Redwood trust, inc. (RWT)
Income statement / Quarterly
Mar'20Dec'19Sep'19Jun'19Mar'19Dec'18Sep'18Jun'18Mar'18Dec'17Sep'17Jun'17Mar'17Dec'16Sep'16Jun'16Mar'16Dec'15Sep'15Jun'15Mar'15Dec'14Sep'14Jun'14Mar'14Dec'13Sep'13Jun'13Mar'13Dec'12Sep'12Jun'12Mar'12Dec'11Sep'11Jun'11Mar'11Dec'10Sep'10Jun'10Mar'10Sep'09Jun'09
Interest Income
Residential loans

79,436

85,645

77,070

77,288

75,950

70,808

63,265

55,514

50,231

44,824

38,541

36,635

34,362

35,655

35,595

35,154

31,400

34,426

29,472

25,808

25,009

23,410

19,280

13,601

12,658

13,520

17,027

18,845

17,624

17,128

20,419

21,243

23,379

23,551

20,192

18,904

18,469

17,657

17,514

15,746

14,488

19,574

30,614

Commercial loans

-

-

-

-

-

-

-

-

-

-

-

-

-

1,662

6,453

12,921

9,460

12,149

11,191

12,679

10,914

13,363

12,603

11,217

10,384

12,886

10,740

9,623

10,171

8,397

7,482

5,534

5,346

3,457

2,353

1,800

1,225

969

323

269

303

-

-

Business purpose residential loans

52,654

41,574

5,446

3,996

2,789

2,888

1,445

0

0

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Multifamily loans

40,172

38,466

36,829

35,917

21,388

15,744

5,578

0

0

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Real estate securities

18,309

19,308

23,047

25,017

24,450

26,024

27,063

26,296

25,695

25,735

23,425

21,826

19,817

18,761

18,600

18,417

21,095

22,085

22,749

24,839

27,775

28,420

31,461

33,170

32,431

31,083

29,649

29,114

25,717

27,855

31,805

32,732

29,994

29,476

30,845

32,234

34,624

37,106

41,083

40,458

43,899

50,708

43,475

Other interest income

7,510

7,588

7,725

6,324

6,464

4,261

2,046

1,166

693

909

771

763

449

256

258

295

373

169

72

47

48

-

7

5

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Other investments

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

2

4

9

25

55

Cash and cash equivalents

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

3

-

4

137

12

-

17

14

21

11

6

17

15

36

93

93

17

75

117

Interest and Dividend Income, Operating

198,081

192,581

150,117

148,542

131,041

119,725

99,397

82,976

76,619

71,468

62,737

59,224

54,628

56,334

60,906

66,787

62,328

68,829

63,484

63,373

63,746

65,250

63,351

57,993

55,476

57,493

57,420

57,719

53,524

53,398

59,723

59,523

58,740

56,495

53,396

52,955

54,333

55,753

59,015

56,570

58,716

70,382

74,261

Interest Expense
Short-term debt

23,067

25,774

24,239

24,275

22,218

18,161

14,146

13,175

13,435

12,866

10,182

9,350

4,453

4,848

5,405

5,337

6,697

9,194

7,627

6,527

7,224

8,580

8,441

5,142

3,827

3,715

5,227

4,686

3,808

2,527

2,737

2,299

1,827

764

78

7

182

-

2

36

-

-

0

Asset-backed securities issued

100,498

97,993

71,065

70,113

55,295

44,258

27,421

16,349

11,401

7,917

3,956

3,705

3,530

3,278

3,193

3,982

4,282

4,432

5,190

5,645

6,202

6,765

7,838

8,183

8,441

8,795

9,712

10,250

10,959

27,906

23,171

24,203

26,452

25,904

21,855

21,251

19,423

19,191

21,074

18,988

17,066

23,530

37,499

Long-term debt

23,106

23,941

21,300

21,832

21,763

22,542

22,784

18,689

16,678

15,325

13,305

11,179

13,048

12,411

12,999

13,125

12,971

11,413

11,058

10,836

10,535

8,557

7,071

7,826

6,792

6,952

6,894

6,480

3,493

2,451

2,377

2,379

2,376

2,388

2,384

2,375

2,367

2,389

2,619

2,140

1,116

1,307

1,502

Interest Expense

146,671

147,708

116,604

116,220

99,276

84,961

64,351

48,213

41,514

36,108

27,443

24,234

21,031

20,537

21,597

22,444

23,950

25,039

23,875

23,008

23,961

23,902

23,350

21,151

19,060

19,462

21,833

21,416

18,260

32,884

28,285

28,881

30,655

29,056

24,317

23,633

21,972

21,623

23,695

21,164

18,182

24,837

39,001

Net Interest Income

51,410

44,873

33,513

32,322

31,765

34,764

35,046

34,763

35,105

35,360

35,294

34,990

33,597

35,797

39,309

44,343

38,378

43,790

39,609

40,365

39,785

41,348

40,001

36,842

36,416

38,031

35,587

36,303

35,264

20,514

31,438

30,642

28,085

27,439

29,079

29,322

32,361

34,130

35,320

35,406

40,534

45,545

35,260

Provision for Loan, Lease, and Other Losses

-

-

-

-

-

-

-

-

-

-

-

-

-

0

-859

-6,532

289

-240

-60

-261

206

1,588

-1,596

-315

1,284

4,243

1,727

-3,272

2,039

-

1,319

-

274

-

3,978

-

-

-

-

-

-

-

-

Net Interest Income after Provision

-

-

-

-

-

-

-

-

-

-

-

-

-

35,797

40,168

50,875

38,089

44,030

39,669

40,626

39,579

39,760

41,597

37,157

35,132

33,326

34,322

39,575

33,225

16,876

31,076

31,896

27,183

49,989

11,653

16,594

23,814

26,608

31,311

23,960

19,822

24,489

-8,420

Non-interest (Loss) Income
Market valuation adjustments, net

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-1,573

-7,125

-11,237

-11,058

-29,135

Mortgage banking activities, net

-28,411

46,282

9,515

19,160

12,309

11,170

11,224

10,596

26,576

3,058

21,200

12,046

17,604

13,979

9,766

7,728

7,218

269

1,333

7,447

1,923

-

-

-

-231

-

-5,944

48,723

45,000

23,595

12,303

-3,607

4,302

-

-

-

-

-

-

-

-

-

-

Mortgage banking and investment activities, net

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

14,166

2,189

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Mortgage servicing rights income, net

-

-

-

-

-

-

-

-

-

-

-

-

1,713

-

3,770

2,783

6,281

2,623

3,549

830

-10,924

-8,911

5,821

-1,777

606

-

-

10,547

1,021

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Investment fair value changes, net

-870,832

759

11,444

3,138

20,159

-38,519

10,332

889

1,609

384

324

8,115

1,551

-9,888

11,918

-11,066

-19,538

-4,255

-14,169

-1,788

-1,145

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Other income, net

2,437

10,400

1,825

2,407

4,625

4,177

3,453

3,322

2,118

4,676

2,812

3,764

1,184

16,534

1,643

1,559

955

757

327

1,299

809

181

1,600

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Reversal of provision for loan losses

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-1,340

-

-

-

1,581

-

-

-

-

-

-

-

Provision for loan losses

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

2,807

-

2,436

4,321

9,475

9,998

14,545

Other market valuation adjustments

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

462

-

-

-

2,164

217

-296

-

-12,365

-9,681

-3,118

1,526

1,007

-2,909

-9,291

-1,860

4,102

Other-than-temporary impairments

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

1,207

303

332

-

1,083

1,466

2,622

5,037

2,580

4,216

-1,946

-9,198

-33,237

Other market valuation adjustments, net

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-6,138

-

462

-6,258

-303

1,296

957

-86

-628

-9,682

-13,448

-11,147

-5,740

-

-

-

-

-

-

Realized gains, net

3,852

5,594

4,714

2,827

10,686

5,689

7,275

4,714

9,363

4,546

1,734

1,372

5,703

1,972

6,615

9,884

9,538

20,199

5,548

6,316

4,306

4,791

8,532

1,063

1,092

1,967

10,469

556

12,267

20,366

13,940

6,995

13,620

103

1,145

5,834

3,864

1,512

1,566

16,080

44,338

17,561

25,525

Total non-interest (loss) income, net

-892,954

63,035

27,498

27,532

47,779

-17,483

32,284

19,521

39,666

10,951

26,070

25,297

27,755

9,763

33,712

10,888

4,454

19,593

-3,412

14,104

-5,031

10,867

30,119

1,475

-4,671

-

-

53,568

57,985

-

-

-

-

-

-

-

-

-

-

-

-

-

-

General and administrative expenses

32,668

-

-

-

23,159

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Operating Expenses

-

-

26,815

26,255

-

-

21,490

19,009

23,030

-

19,922

18,641

18,226

17,824

20,355

20,155

30,452

22,638

24,497

25,218

25,063

26,464

21,406

22,282

19,971

20,633

21,853

24,430

19,691

18,732

17,102

15,165

14,634

12,633

11,507

12,087

11,514

12,937

12,245

11,227

17,306

-14,806

10,769

Other expenses

91,415

-

-

-

1,038

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Net (Loss) Income before Benefit from (Provision for) Income Taxes

-965,627

53,481

34,196

33,599

55,347

-2,168

45,840

35,275

51,741

25,944

41,442

41,646

43,126

27,736

53,525

41,608

12,091

40,985

11,760

29,512

9,485

24,163

50,310

16,350

10,490

26,968

16,994

68,713

71,519

42,253

40,217

20,119

30,471

-2,558

1,291

10,341

16,164

15,183

20,632

28,813

46,854

27,244

6,336

Income Tax Expense (Benefit)

-22,229

4,338

-114

2,333

883

-1,359

4,919

2,528

5,000

-4,989

5,262

5,322

6,157

2,381

972

327

28

-74

-7,404

2,448

-5,316

-2,959

5,213

333

-1,843

1,834

-4,935

3,140

10,909

175

516

592

8

0

14

14

14

26

202

26

26

-247

-514

Net (Loss) Income

-943,398

49,143

34,310

31,266

54,464

-913

40,921

32,747

46,845

30,933

36,180

36,324

36,969

25,355

52,553

41,281

12,063

41,059

19,164

27,064

14,801

27,122

45,097

16,017

12,333

-

21,929

-

-

42,078

39,701

19,527

30,463

-2,558

1,297

9,439

18,165

14,710

19,898

28,601

46,843

27,128

6,723

Less: Net loss attributable to noncontrolling interest

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

-20

888

-2,015

447

532

186

-15

363

127

Net Income

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

65,573

60,610

-

-

-

-

-2,558

1,277

10,327

16,150

15,157

20,430

28,787

46,828

27,491

6,850

Basic (loss) earnings per common share (in dollars per share)

-8.28

0.42

0.33

0.31

0.57

-0.04

0.49

0.42

0.60

0.39

0.46

0.46

0.47

0.32

0.67

0.52

0.15

0.50

0.22

0.31

0.17

0.32

0.53

0.19

0.14

0.29

0.26

0.78

0.72

0.51

0.48

0.24

0.38

-0.05

0.01

0.12

0.23

0.17

0.25

0.36

0.59

0.34

0.10

Diluted (loss) earnings per common share (in dollars per share)

-8.28

0.36

0.31

0.30

0.49

0.04

0.42

0.38

0.50

0.33

0.41

0.43

0.43

0.33

0.58

0.48

0.15

0.49

0.22

0.31

0.16

0.33

0.50

0.18

0.14

0.29

0.25

0.71

0.69

0.50

0.48

0.24

0.37

-0.03

0.01

0.11

0.22

0.18

0.25

0.35

0.58

0.34

0.10

Regular dividends declared per common share (in dollars per share)

-

-

-

-

-

-

-

-

0.28

-

0.28

0.28

0.28

0.28

0.28

0.28

0.28

0.28

0.28

0.28

0.28

0.28

0.28

0.28

0.28

0.28

0.28

0.28

0.28

0.25

0.25

0.25

0.25

0.25

0.25

0.25

0.25

0.25

0.25

0.25

0.25

0.25

0.25

Special dividends declared per common share

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0.00

0.00

Total dividends declared per common share

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0.25

0.25

Basic weighted average shares outstanding (in shares)

114,076

112,941

101,872

96,983

92,685

83,325

80,796

75,380

75,396

76,763

76,850

76,819

76,738

76,505

76,680

76,664

77,137

80,695

83,787

83,936

83,360

83,181

83,017

82,740

82,410

82,061

82,201

82,123

81,556

81,222

79,685

78,815

78,397

78,095

78,470

78,324

78,027

77,986

77,901

77,800

77,677

77,610

65,697

Diluted weighted average shares outstanding (in shares)

114,076

153,624

136,522

130,696

126,278

116,801

114,682

100,431

108,194

109,756

102,703

97,494

97,946

118,905

97,831

97,761

77,137

72,426

85,074

94,949

85,622

73,464

96,956

85,032

84,940

106,841

84,422

96,171

87,344

83,223

80,764

78,815

79,892

75,878

78,470

79,477

79,371

78,888

78,961

78,852

78,542

78,059

66,362