0001104659-21-091928.txt : 20210714 0001104659-21-091928.hdr.sgml : 20210714 20210714091545 ACCESSION NUMBER: 0001104659-21-091928 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 14 CONFORMED PERIOD OF REPORT: 20210714 ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20210714 DATE AS OF CHANGE: 20210714 FILER: COMPANY DATA: COMPANY CONFORMED NAME: REDWOOD TRUST INC CENTRAL INDEX KEY: 0000930236 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] IRS NUMBER: 680329422 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-13759 FILM NUMBER: 211089356 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 8-K 1 tm2122172d1_8k.htm FORM 8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of The

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): July 14, 2021

REDWOOD TRUST, INC.

(Exact name of registrant as specified in its charter)

Maryland

(State or other jurisdiction
of incorporation)

001-13759

(Commission
File Number)

68-0329422

(I.R.S. Employer
Identification No.)

One Belvedere Place
Suite 300
Mill Valley, California 94941
(Address of principal executive offices and Zip Code)

(415) 389-7373
(Registrant’s telephone number, including area code)

Not Applicable
(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

¨

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934.

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. ¨

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

Item 7.01.

Regulation FD Disclosure.

On July 14, 2021, Redwood Trust, Inc. (the “Company”) issued a press release providing a Company update and announcing the date of the Company’s second quarter 2021 financial results webcast and conference call. A copy of the press release is attached as Exhibit 99.1 to this current report on Form 8-K.

The information contained in this Item 7.01 and the attached Exhibit 99.1 is furnished to and not filed with the Securities and Exchange Commission, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, except as shall be expressly set forth by specific reference in such filing.

Item 9.01.

Financial Statements and Exhibits.

(d)

Exhibits

Exhibit 99.1	Press Release dated July 14, 2021
Exhibit 104	Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

Date: July 14, 2021	REDWOOD TRUST, INC.

	By:	/S/ ANDREW P. STONE
		Name:	Andrew P. Stone
		Title:	Executive Vice President, Chief Legal Officer, and Secretary

EX-99.1 2 tm2122172d1_ex99-1.htm EXHIBIT 99.1

Exhibit 99.1

REDWOOD TRUST PROVIDES COMPANY UPDATE AND ANNOUNCES DATE OF SECOND QUARTER 2021 FINANCIAL RESULTS WEBCAST AND CONFERENCE CALL

MILL VALLEY, CA – Wednesday, July 14, 2021 – Redwood Trust, Inc. (NYSE: RWT), a leader in expanding access to housing for homebuyers and renters, today announced a business update for the quarter ended June 30, 2021, in advance of its upcoming financial results conference call.

Second Quarter Business Update:

·

Originated $527 million of business purpose loans; funding mix of approximately 60% single-family rental loans and 40% bridge loans

·

Locked $3.9 billion⁽¹⁾ of residential loans with over 110 discrete sellers

o

Lock mix of approximately: 85% Select loans and 15% Choice loans; 60% purchase money loans and 40% refinancings

·

Funded two transactions through our RWT Horizons initiative including a previously-announced investment in Liquid Mortgage and an early-stage investment in a tech-enabled residential construction management platform

·

Announced strategic investment in Churchill Finance, expanding our business purpose lending sourcing channels, and closed first purchase of smaller balance single-family rental loans from Churchill in July

·

Completed four non-agency securitizations across Residential and Business-Purpose Lending

o

Completed three Sequoia securitizations⁽²⁾ backed by $1.5 billion of jumbo residential loans in aggregate

o

Completed CAFL 2021-1, backed by $276 million of single-family rental loans

·

Distributed $1.8 billion of jumbo residential loans through whole loan sales

1)

Does not account for potential fallout from pipeline that typically occurs through the lending process

2)

Sequoia securitizations included SEMT 2021-3, 2021-4 and 2021-5

·

Settled calls of three Sequoia securitizations, purchasing $83 million of seasoned jumbo residential loans at par, and one CAFL securitization, purchasing $45 million of seasoned single-family rental loans at par

·

Added over $750 million of financing capacity to support growth of our operating platforms

·

During the quarter, the Company estimates its book value increased approximately 6% from March 31, 2021

The Company also announced it is scheduled to release its second quarter 2021 results on Wednesday, July 28, 2021, after the market close. Redwood’s senior management team will host a conference call and webcast to review its financial results at 2:00 p.m. Pacific Time / 5:00 p.m. Eastern Time on the same day.

Webcast Information

The conference call will be webcast live in listen-only mode through the Events and Presentations section of Redwood Trust’s Investor Relations website at https://ir.redwoodtrust.com/events-and-presentations/events. To listen to the webcast, please go to Redwood's website at least 15 minutes before the call to register and to download and install any needed audio software. An audio replay of the call will also be available on Redwood's website following the call.

Conference Call Information

To participate by phone, please dial-in at least 15 minutes prior to the start time to allow for wait times to access the conference call. The live conference call will be accessible domestically or internationally, by dialing 1-877-423-9813 or 1-201-689-8573, respectively.

A replay of the conference call will be available after 5:00 p.m. Pacific Time / 8:00 p.m. Eastern Time on Wednesday, July 28, 2021 through 8:59 p.m. Pacific Time / 11:59 p.m. Eastern Time on Wednesday, August 11, 2021. To access the replay, listeners may use 1-844-512-2921 (domestic) or 1-412-317-6671 (international). The passcode for the replay is 13721503.

About Redwood Trust

Redwood Trust, Inc. (NYSE: RWT) is a specialty finance company focused on several distinct areas of housing credit. Our operating platforms occupy a unique position in the housing finance value chain, providing liquidity to growing segments of the U.S. housing market not served by government programs. We deliver customized housing credit investments to a diverse mix of investors, through our best-in-class securitization platforms; whole-loan distribution activities; and our publicly-traded shares. Our consolidated investment portfolio has evolved to incorporate a diverse mix of residential, business purpose and multifamily investments. Our goal is to provide attractive returns to shareholders through a stable and growing stream of earnings and dividends, capital appreciation, and a commitment to technological innovation that facilitates risk-minded scale. Since going public in 1994, we have managed our business through several cycles, built a track record of innovation, and a best-in-class reputation for service and a common-sense approach to credit investing. Redwood Trust is internally managed and structured as a real estate investment trust ("REIT") for tax purposes. For more information about Redwood, please visit our website at redwoodtrust.com or connect with us on LinkedIn, Twitter, or Facebook.

Forward-Looking Statements: This press release contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including statements regarding estimates of the Company’s book value at June 30, 2021 and statements relating to the amount of residential mortgage loans that we identified for purchase during the second quarter of 2021 (not accounting for potential pipeline fallout). Forward-looking statements involve numerous risks and uncertainties. Our actual results may differ from our beliefs, expectations, estimates, and projections and, consequently, you should not rely on these forward-looking statements as predictions of future events. Forward-looking statements are not historical in nature and can be identified by words such as “anticipate,” “estimate,” “will,” “should,” “expect,” “believe,” “intend,” “seek,” “plan” and similar expressions or their negative forms, or by references to strategy, plans, or intentions. These forward-looking statements are subject to risks and uncertainties, including, among other things, those described in our Annual Report on Form 10-K for the year ended December 31, 2020 and subsequent Quarterly Reports on Form 10-Q under the caption “Risk Factors.” Other risks, uncertainties, and factors that could cause actual results to differ materially from those projected may be described from time to time in reports we file with the Securities and Exchange Commission, including reports on Forms 10-Q and 8-K. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

CONTACT

Lisa Hartman – SVP, Head of Investor Relations

Phone: 866-269-4976

Email: investorrelations@redwoodtrust.com

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MD 001-13759 68-0329422 One Belvedere Place Suite 300 Mill Valley CA 94941 415 389-7373 false false false false false Common stock, par value $0.01 per share RWT NYSE XML 8 R1.htm IDEA: XBRL DOCUMENT

Cover	Jul. 14, 2021
Cover [Abstract]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Jul. 14, 2021
Entity File Number	001-13759
Entity Registrant Name	REDWOOD TRUST, INC.
Entity Central Index Key	0000930236
Entity Tax Identification Number	68-0329422
Entity Incorporation, State or Country Code	MD
Entity Address, Address Line One	One Belvedere Place
Entity Address, Address Line Two	Suite 300
Entity Address, City or Town	Mill Valley
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94941
City Area Code	415
Local Phone Number	389-7373
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common stock, par value $0.01 per share
Trading Symbol	RWT
Security Exchange Name	NYSE
Entity Emerging Growth Company	false

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