 and $9,151,263 at fair value), net
10,628,189 9,811,880 
Long-term debt, net1,707,138 1,680,901 
Total liabilities13,833,811 13,301,634 
Commitments and Contingencies (see Note 17)
Equity
Preferred stock, par value $0.01 per share, 2,990,000 shares authorized; 2,800,000 issued and outstanding
66,948 66,948 
Common stock, par value $0.01 per share, 392,010,000 shares authorized; 131,870,835 and 131,485,661 issued and outstanding
1,319 1,315 
Additional paid-in capital2,493,856 2,487,848 
Accumulated other comprehensive loss(48,901)(57,957)
Cumulative earnings1,172,924 1,144,412 
Cumulative distributions to stockholders(2,461,983)(2,439,873)
Total equity1,224,163 1,202,693 
Total Liabilities and Equity$15,057,974 $14,504,327 
——————
(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, 2024 and December 31, 2023, assets of consolidated VIEs totaled $11,850,461 and $10,988,885, respectively. At March 31, 2024 and December 31, 2023, liabilities of consolidated VIEs totaled $10,921,862 and $10,096,308, respectively. See Note 4 for further discussion.
The accompanying notes are an integral part of these consolidated financial statements.
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REDWOOD TRUST, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(In Thousands, except Share Data)Three Months Ended March 31,
(Unaudited)20242023
Interest Income
Residential consumer loans$86,935 $57,874 
Residential investor loans95,035 97,296 
Consolidated Agency multifamily loans4,581 4,618 
Real estate securities6,280 6,428 
Other interest income11,909 12,300 
Total interest income204,740 178,516 
Interest Expense
Short-term debt(24,005)(31,828)
Asset-backed securities issued(120,259)(87,465)
Long-term debt(36,266)(32,786)
Total interest expense(180,530)(152,079)
Net Interest Income24,210 26,437 
Non-Interest Income
Mortgage banking activities, net14,556 16,671 
Investment fair value changes, net21,837 (4,392)
HEI income, net9,031 4,265 
Other income, net4,506 4,556 
Realized gains, net409 (2)
Total non-interest income, net50,339 21,098 
General and administrative expenses(34,569)(35,555)
Portfolio management costs(3,597)(3,510)
Loan acquisition costs(2,237)(1,289)
Other expenses(3,361)(3,684)
Net Income before (Provision for) Benefit from Income Taxes30,785 3,497 
(Provision for) benefit from income taxes(523)1,123 
Net Income$30,262 $4,620 
Dividends on preferred stock(1,750)(1,419)
Net income available to common stockholders$28,512 $3,201 
Basic earnings per common share$0.21 $0.02 
Diluted earnings per common share$0.21 $0.02 
Basic weighted average common shares outstanding131,570,347 113,678,911 
Diluted weighted average common shares outstanding131,570,347 114,134,556 

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


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

(In Thousands)Three Months Ended March 31,
(Unaudited)20242023
Net Income$30,262 $4,620 
Other comprehensive income:
Net unrealized gain on available-for-sale securities 8,656 5,007 
Reclassification of unrealized (gain) on available-for-sale securities to net income(629)(193)
Reclassification of unrealized loss on interest rate agreements to net income1,029 1,018 
Total other comprehensive income9,056 5,832 
Comprehensive Income$39,318 $10,452 
Dividends on preferred stock$(1,750)$(1,419)
Comprehensive income available to Common Stockholders$37,568 $9,033 

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



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REDWOOD TRUST, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY


For the Three Months Ended March 31, 2024
(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, 2023$66,948 131,485,661 $1,315 $2,487,848 $(57,957)$1,144,412 $(2,439,873)$1,202,693 
Net income— — — — — 30,262 — 30,262 
Other comprehensive income— — — — 9,056 — — 9,056 
Employee stock purchase and incentive plans— 385,174 4 (689)— — — (685)
Non-cash equity award compensation and other— — — 6,697 — — — 6,697 
Preferred dividends declared ($0.625 per share)
— — — — — (1,750)— (1,750)
Common dividends declared ($0.16 per share)(1)
— — — — — — (22,110)(22,110)
March 31, 2024$66,948 131,870,835 $1,319 $2,493,856 $(48,901)$1,172,924 $(2,461,983)$1,224,163 
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— — — — 5,832 — — 5,832 
Employee stock purchase and incentive plans— 379,781 4 (1,048)— — — (1,044)
Non-cash equity award compensation— — — 6,342 — — — 6,342 
Issuance of preferred stock66,923 — — — — — — 66,923 
Preferred dividends declared ($0.60417 per share)
— — — — — (1,419)— (1,419)
Common dividends declared ($0.23 per share)(1)
— — — — — — (27,559)(27,559)
March 31, 2023$66,923 113,864,456 $1,139 $2,355,139 $(63,036)$1,156,571 $(2,379,056)$1,137,680 
(1)    Includes dividends and dividend equivalents declared on common stock and stock-based compensation awards

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

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REDWOOD TRUST, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS