0000000000-23-009620.txt : 20231220 0000000000-23-009620.hdr.sgml : 20231220 20230831093005 ACCESSION NUMBER: 0000000000-23-009620 CONFORMED SUBMISSION TYPE: UPLOAD PUBLIC DOCUMENT COUNT: 2 FILED AS OF DATE: 20230831 FILED FOR: COMPANY DATA: COMPANY CONFORMED NAME: REDWOOD TRUST INC CENTRAL INDEX KEY: 0000930236 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] ORGANIZATION NAME: 05 Real Estate & Construction IRS NUMBER: 680329422 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: UPLOAD BUSINESS ADDRESS: STREET 1: ONE BELVEDERE PLACE STREET 2: SUITE 300 CITY: MILL VALLEY STATE: CA ZIP: 94941 BUSINESS PHONE: (415) 380-2317 MAIL ADDRESS: STREET 1: ONE BELVEDERE PLACE STREET 2: SUITE 300 CITY: MILL VALLEY STATE: CA ZIP: 94941 PUBLIC REFERENCE ACCESSION NUMBER: 0000930236-23-000008 LETTER 1 filename1.pdf begin 644 filename1 M)5!$1BTQ+C4*)>+CS],*,2 P(&]B:@H\/"]#;VQO7!E+UA/8FIE8W0O5VED=&@@,30R."],96YG=&@@,S8U+T)I='-097)# M;VUP;VYE;G0@.#X^7M0Q1$1$1$1$1&3"Q\<'QA6_?__&K *98K_? 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Carillo Chief Financial Officer Redwood Trust, Inc. One Belvedere Place, Suite 300 Mill Valley, CA 94941 Re: Redwood Trust, Inc. Form 10-K for the year ended December 31, 2022 Filed March 1, 2023 Form 8-K filed July 27, 2023 File No. 001-13759 Dear Brooke E. Carillo: We have limited our review of your filing to the financial statements and related disclosures and have the following comment. In our comment, we may ask you to provide us with information so we may better understand your disclosure. Please respond to this comment within ten business days by providing the requested information or advise us as soon as possible when you will respond. If you do not believe our comment applies to your facts and circumstances, please tell us why in your response. After reviewing your response to this comment, we may have additional comments. Form 8-K filed July 27, 2023 Exhibit 99.1 Non-GAAP Disclosures, page 10 1. We note your reconciliation of GAAP Net Income Available to Common Stockholders to non-GAAP Earnings Available for Distribution; specifically, we note your reconciling item for change in economic basis of investments and your note (4) to the table. Please further clarify for us how you derive estimated economic income. In addition, please tell us how you determined it was appropriate to adjust for this item. In closing, we remind you that the company and its management are responsible for the accuracy and adequacy of their disclosures, notwithstanding any review, comments, action or absence of action by the staff. Brooke E. Carillo Redwood Trust, Inc. August 31, 2023 Page 2 You may contact Eric McPhee at 202-551-3693 or Jennifer Monick at 202-551-3295 with any questions. FirstName LastNameBrooke E. Carillo Sincerely, Comapany NameRedwood Trust, Inc. Division of Corporation Finance August 31, 2023 Page 2 Office of Real Estate & Construction FirstName LastName