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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, 2022

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

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						113,349,651			shares outstanding as of November 2, 2022

---

REDWOOD TRUST, INC.

2022 FORM 10-Q REPORT

TABLE OF CONTENTS

 

									Page
PART I —			FINANCIAL INFORMATION
Item 1.			Financial Statements						2
			Consolidated Balance Sheets at September 30, 2022 (Unaudited) and December 31, 2021						2
			Consolidated Statements of Income (Loss) for the Three and Nine Months Ended September 30, 2022 and 2021 (Unaudited)						3
			Consolidated Statements of Comprehensive (Loss) Income for the Three and Nine Months Ended September 30, 2022 and 2021 (Unaudited)						4
			Consolidated Statements of Changes in Stockholders' Equity for the Three and Nine Months Ended September 30, 2022 and 2021 (Unaudited)						5
			Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2022 and 2021 (Unaudited)						7
			Notes to Consolidated Financial Statements (Unaudited)						9
			Note 1. Organization						9
			Note 2. Basis of Presentation						10
			Note 3. Summary of Significant Accounting Policies						14
			Note 4. Principles of Consolidation						17
			Note 5. Fair Value of Financial Instruments						25
			Note 6. Residential Loans						33
			Note 7. Business Purpose Loans						36
			Note 8. Consolidated Agency Multifamily Loans						40
			Note 9. Real Estate Securities						41
			Note 10. Home Equity Investments (HEI)						46
			Note 11. Other Investments						46
			Note 12. Derivative Financial Instruments						48
			Note 13. Other Assets and Liabilities						50
			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						67
			Note 21. Other Income, Net						68
			Note 22. General and Administrative Expenses, Loan Acquisition Costs, and Other Expenses						69
			Note 23. Taxes						70
			Note 24. Segment Information						70
Item 2.			Management’s Discussion and Analysis of Financial Condition and Results of Operations						75
Item 3.			Quantitative and Qualitative Disclosures About Market Risk						107
Item 4.			Controls and Procedures						107
PART II —			OTHER INFORMATION
Item 1.			Legal Proceedings						108
Item 1A.			Risk Factors						108
Item 2.			Unregistered Sales of Equity Securities and Use of Proceeds						108
Item 3.			Defaults Upon Senior Securities						108
Item 4.			Mine Safety Disclosures (Not Applicable)						108
Item 5.			Other Information						109
Item 6.			Exhibits						110
Signatures									112

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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, 2022						December 31, 2021
ASSETS (1)
Residential loans, held-for-sale, at fair value						$	834,262					$	1,845,282
Residential loans, held-for-investment, at fair value						4,918,294						5,747,150
Business purpose loans, held-for-sale, at fair value						337,238						358,309
Business purpose loans, held-for-investment, at fair value						4,919,980						4,432,680
Consolidated Agency multifamily loans, at fair value						427,458						473,514
Real estate securities, at fair value						259,212						377,411
Home equity investments						340,437						192,740
Other investments						412,762						449,229
Cash and cash equivalents						297,092						450,485
Restricted cash						71,996						80,999
Goodwill						23,373						—
Intangible assets						44,130						41,561
Derivative assets						65,213						26,467
Other assets						194,500						231,117
Total Assets						$	13,145,947					$	14,706,944
LIABILITIES AND EQUITY (1)
Liabilities
Short-term debt, net						$	2,110,279					$	2,177,362
Derivative liabilities						6,782						3,317
Accrued expenses and other liabilities						201,125						245,788
Asset-backed securities issued (includes $7,564,312 and $8,843,147 at fair value), net						8,139,293						9,253,557
Long-term debt, net						1,534,226						1,640,833
Total liabilities						11,991,705						13,320,857
Commitments and Contingencies (see Note 17)
Equity
Common stock, par value $0.01 per share, 395,000,000 shares authorized; 113,343,014 and 114,892,309 issued and outstanding						1,133						1,149
Additional paid-in capital						2,345,152						2,316,799
Accumulated other comprehensive loss						(64,935)						(8,927)
Cumulative earnings						1,197,428						1,316,890
Cumulative distributions to stockholders						(2,324,536)						(2,239,824)
Total equity						1,154,242						1,386,087
Total Liabilities and Equity						$	13,145,947					$	14,706,944

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(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, 2022 and December 31, 2021, assets of consolidated VIEs totaled $9,449,163 and $10,661,081, respectively. At September 30, 2022 and December 31, 2021, liabilities of consolidated VIEs totaled $8,448,479 and $9,619,347, 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 (LOSS)

(In Thousands, except Share Data)						Three Months Ended September 30,												Nine Months Ended September 30,
(Unaudited)						2022						2021						2022						2021
Interest Income
Residential loans						$	61,002					$	53,993					$	191,252					$	146,081
Business purpose loans						95,197						67,129						270,430						201,640
Consolidated Agency multifamily loans						4,762						4,846						14,247						14,492
Real estate securities						6,989						14,242						30,772						33,184
Other interest income						9,712						5,512						27,816						17,325
Total interest income						177,662						145,722						534,517						412,722
Interest Expense
Short-term debt						(23,944)						(11,826)						(49,093)						(30,794)
Asset-backed securities issued						(