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Sep 30, 2023
Redwood Trust Q3 2023 Earnings Report
Redwood Trust reported financial results, including a GAAP net loss related to common stockholders of $(33) million, or $(0.29) per diluted common share, and non-GAAP Earnings Available for Distribution (EAD) of $11 million, or $0.09 per basic common share.
Key Takeaways
Redwood Trust reported a GAAP net loss of $(33) million, or $(0.29) per diluted common share, and non-GAAP Earnings Available for Distribution (EAD) of $11 million, or $0.09 per basic common share for Q3 2023. The company saw growth in its Residential Mortgage Banking business and successfully securitized and sold its production across both operating businesses.
GAAP book value per common share was $8.77 at September 30, 2023, a 5.3% decrease from $9.26 per share at June 30, 2023.
Locked $1.6 billion of jumbo loans, up from $567 million in the second quarter 2023, and purchased $815 million of jumbo loans, up from $184 million in the second quarter 2023.
Funded $411 million of business purpose lending (BPL) loans in the third quarter 2023, up from $406 million in the second quarter 2023.
Unrestricted cash and cash equivalents of $204 million at September 30, 2023.
Forward Guidance
Redwood Trust expects to formalize other partnerships complementary to its traditional distribution channels, driven by significant interest in its asset creation and sourcing abilities.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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