$RWT
REDWOOD TRUST INC
CIK:0000930236|SEC Filings
CONSOLIDATED STATEMENTS OF (LOSS) INCOME - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jun. 30, 2026 |
Jun. 30, 2025 |
Jun. 30, 2026 |
Jun. 30, 2025 |
|
| Interest Income | ||||
| Residential consumer loans | $ 312,002 | $ 184,403 | $ 588,637 | $ 346,746 |
| Residential investor loans | 50,784 | 72,104 | 107,823 | 150,259 |
| Consolidated Agency multifamily loans | 0 | 4,508 | 0 | 8,956 |
| Real estate securities | 15,018 | 16,121 | 30,205 | 34,658 |
| Other interest income | 7,420 | 7,200 | 15,478 | 15,811 |
| Total interest income | 385,224 | 284,336 | 742,143 | 556,430 |
| Interest Expense | ||||
| Asset-backed securities issued | (270,503) | (198,537) | (508,721) | (377,907) |
| Debt obligations | (82,650) | (71,965) | (166,634) | (136,747) |
| Total interest expense | (353,153) | (270,502) | (675,355) | (514,654) |
| Net interest income (expense) | 32,071 | 13,834 | 66,788 | 41,776 |
| Non-Interest Income | ||||
| Mortgage banking activities, net | 32,071 | 40,857 | 64,035 | 73,910 |
| Investment fair value changes, net | (22,523) | (84,704) | (45,722) | (89,892) |
| HEI income (loss), net | 2,798 | (12,899) | 9,907 | (2,733) |
| Servicing income, net | 2,648 | 1,608 | 10,669 | 5,015 |
| Fee income, net | 2,960 | 2,209 | 5,846 | 4,560 |
| Other income, net | 5,985 | 352 | 8,422 | 1,902 |
| Realized gains, net | 0 | 640 | 0 | 1,207 |
| Total non-interest income (loss), net | 23,939 | (51,937) | 53,157 | (6,031) |
| General and administrative expenses | (38,198) | (36,983) | (87,556) | (74,454) |
| Portfolio management costs | (7,030) | (10,028) | (15,759) | (16,519) |
| Loan acquisition costs | (5,990) | (4,781) | (12,719) | (8,349) |
| Other expenses | (4,747) | (4,035) | (11,872) | (7,944) |
| Net Income (Loss) Before Provision for Income Taxes | 45 | (93,930) | (7,961) | (71,521) |
| (Provision for) benefit from income taxes | (1,145) | (4,562) | 1,358 | (10,824) |
| Net (Loss) Income | (1,100) | (98,492) | (6,603) | (82,345) |
| Dividends on preferred stock | (1,758) | (1,757) | (3,508) | (3,507) |
| Net (Loss) Income (Related) Available To Common Stockholders | $ (2,858) | $ (100,249) | $ (10,111) | $ (85,852) |
| Basic (loss) earnings per common share (in dollars per share) | $ (0.03) | $ (0.76) | $ (0.10) | $ (0.67) |
| Diluted (loss) earnings per common share (in dollars per share) | $ (0.03) | $ (0.76) | $ (0.10) | $ (0.67) |
| Basic weighted average common shares outstanding (in shares) | 125,333,440 | 133,006,312 | 125,052,944 | 132,886,919 |
| Diluted weighted average common shares outstanding (in shares) | 125,333,440 | 133,006,312 | 125,052,944 | 132,886,919 |
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands |
Jun. 30, 2026 |
Dec. 31, 2025 |
|||||
|---|---|---|---|---|---|---|---|
| Assets | |||||||
| Home equity investments | [1] | $ 339,735 | $ 329,883 | ||||
| Real estate securities | [1] | 480,897 | 423,016 | ||||
| Servicing investments | [1] | 290,825 | 302,230 | ||||
| Strategic investments | [1] | 97,133 | 101,958 | ||||
| Derivative assets | [1] | 59,436 | 105,597 | ||||
| Cash and cash equivalents | [1] | 191,846 | 255,664 | ||||
| Restricted cash | [1] | 99,465 | [2] | 193,446 | |||
| Goodwill | [1] | 23,373 | 23,373 | ||||
| Other assets | [1] | 471,256 | 413,522 | ||||
| Total Assets | [1] | 28,818,131 | 23,701,114 | ||||
| Liabilities | |||||||
| Asset-backed securities issued | [1] | 22,515,907 | 17,492,031 | ||||
| Debt obligations, net | [1] | 4,956,574 | 4,799,382 | ||||
| Derivative liabilities | [1] | 10,912 | 28,150 | ||||
| Accrued expenses and other liabilities | [1] | 400,899 | 398,935 | ||||
| Total liabilities | [1] | 27,884,292 | 22,718,498 | ||||
| Commitments and Contingencies (see Note 19) | [1] | ||||||
| Equity | |||||||
| Preferred stock, par value $0.01 per share, 2,990,000 shares authorized; 2,800,000 issued and outstanding | [1] | 66,948 | 66,948 | ||||
| Common stock, par value $0.01 per share, 392,010,000 shares authorized; 125,607,457 and 124,459,837 issued and outstanding | [1] | 1,256 | 1,245 | ||||
| Additional paid-in capital | [1] | 2,472,006 | 2,463,473 | ||||
| Accumulated other comprehensive loss | [1] | (31,059) | (31,669) | ||||
| Cumulative earnings | [1] | 1,104,249 | 1,114,360 | ||||
| Cumulative distributions to stockholders | [1] | (2,679,561) | (2,631,741) | ||||
| Total Equity | [1] | 933,839 | 982,616 | ||||
| Total Liabilities and Equity | [1] | 28,818,131 | 23,701,114 | ||||
| Residential consumer loans | |||||||
| Assets | |||||||
| Fair value of loans | [1] | 23,638,696 | 17,935,761 | ||||
| Residential investor loans | |||||||
| Assets | |||||||
| Fair value of loans | [1] | $ 3,125,469 | $ 3,616,664 | ||||
| |||||||