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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, 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)
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
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 share120,295,309 shares outstanding as of May 3, 2022



REDWOOD TRUST, INC.
2022 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, 2022December 31, 2021
ASSETS (1)
Residential loans, held-for-sale, at fair value$1,347,069 $1,845,282 
Residential loans, held-for-investment, at fair value5,870,068 5,747,150 
Business purpose loans, held-for-sale, at fair value505,889 358,309 
Business purpose loans, held-for-investment, at fair value4,248,889 4,432,680 
Multifamily loans, held-for-investment, at fair value451,804 473,514 
Real estate securities, at fair value358,882 377,411 
Other investments635,581 641,969 
Cash and cash equivalents409,272 450,485 
Restricted cash73,549 80,999 
Intangible assets38,027 41,561 
Derivative assets112,060 26,467 
Other assets202,202 231,117 
Total Assets$14,253,292 $14,706,944 
LIABILITIES AND EQUITY (1)
Liabilities
Short-term debt, net $1,647,246 $2,177,362 
Derivative liabilities80,260 3,317 
Accrued expenses and other liabilities244,450 245,788 
Asset-backed securities issued (includes $8,475,868 and $8,843,147 at fair value), net
8,872,366 9,253,557 
Long-term debt, net1,963,704 1,640,833 
Total liabilities12,808,026 13,320,857 
Commitments and Contingencies (see Note 16)
Equity
Common stock, par value $0.01 per share, 395,000,000 shares authorized; 120,289,243 and 114,892,309 issued and outstanding
1,203 1,149 
Additional paid-in capital2,391,344 2,316,799 
Accumulated other comprehensive loss(26,474)(8,927)
Cumulative earnings1,347,805 1,316,890 
Cumulative distributions to stockholders(2,268,612)(2,239,824)
Total equity1,445,266 1,386,087 
Total Liabilities and Equity$14,253,292 $14,706,944 
——————
(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, 2022 and December 31, 2021, assets of consolidated VIEs totaled $10,250,802 and $10,661,081, respectively. At March 31, 2022 and December 31, 2021, liabilities of consolidated VIEs totaled $9,202,156 and $9,619,347, respectively. See Note 4 for further discussion.


The accompanying notes are an integral part of these consolidated financial statements.
2


REDWOOD TRUST, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(In Thousands, except Share Data)Three Months Ended March 31,
(Unaudited)20222021
Interest Income
Residential loans$65,203 $43,655 
Business purpose loans94,299 64,188 
Multifamily loans4,753 4,786 
Real estate securities15,955 9,663 
Other interest income9,190 6,013 
Total interest income189,400 128,305 
Interest Expense
Short-term debt(11,488)(7,773)
Asset-backed securities issued(105,695)(72,561)
Long-term debt(19,115)(22,218)
Total interest expense(136,298)(102,552)
Net Interest Income53,102 25,753 
Non-interest Income
Mortgage banking activities, net16,315 82,607 
Investment fair value changes, net(6,120)45,087 
Other income, net5,983 3,843 
Realized gains, net2,581 2,716 
Total non-interest income, net18,759 134,253 
General and administrative expenses(34,854)(43,551)
Loan acquisition costs(4,465)(3,559)
Other expenses(4,085)(4,096)
Net Income before Benefit from (Provision for) Income Taxes28,457 108,800 
Benefit from (provision for) income taxes2,458 (11,543)
Net Income$30,915 $97,257 
Basic earnings per common share$0.25 $0.84 
Diluted earnings per common share$0.24 $0.72 
Basic weighted average shares outstanding119,884,172 112,276,842 
Diluted weighted average shares outstanding140,506,157 141,039,285 

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


3


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

(In Thousands)Three Months Ended March 31,
(Unaudited)20222021
Net Income$30,915 $97,257 
Other comprehensive (loss) income:
Net unrealized (loss) gain on available-for-sale securities (17,873)10,986 
Reclassification of unrealized (gain) on available-for-sale securities to net income (692)(2,795)
Reclassification of unrealized loss on interest rate agreements to net income1,018 1,018 
Total other comprehensive (loss) income(17,547)9,209 
Total Comprehensive Income$13,368 $106,466 


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


4


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

For the Three Months Ended March 31, 2022
(In Thousands, except Share Data)Common StockAdditional
Paid-In
Capital
Accumulated
Other
Comprehensive
Income (Loss)
Cumulative
 Earnings
Cumulative
Distributions
to Stockholders
Total
(Unaudited)SharesAmount
December 31, 2021114,892,309 $1,149 $2,316,799 $(8,927)$1,316,890 $(2,239,824)$1,386,087 
Net income— — — — 30,915 — 30,915 
Other comprehensive (loss)— — — (17,547)— — (17,547)
Issuance of common stock5,232,869 52 67,423 — — — 67,475 
Employee stock purchase and incentive plans164,065 2 (1,048)— — — (1,046)
Non-cash equity award compensation— — 8,170 — — — 8,170 
Common dividends declared ($0