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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, 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)

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
9.125% Senior Notes Due 2029			RWTN			New York Stock Exchange
9.0% Senior Notes Due 2029			RWTO			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						132,266,682			shares outstanding as of November 7, 2024

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REDWOOD TRUST, INC.

2024 FORM 10-Q REPORT

TABLE OF CONTENTS

 

									Page
PART I —			FINANCIAL INFORMATION
Item 1.			Financial Statements						2
			Consolidated Balance Sheets at September 30, 2024 (Unaudited) and December 31, 2023						2
			Consolidated Statements of Income (Loss) for the Three and Nine Months Ended September 30, 2024 and 2023 (Unaudited)						3
			Consolidated Statements of Comprehensive Income (Loss) for the Three and Nine Months Ended September 30, 2024 and 2023 (Unaudited)						4
			Consolidated Statements of Changes in Stockholders' Equity for the Three and Nine Months Ended September 30, 2024 and 2023 (Unaudited)						5
			Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2024 and 2023 (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						10
			Note 4. Segment Information						11
			Note 5. Mortgage Banking Activities, Net						14
			Note 6. Fair Value of Financial Instruments						14
			Note 7. Residential Consumer Loans						20
			Note 8. Residential Investor Loans						22
			Note 9. Real Estate Securities						27
			Note 10. Home Equity Investments (HEI)						29
			Note 11. Other Investments						30
			Note 12. Derivative Financial Instruments						32
			Note 13. Offsetting Assets and Liabilities						33
			Note 14. Other Assets and Liabilities						34
			Note 15. Principles of Consolidation						37
			Note 16. Asset-Backed Securities Issued						39
			Note 17. Debt Obligations						41
			Note 18. Commitments and Contingencies						43
			Note 19. Equity						44
			Note 20. Earnings Per Common Share						46
			Note 21. General and Administrative Expenses						47
			Note 22. Taxes						48
			Note 23. Subsequent Events						48
Item 2.			Management’s Discussion and Analysis of Financial Condition and Results of Operations						49
Item 3.			Quantitative and Qualitative Disclosures About Market Risk						75
Item 4.			Controls and Procedures						75
PART II —			OTHER INFORMATION
Item 1.			Legal Proceedings						76
Item 1A.			Risk Factors						76
Item 2.			Unregistered Sales of Equity Securities and Use of Proceeds						76
Item 3.			Defaults Upon Senior Securities						76
Item 4.			Mine Safety Disclosures (Not Applicable)						76
Item 5.			Other Information						76
Item 6.			Exhibits						77
Signatures									78

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, 2024						December 31, 2023
ASSETS (1)
Residential consumer loans, held-for-sale, at fair value						$	1,362,349					$	911,192
Residential consumer loans, held-for-investment, at fair value						9,794,810						6,139,445
Residential investor loans, held-for-sale, at fair value						265,878						180,250
Residential investor loans, held-for-investment, at fair value						4,480,296						5,040,048
Consolidated Agency multifamily loans, at fair value						425,648						425,285
Real estate securities, at fair value						334,141						127,797
Home equity investments, at fair value						590,080						550,436
Other investments						341,637						343,930
Cash and cash equivalents						253,673						293,104
Restricted cash						72,294						75,684
Derivative assets						78,933						14,212
Other assets						427,687						402,944
Total Assets						$	18,427,426					$	14,504,327
LIABILITIES AND EQUITY (1)
Liabilities
Asset-backed securities issued (includes $12,564,029 and $9,151,263 at fair value), net						$	13,019,516					$	9,811,880
Debt obligations, net						3,801,446						3,239,123
Derivative liabilities						7,977						33,828
Accrued expenses and other liabilities						375,487						216,803
Total liabilities						17,204,426						13,301,634
Commitments and Contingencies (see Note 18)
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; 132,237,436 and 131,485,661 issued and outstanding						1,322						1,315
Additional paid-in capital						2,502,028						2,487,848
Accumulated other comprehensive loss						(39,391)						(57,957)
Cumulative earnings						1,199,777						1,144,412
Cumulative distributions to stockholders						(2,507,684)						(2,439,873)
Total equity						1,223,000						1,202,693
Total Liabilities and Equity						$	18,427,426					$	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 September 30, 2024 and December 31, 2023, assets of consolidated VIEs totaled $14,312,672 and $10,988,885, respectively. At September 30, 2024 and December 31, 2023, liabilities of consolidated VIEs totaled $13,354,497 and $10,096,308, respectively. See Note 15 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)						2024						2023						2024						2023
Interest Income
Residential consumer loans						$	136,025					$	62,512					$	329,670					$	177,137
Residential investor loans						85,137						93,020						273,278						288,580
Consolidated Agency multifamily loans						4,586						4,677						13,726						13,992
Real estate securities						13,585						5,111						30,614						17,762
Other interest income						9,310						11,754						31,512						37,100
Total interest income						248,643						177,074						678,800						534,571
Interest Expense
Asset-backed securities issued						(152,374)						(91,323)						(406,062)						(268,881)
Debt obligations						(70,771)						(65,400)						(197,737)						(192,806)
Total interest expense						(223,145)						(156,723)						(603,799)						(461,687)
Net Interest Income						25,498						20,351						75,001						72,884
Non-Interest Income (Loss)
Mortgage banking activities, net						39,569						19,440						73,049						52,663
Investment fair value changes, net						(12,202)						(41,689)						10,733						(59,598)
HEI income, net						10,651						10,259						35,521						23,445
Other income, net						5,995						2,346						16,794						11,060
Realized gains, net						211						50						620						1,104
Total non-interest income (loss), net						44,224						(9,594)						136,717						28,674
General and administrative expenses						(36,008)						(29,697)						(103,861)						(96,057)
Portfolio management costs						(6,356)						(3,661)						(14,817)						(10,271)
Loan acquisition costs						(3,176)						(1,880)						(9,077)						(4,613)
Other expenses						(2,228)						(4,633)						(10,766)						(13,292)
Net Income (Loss) Before (Provision for) Benefit From Income Taxes						21,954						(29,114)						73,197						(22,675)
(Provision for) benefit from income taxes						(7,128)						(1,696)						(12,575)						(642)
Net Income (Loss)						$	14,826					$	(30,810)					$	60,622					$	(23,317)
Dividends on preferred stock						(1,750)						(1,750)						(5,257)						(4,927)
Net Income (Loss) Available (Related) To Common Stockholders						$	13,076					$	(32,560)					$	55,365					$	(28,244)
Basic earnings (loss) per common share						$	0.09					$	(0.29)					$	0.40					$	(0.27)
Diluted earnings (loss) per common share						$	0.09					$	(0.29)					$	0.40					$	(0.27)
Basic weighted average common shares outstanding						132,218,180						115,465,977						131,969,039						114,381,548
Diluted weighted average common shares outstanding						132,357,697						115,465,977						132,018,161						114,381,548

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 INCOME (LOSS)

(In Thousands)						Three Months Ended September 30,												Nine Months Ended September 30,
(Unaudited)						2024						2023						2024						2023
Net Income (Loss)						$	14,826					$	(30,810)					$	60,622					$	(23,317)
Other comprehensive income (loss):
Net unrealized gain (loss) on available-for-sale securities						7,373						(3,921)						17,083						398
Reclassification of unrealized (gain) loss on available-for-sale securities to net income (loss)						(472)						234						(1,615)						645
Reclassification of unrealized loss on interest rate agreements to net income (loss)						1,040						1,040						3,098						3,087
Total other comprehensive income (loss)						$	7,941					$	(2,647)					$	18,566					$	4,130
Comprehensive Income (Loss)						$	22,767					$	(33,457)					$	79,188					$	(19,187)
Dividends on preferred stock						(1,750)						$	(1,750)					$	(5,257)					$	(4,927)
Comprehensive income (loss) available (related) to Common Stockholders						$	21,017					$	(35,207)					$	73,931					$	(24,114)

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

4

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REDWOOD TRUST, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY

For the Three Months Ended September 30, 2024

(In Thousands, except Share Data)						Preferred Stock						Common Stock												Additional Paid-In Capital						Accumulated Other Comprehensive (Loss)						Cumulative  Earnings						Cumulative Distributions to Stockholders						Total
(Unaudited)												Shares						Par Value
June 30, 2024						$	66,948					132,215,757						$	1,322					$	2,497,218					$	(47,332)					$	1,186,701					$	(2,484,119)					$	1,220,738
Net income						—						—						—						—						—						14,826						—						14,826
Other comprehensive income						—						—						—						—						7,941						—						—						7,941
Employee stock purchase and incentive plans						—						21,679						—						111						—						—						—						111
Non-cash equity award compensation and other						—						—						—						4,699						—						—						—						4,699
Preferred dividends declared ($0.6250 per share)						—						—						—						—						—						(1,750)						—						(1,750)
Common dividends declared ($0.17 per share)(1)						—						—						—						—						—						—						(23,565)						(23,565)
September 30, 2024						$	66,948					132,237,436						$	1,322					$	2,502,028					$	(39,391)					$	1,199,777					$	(2,507,684)					$	1,223,000

For the Nine Months Ended September 30, 2024

(In Thousands, except Share Data)						Preferred Stock						Common Stock												Additional Paid-In Capital						Accumulated Other Comprehensive (Loss)						Cumulative  Earnings						Cumulative Distributions to Stockholders						Total
(Unaudited)												Shares						Par 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						—						—						—						—						—						60,622						—						60,622
Other comprehensive income						—						—						—						—						18,566						—						—						18,566
Employee stock purchase and incentive plans						—						751,775						7						(2,769)						—						—						—						(2,762)
Non-cash equity award compensation						—						—						—						16,949						—						—						—						16,949
Preferred dividends declared ($1.8750 per share)						—						—						—						—						—						(5,257)						—						(5,257)
Common dividends declared ($0.49 per share)(1)						—						—						—						—						—						—						(67,811)						(67,811)
September 30, 2024						$	66,948					132,237,436						$	1,322					$	2,502,028					$	(39,391)					$	1,199,777					$	(2,507,684)					$	1,223,000

(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 CHANGES IN STOCKHOLDERS' EQUITY

For the Three Months Ended September 30, 2023

(In Thousands, except Share Data)						Preferred Stock						Common Stock												Additional Paid-In Capital						Accumulated Other Comprehensive (Loss)						Cumulative  Earnings						Cumulative Distributions to Stockholders						Total
(Unaudited)												Shares						Par Value
June 30, 2023						$	66,923					114,177,992						$	1,142					$	2,358,675					$	(62,091)					$	1,157,686					$	(2,398,197)					$	1,124,138
Net (loss)						—						—						—						—						—						(30,810)						—						(30,810)
Other comprehensive (loss)						—						—						—						—						(2,647)						—						—						(2,647)
Issuance of common stock						—						4,244,580						42						33,286						—						—						—						33,328
Employee stock purchase and incentive plans						—						81,190						1						(124)						—						—						—						(123)
Non-cash equity award compensation						—						—						—						3,410						—						—						—						3,410
Preferred dividends declared ($0.625 per share)						—						—						—						—						—						(1,750)						—						(1,750)
Common dividends declared ($0.16 per share)(1)						—						—						—						—						—						—						(19,747)						(19,747)
September 30, 2023						$	66,923					118,503,762						$	1,185					$	2,395,247					$	(64,738)					$	1,125,126					$	(2,417,944)					$	1,105,799

For the Nine Months Ended September 30, 2023

(In Thousands, except Share Data)						Preferred Stock						Common Stock												Additional Paid-In Capital						Accumulated Other Comprehensive (Loss)						Cumulative  Earnings						Cumulative Distributions to Stockholders						Total
(Unaudited)												Shares						Par Value
December 31, 2022						$	—					113,484,675						$	1,135					$	2,349,845					$	(68,868)					$	1,153,370					$	(2,351,497)					$	1,083,985
Net (loss)						—						—						—						—						—						(23,317)						—						(23,317)
Other comprehensive income						—						—						—						—						4,130						—						—						4,130
Issuance of common stock						—						4,244,580						42						33,286						—						—						—						33,328
Employee stock purchase and incentive plans						—						774,507						8						(2,836)						—						—						—						(2,828)
Non-cash equity award compensation						—						—						—						14,952						—						—						—						14,952
Issuance of preferred stock						66,923						—						—						—						—						—						—						66,923
Preferred dividends declared ($1.85417 per share)						—						—						—						—						—						(4,927)						—						(4,927)
Common dividends declared ($0.55 per share)(1)						—						—						—						—						—						—						(66,447)						(66,447)
September 30, 2023						$	66,923					118,503,762						$	1,185					$	2,395,247					$	(64,738)					$	1,125,126					$	(2,417,944)					$	1,105,799

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

(In Thousands) (Unaudited)						Nine Months Ended September 30,
						2024						2023
Cash Flows From Operating Activities:
Net income (loss)						$	60,622					$	(23,317)
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Amortization of premiums, discounts, and debt issuance costs, net						9,547						14,137
Depreciation and amortization of non-financial assets						9,131						11,082
Originations of held-for-sale loans						(1,099,186)						(577,098)
Purchases of held-for-sale loans						(4,910,749)						(1,051,236)
Proceeds from sales of held-for-sale loans						941,704						692,392
Principal payments on held-for-sale loans						63,665						45,326
Net settlements of derivatives						(71,988)						(5,023)
Non-cash equity award compensation expense and other						16,949						14,952
Market valuation adjustments						(103,936)						(1,275)
Realized gains, net						(620)						(1,104)
Net change in:
Other assets						(28,985)						14,687
Accrued expenses and other liabilities						105,306						(984)
Net cash used in operating activities						(5,008,540)						(867,461)
Cash Flows From Investing Activities:
Originations and purchases of loan investments						(120,661)						(674,500)
Proceeds from sales of loans						52,163						5,351
Principal payments on loan investments						1,749,172						1,126,609
Purchases of real estate securities						(193,744)						(9,855)
Proceeds from sales of real estate securities						2,833						138,111
Principal payments on real estate securities						5,331						950
Repayments from servicer advance investments, net						21,151						55,828
Purchases of HEI						(1,066)						(25,626)
Repayments on HEI						37,024						26,153
Other investing activities, net						(14,800)						(3,787)
Net cash provided by investing activities						1,537,403						639,234
Cash Flows From Financing Activities:
Proceeds from borrowings on debt obligations						7,207,997						2,398,412
Repayments on debt obligations						(6,635,775)						(2,844,566)
Proceeds from issuance of asset-backed securities						4,280,237						1,240,121
Repayments on asset-backed securities issued						(1,331,656)						(657,638)
Debt issuance costs paid						(15,257)						(1,640)
Taxes paid on equity award distributions						(3,114)						(3,288)
Net proceeds from issuance of common stock						352						33,788
Net proceeds from issuance of preferred stock						—						66,923
Dividends paid on common stock						(67,811)						(66,447)
Dividends paid on preferred stock						(5,257)						(3,449)
Other financing activities, net						(1,400)						(3,630)
Net cash provided by financing activities						3,428,316						158,586
Net decrease in cash, cash equivalents and restricted cash						(42,821)						(69,641)
Cash, cash equivalents and restricted cash at beginning of period						368,788						329,364
Cash, cash equivalents and restricted cash at end of period						$	325,967					$	259,723