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Sep 30, 2024
Redwood Trust Q3 2024 Earnings Report
Reported financial results for the quarter ended September 30, 2024.
Key Takeaways
Redwood Trust reported a GAAP net income available to common stockholders of $13.1 million, or $0.09 per basic and diluted common share, and non-GAAP Earnings Available for Distribution (EAD) of $25.2 million, or $0.18 per basic common share. The company's operating platforms delivered their strongest performance in over three years, driven by deepening partnerships, sustained product demand, and enhanced distribution capabilities.
GAAP book value per common share was $8.74 at September 30, 2024, relative to $8.73 per share at June 30, 2024, with an economic return on book value of 2.1% for the third quarter.
Non-GAAP Earnings Available for Distribution (EAD) was $25.2 million or $0.18 per basic common share.
Recourse leverage ratio was 2.5x at September 30, 2024, relative to 2.1x at June 30, 2024.
The company declared and paid a regular quarterly dividend of $0.17 per common share, a 6.25% increase from the second quarter 2024.
Forward Guidance
Redwood Trust is excited about the future, with favorable tailwinds propelling the company forward. A more accommodative monetary policy and increasing clarity in bank regulations underscore the opportunity seen for Redwood. Increased demand for products in the non-Agency market positions Redwood well to leverage leadership, expertise, and innovative solutions.
Positive Outlook
- More accommodative monetary policy.
- Increasing clarity in bank regulations.
- Increased demand for Redwood's products in the non-Agency market.
- Well-positioned to leverage leadership and expertise.
- Commitment to innovative solutions.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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