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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: June 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)
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 share116,765,789 shares outstanding as of August 2, 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)
June 30, 2022December 31, 2021
ASSETS (1)
Residential loans, held-for-sale, at fair value$1,213,067 $1,845,282 
Residential loans, held-for-investment, at fair value5,365,532 5,747,150 
Business purpose loans, held-for-sale, at fair value505,171 358,309 
Business purpose loans, held-for-investment, at fair value4,697,766 4,432,680 
Consolidated Agency multifamily loans, at fair value443,114 473,514 
Real estate securities, at fair value284,278 377,411 
Other investments679,667 641,969 
Cash and cash equivalents371,296 450,485 
Restricted cash72,558 80,999 
Intangible assets34,720 41,561 
Derivative assets36,587 26,467 
Other assets171,780 231,117 
Total Assets$13,875,536 $14,706,944 
LIABILITIES AND EQUITY (1)
Liabilities
Short-term debt, net $1,869,822 $2,177,362 
Derivative liabilities6,591 3,317 
Accrued expenses and other liabilities190,825 245,788 
Asset-backed securities issued (includes $7,993,953 and $8,843,147 at fair value), net
8,584,146 9,253,557 
Long-term debt, net1,966,061 1,640,833 
Total liabilities12,617,445 13,320,857 
Commitments and Contingencies (see Note 16)
Equity
Common stock, par value $0.01 per share, 395,000,000 shares authorized; 116,753,174 and 114,892,309 issued and outstanding
1,168 1,149 
Additional paid-in capital2,363,709 2,316,799 
Accumulated other comprehensive loss(57,788)(8,927)
Cumulative earnings1,247,839 1,316,890 
Cumulative distributions to stockholders(2,296,837)(2,239,824)
Total equity1,258,091 1,386,087 
Total Liabilities and Equity$13,875,536 $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 June 30, 2022 and December 31, 2021, assets of consolidated VIEs totaled $9,951,520 and $10,661,081, respectively. At June 30, 2022 and December 31, 2021, liabilities of consolidated VIEs totaled $8,899,020 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 (LOSS)
(In Thousands, except Share Data)Three Months Ended June 30,Six Months Ended June 30,
(Unaudited)2022202120222021
Interest Income
Residential loans$65,047 $48,433 $130,250 $92,088 
Business purpose loans80,934 70,323 175,233 134,511 
Multifamily loans4,732 4,860 9,485 9,646 
Real estate securities7,828 9,279 23,783 18,942 
Other interest income8,914 5,800 18,104 11,813 
Total interest income167,455 138,695 356,855 267,000 
Interest Expense
Short-term debt(13,661)(11,195)(25,149)(18,968)
Asset-backed securities issued(88,859)(76,419)(194,554)(148,980)
Long-term debt(24,447)(20,451)(43,562)(42,669)
Total interest expense(126,967)(108,065)(263,265)