This specialty finance company is expected to post quarterly earnings of $0.12 per share in its upcoming report, which represents a year-over-year change of -14.3%. Revenues are expected to be $28.13 million, up 8.2% from the year-ago quarter. The market expects Redwood Trust (RWT) to deliver a year-over-year decline in earnings on higher revenues when it reports results for the quarter ended June 2024. This widely-known consensus outlook is important in assessing the company's earnings picture, but a power ...

Redwood Trust, Inc. (RWT) reached a significant support level, and could be a good pick for investors from a technical perspective. Recently, RWT's 50- day simple moving average broke out above its 200-day moving average; this is known as a "golden cross." A golden cross is a technical chart pattern that can signify a potential bullish breakout. It's formed from a crossover involving a security's short-term moving average breaking above a longer-term moving average, with the most common moving averages bein ...

PART I — FINANCIAL INFORMATION [Item 1. Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) The company's total assets increased to **$15.1 billion** in Q1 2024 from **$14.5 billion** at year-end 2023, driven by growth in residential consumer loans, with net income for the quarter reaching **$30.3 million** (**$0.21** per share), a significant increase from **$4.6 million** (**$0.02** per share) in Q1 2023, primarily due to positive investment fair value changes Consolidated Balance Sheet Summary (Unaudited) | (In Thousands) | March 31, 2024 | December 31, 2023 | | :--- | :--- | :--- | | **Total Assets** | **$15,057,974** | **$14,504,327** | | Residential consumer loans, held-for-investment | $7,104,886 | $6,139,445 | | Residential investor loans, held-for-investment | $4,901,443 | $5,040,048 | | **Total Liabilities** | **$13,833,811** | **$13,301,634** | | Asset-backed securities issued, net | $10,628,189 | $9,811,880 | | Long-term debt, net | $1,707,138 | $1,680,901 | | **Total Equity** | **$1,224,163** | **$1,202,693** | Consolidated Statement of Income Summary (Unaudited) | (In Thousands, except Share Data) | Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | | :--- | :--- | :--- | | **Net Interest Income** | **$24,210** | **$26,437** | | Total non-interest income, net | $50,339 | $21,098 | | Investment fair value changes, net | $21,837 | $(4,392) | | **Net Income** | **$30,262** | **$4,620** | | Net income available to common stockholders | $28,512 | $3,201 | | **Diluted earnings per common share** | **$0.21** | **$0.02** | [Notes to Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) The company operates across three segments and clarified its loan classifications in Q1 2024 for enhanced reporting clarity - The company operates in three segments: Residential Consumer Mortgage Banking, Residential Investor Mortgage Banking, and Investment Portfolio, with primary income sources from net interest income and non-interest income from mortgage banking activities[28](index=28&type=chunk)[29](index=29&type=chunk) - In Q1 2024, the company renamed 'Residential loans' to 'Residential consumer loans' and 'Business purpose loans' to 'Residential investor loans' for clarity, without changing account classifications[32](index=32&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=79&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management highlighted increased GAAP earnings and book value in Q1 2024, driven by accretive investments and strong Residential Consumer lock volumes, with a key strategic development being the partnership with CPP Investments, expected to enhance capital certainty and fee-based income, focusing on market share growth, credit risk management in its Residential Investor segment, and improved operating efficiency - The company's strategic focus is on evolving its investment approach by deploying capital alongside institutional partners to drive scale in its operating platforms and diversify revenue streams with more predictable, fee-based income[421](index=421&type=chunk) - A significant milestone in Q1 2024 was the closing of a multi-pronged transaction with CPP Investments, which includes a **$500 million** joint venture with potential purchasing power of **$4 billion** for Residential Investor loans and a new **$250 million** secured revolving financing facility[420](index=420&type=chunk)[421](index=421&type=chunk) Q1 2024 Key Financial Metrics | (In Thousands, except per Share Data) | Three Months Ended March 31, 2024 | Three Months Ended December 31, 2023 | | :--- | :--- | :--- | | Net income per diluted common share | $0.21 | $0.15 | | Return on common stockholders' equity | 10.0% | 7.3% | | Book Value per share | $8.78 | $8.64 | | Economic return on book value | 3.5% | 0.3% | [Consolidated Results of Operations](index=85&type=section&id=Consolidated%20Results%20of%20Operations) Net income significantly increased in Q1 2024 due to positive investment fair value changes, despite a slight decrease in net interest income and lower general and administrative expenses - Net income increased to **$30.3 million** in Q1 2024 from **$4.6 million** in Q1 2023, primarily driven by a **$26.2 million** positive swing in investment fair value changes, benefiting from tightening credit spreads across the securities portfolio[439](index=439&type=chunk)[448](index=448&type=chunk) - Net interest income decreased slightly by **$2.2 million** year-over-year, mainly due to higher borrowing costs on long-term debt and ABS issued in the Investment Portfolio, partially offset by higher net interest income from Mortgage Banking operations[440](index=440&type=chunk) - General and administrative expenses decreased by **$1.0 million** year-over-year, primarily due to lower variable and equity compensation expense resulting from a reduction in headcount, despite incurring **$3 million** in restructuring charges in Q1 2024[457](index=457&type=chunk) [Results of Operations by Segment](index=90&type=section&id=Results%20of%20Operations%20by%20Segment) The Residential Consumer Mortgage Banking segment turned profitable, while the Investment Portfolio's contribution significantly increased, offsetting a wider loss in the Residential Investor Mortgage Banking segment Segment Contribution Summary | (In Thousands) | Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | | :--- | :--- | :--- | | Residential Consumer Mortgage Banking | $7,019 | $(1,263) | | Residential Investor Mortgage Banking | $(5,509) | $(1,027) | | Investment Portfolio | $57,606 | $35,537 | | Corporate/Other | $(28,854) | $(28,627) | | **Net Income** | **$30,262** | **$4,620** | - The Residential Consumer Mortgage Banking segment's contribution turned positive to **$7.0 million**, driven by a significant increase in loan lock and distribution volumes, with **$1.8 billion** in locks and **$1.4 billion** distributed through securitizations and whole loan sales[472](index=472&type=chunk)[476](index=476&type=chunk)[481](index=481&type=chunk) - The Investment Portfolio's contribution increased by **$22.1 million** year-over-year, primarily due to positive investment fair value changes from tightening credit spreads, higher HEI income, and improved MSR valuations[472](index=472&type=chunk)[501](index=501&type=chunk) - The Residential Investor Mortgage Banking segment's loss widened to **$5.5 million** due to lower funding volumes and margins amid elevated interest rates, although operating expenses decreased due to headcount reductions[472](index=472&type=chunk)[494](index=494&type=chunk) [Liquidity and Capital Resources](index=106&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintained strong capital and liquidity positions as of Q1 2024, bolstered by new debt issuance and a revolving financing facility, with plans to repay maturing convertible notes - As of March 31, 2024, the company had total capital of **$1.92 billion** and unrestricted cash and cash equivalents of **$275 million**[561](index=561&type=chunk)[562](index=562&type=chunk) - In Q1 2024, the company issued **$60 million** of 9.125% senior unsecured notes due 2029 and entered into a new corporate secured revolving financing facility with CPP Investments with an initial borrowing limit of **$200 million** (subsequently increased to **$250 million**)[561](index=561&type=chunk)[580](index=580&type=chunk)[407](index=407&type=chunk) - The company had **$2.24 billion** of secured recourse debt outstanding, of which **$1.88 billion** was non-marginable, meaning it is not subject to margin calls based solely on a lender's discretionary determination of market value declines[565](index=565&type=chunk) - The company has a convertible note series with a **$116 million** outstanding balance maturing in July 2024, which it expects to repay with cash on hand[582](index=582&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=114&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company states there have been no material changes in its quantitative or qualitative exposure to market risk since December 31, 2023, other than developments described in the MD&A section, and refers to its 2023 Annual Report on Form 10-K for detailed information - Information concerning market risk is incorporated by reference from the company's Annual Report on Form 10-K for the fiscal year ended December 31, 2023[608](index=608&type=chunk) - There have been no material changes in the company's quantitative or qualitative exposure to market risk since December 31, 2023, apart from developments discussed in the MD&A, such as changes in the fair values of assets[608](index=608&type=chunk) [Item 4. Controls and Procedures](index=114&type=section&id=Item%204.%20Controls%20and%20Procedures) Management, including the CEO and CFO, evaluated the company's disclosure controls and procedures and concluded they were effective at a reasonable assurance level as of March 31, 2024, with no material changes to internal control over financial reporting during the first quarter - The Chief Executive Officer and Chief Financial Officer concluded that the company's disclosure controls and procedures were effective at a reasonable assurance level as of the end of the quarter[610](index=610&type=chunk) - No changes in internal control over financial reporting occurred during the first quarter of 2024 that have materially affected, or are reasonably likely to materially affect, internal controls[611](index=611&type=chunk) PART II — OTHER INFORMATION [Item 1. Legal Proceedings](index=115&type=section&id=Item%201.%20Legal%20Proceedings) The report refers to Note 17 of the financial statements for information on legal proceedings, which indicates no significant updates from the disclosures in the 2023 Annual Report on Form 10-K - There are no significant updates regarding litigation matters since the company's Annual Report on Form 10-K for the year ended December 31, 2023[336](index=336&type=chunk)[614](index=614&type=chunk) [Item 1A. Risk Factors](index=115&type=section&id=Item%201A.%20Risk%20Factors) The report states that risk factors are discussed in the company's Annual Report on Form 10-K for the year ended December 31, 2023, indicating no material changes or new risk factors in the current quarter - The company's risk factors are discussed in Part I, Item 1A of its Annual Report on Form 10-K for the year ended December 31, 2023[614](index=614&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=115&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) In March 2024, the company issued unregistered warrants to CPP Investments for a total of **6,583,017 shares** of common stock in conjunction with their joint venture, and during the quarter, no shares of common or preferred stock were repurchased under the existing authorization programs - In March 2024, the company issued warrants to CPP Investments exercisable for a total of **6,583,017 shares** of common stock, which were not registered under the Securities Act of 1933[616](index=616&type=chunk) - During Q1 2024, the company did not repurchase any shares of its common or preferred stock, with authorization remaining for up to **$101 million** in common stock repurchases and **$70 million** in preferred stock repurchases as of March 31, 2024[616](index=616&type=chunk) [Item 3. Defaults Upon Senior Securities](index=115&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) The company reported no defaults upon its senior securities during the period - None[619](index=619&type=chunk) [Item 5. Other Information](index=115&type=section&id=Item%205.%20Other%20Information) The company reported that no director or officer adopted or terminated a Rule 10b5-1 trading arrangement or a non-Rule 10b5-1 trading arrangement during the first quarter of 2024 - No director or officer adopted or terminated a Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement during the three months ended March 31, 2024[620](index=620&type=chunk) [Item 6. Exhibits](index=116&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including corporate governance documents, debt agreements, certifications from the CEO and CFO, and interactive data files (XBRL)

Redwood Trust, Inc. (NYSE:RWT) Q1 2024 Earnings Conference Call April 30, 2024 5:00 PM ET Company Participants Kaitlyn Mauritz - Senior Vice President, Investor Relations Chris Abate - Chief Executive Officer Dash Robinson - President Brooke Carillo - Chief Financial Officer Conference Call Participants Rick Shane - JPMorgan Bose George - KBW Doug Harter - UBS Crispin Love - Piper Sandler Don Fandetti - Wells Fargo Stephen Laws - Raymond James Eric Hagen - BTIG Steve Delaney - Citizens JMP Kyle Joseph - Jef ...

R E D W O O D T R U S T . C O M This presentation contains forward-looking statements, including statements regarding our 2024 forward outlook, current illustrative returns related to capital deployment opportunities, estimates of upside and potential earnings in our investment portfolio from embedded discounts to par value on securities, statements regarding our joint ventures with Oaktree and CPP Investments, including the estimated levered purchase capacity of our joint venture with CPP Investments of up ...

[First Quarter 2024 Financial Results](index=1&type=section&id=First%20Quarter%202024%20Financial%20Results) [Key Q1 2024 Financial Results and Metrics](index=1&type=section&id=Key%20Q1%202024%20Financial%20Results%20and%20Metrics) Redwood Trust reported strong Q1 2024 financial results, with GAAP book value per share increasing to **$8.78**, GAAP net income reaching **$29 million**, and a **3.5%** economic return on book value Q1 2024 Key Financial Metrics vs. Q4 2023 | Metric | Q1 2024 | Q4 2023 | | :--- | :--- | :--- | | GAAP book value per common share | $8.78 | $8.64 | | GAAP net income available to common stockholders | $29 million | $19 million | | GAAP EPS (diluted) | $0.21 | $0.15 | | Non-GAAP EAD | $11 million | $7 million | | Non-GAAP EAD per basic common share | $0.08 | $0.05 | | Economic return on book value | 3.5% | 0.3% | | Recourse leverage ratio | 1.9x | 2.2x | | Dividend per common share | $0.16 | $0.16 | [Operational Business Highlights](index=1&type=section&id=Operational%20Business%20Highlights) Operational segments showed significant momentum, with Residential Consumer Mortgage Banking's jumbo loan lock volume increasing **53%** and Residential Investor Mortgage Banking maintaining stable funding [Residential Consumer Mortgage Banking](index=1&type=section&id=Residential%20Consumer%20Mortgage%20Banking) This segment experienced substantial growth, with jumbo loan lock volumes increasing **53%** to **$1.8 billion** and gross margins reaching **107 basis points** - Locked **$1.8 billion** of jumbo loans, a **53%** increase from **$1.2 billion** in Q4 2023[5](index=5&type=chunk) - Achieved gross margins of **107bps**, which is above the historical target range of **75bps** to **100bps**[5](index=5&type=chunk) - Launched a closed-end second (CES) lien product and expanded its network of depository institutions to 74 from 68 in the prior quarter[5](index=5&type=chunk) [Residential Investor Mortgage Banking](index=1&type=section&id=Residential%20Investor%20Mortgage%20Banking) This segment funded **$326 million** in loans, with February and March volumes increasing **20%** compared to January, signaling a strengthening pipeline - Funded **$326 million** of residential investor loans, comprised of **64%** bridge loans and **36%** term loans[5](index=5&type=chunk) - Average funding volumes for February and March 2024 were **20%** higher than January 2024 levels[5](index=5&type=chunk) [Investment Portfolio](index=2&type=section&id=Investment%20Portfolio) The company deployed **$115 million** into new investments, the largest since Q3 2022, while delinquency rates remained stable for RPL and jumbo securities - Deployed approximately **$115 million** of capital into internally sourced and third-party investments, the largest single quarter deployment since Q3 2022[7](index=7&type=chunk) 90 Day+ Delinquency Rates | Portfolio | Q1 2024 | Q4 2023 | | :--- | :--- | :--- | | RPL Securities | 8.1% | Stable | | Jumbo Securities | 0.2% | Stable | | CAFL Securities & Bridge Loans | 5.0% | 4.7% | [Financing Highlights](index=2&type=section&id=Financing%20Highlights) Redwood enhanced liquidity by increasing excess warehouse financing capacity to **$2.7 billion**, repurchasing convertible debt, and issuing new senior unsecured notes - Unrestricted cash and cash equivalents stood at **$275 million**, with unencumbered assets of approximately **$370 million**[7](index=7&type=chunk) - Grew excess warehouse financing capacity to **$2.7 billion** and successfully renewed or established three loan financing facilities totaling **$750 million**[7](index=7&type=chunk) - Repurchased **$31 million** of convertible debt at a discount and issued **$60 million** of senior unsecured notes due 2029[7](index=7&type=chunk) [Corporate Highlights](index=2&type=section&id=Corporate%20Highlights) The company finalized a strategic capital partnership with CPP Investments for up to **$4 billion** in loan capacity and completed cost reduction efforts for **$8 million** in annual savings - Completed a strategic capital partnership with CPP Investments, including a joint venture with up to **$4 billion** of loan capacity and a financing line of up to **$250 million**[7](index=7&type=chunk) - Completed cost reduction efforts expected to result in run-rate annual savings of approximately **$8 million**[7](index=7&type=chunk) [Q2 2024 Highlights to Date](index=2&type=section&id=Q2%202024%20Highlights%20to%20Date) Subsequent to Q1, Redwood closed a **$402 million** jumbo securitization and made an initial **$100 million** draw on its new CPP Investments financing facility - Closed a SEMT jumbo securitization in mid-April 2024, backed by approximately **$402 million** of jumbo loans[7](index=7&type=chunk) - Completed an initial draw of **$100 million** under the recently established **$250 million** CPP Investments financing facility[7](index=7&type=chunk) [Financial Statements](index=5&type=section&id=Financial%20Statements) [Consolidated Income Statements](index=6&type=section&id=Consolidated%20Income%20Statements) For Q1 2024, Redwood reported net income of **$30 million**, driven by higher net interest income and positive net investment fair value changes, resulting in **$29 million** available to common stockholders Selected Income Statement Data (Q1 2024 vs. Q4 2023) | ($ in millions) | Q1 2024 | Q4 2023 | | :--- | :--- | :--- | | Net interest income | $24 | $20 | | Total non-interest income, net | $50 | $44 | | General and administrative expenses | ($35) | ($32) | | Net income | $30 | $21 | | Net income available to common stockholders | $29 | $19 | - The increase in net interest income was attributed to accretive capital deployment and recovery of delinquent interest on bridge loans[21](index=21&type=chunk) - General and administrative expenses rose primarily due to organizational restructuring costs from a reduction in force during the quarter[21](index=21&type=chunk) [Consolidated Balance Sheets](index=8&type=section&id=Consolidated%20Balance%20Sheets) As of March 31, 2024, total assets grew to **$15,058 million**, with stockholders' equity increasing to **$1,224 million** and GAAP book value per common share rising to **$8.78** Balance Sheet Summary (as of March 31, 2024 vs. Dec 31, 2023) | ($ in millions, except per share data) | 3/31/2024 | 12/31/2023 | | :--- | :--- | :--- | | Total assets | $15,058 | $14,504 | | Total liabilities | $13,834 | $13,302 | | Stockholders' equity | $1,224 | $1,203 | | GAAP book value per common share | $8.78 | $8.64 | [Non-GAAP Disclosures](index=9&type=section&id=Non-GAAP%20Disclosures) [Reconciliation to Earnings Available for Distribution (EAD)](index=9&type=section&id=Reconciliation%20to%20Earnings%20Available%20for%20Distribution%20%28EAD%29) The company's non-GAAP Earnings Available for Distribution (EAD) for Q1 2024 increased to **$11 million**, or **$0.08** per basic share, reflecting adjustments to GAAP net income for non-cash items Reconciliation of GAAP Net Income to EAD (Q1 2024 vs. Q4 2023) | ($ in millions, except per share data) | Q1 2024 | Q4 2023 | | :--- | :--- | :--- | | GAAP Net income available to common stockholders | $29 | $19 | | Adjustments (Investment fair value changes, etc.) | ($18) | ($12) | | **Earnings Available for Distribution (non-GAAP)** | **$11** | **$7** | | EAD per basic common share (non-GAAP) | $0.08 | $0.05 | - EAD is a non-GAAP measure that management believes helps analyze results and the ability to pay dividends by excluding items like unrealized fair value changes, realized gains/losses, and restructuring charges[26](index=26&type=chunk) - In Q4 2023, the company modified its EAD calculation, notably by no longer including fair value changes from Home Equity Investments (HEI) in the primary adjustment, as HEI income is now reported separately[25](index=25&type=chunk)

UNITED STATES OF AMERICA SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Fiscal Year Ended: December 31, 2023 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) Maryland 68-0329422 ...

Financial Data and Key Metrics Changes - Net interest income (NII) was essentially flat this quarter, with a modest improvement in bridge NII offset by lower portfolio NII from securities sold and higher interest expense on new financing activities [10] - Earnings available for distribution (EAD) decreased to $7.1 million or $0.05 per basic common share for the fourth quarter, down from $12.6 million or $0.10 per share in the third quarter, primarily due to lower income from mortgage banking activities [11][12] - GAAP net income for the fourth quarter was $19.3 million or $0.15 per common share, compared to negative $32.6 million or negative $0.29 in the third quarter, resulting in a fourth quarter GAAP return on equity of 7.3% [142] Business Line Data and Key Metrics Changes - Residential Mortgage Banking experienced a modest quarter-over-quarter reduction in volume driven largely by seasonality, but maintained strategic momentum [3] - The investor loan products attracted retention from Capital Partners, with $111 million of loans distributed through whole loan sales and sales to a joint venture [6] - The multifamily bridge portfolio remains a key focus area, with borrowers managing to stabilize projects and inject fresh equity [140] Market Data and Key Metrics Changes - Over 55% of the quarter's total lock volume came from banks, up from 38% in the third quarter, indicating a shift in market dynamics [106] - The company estimates its $2.8 billion of locks in the second half of 2023 represent approximately 5% of total jumbo market share, compared to a historical range of 2% to 3% [89] - The multifamily bridge portfolio is under pressure due to higher rates, but there is optimism for recovery as sponsors work towards stabilization [140][141] Company Strategy and Development Direction - The company aims to continue opportunistic deployment of capital into products with attractive return profiles that complement its mortgage banking businesses [15] - A strategic shift towards joint ventures with leading private credit institutions is underway, enhancing liquidity and pricing power [98][99] - The company is focused on home equity investments, launching a traditional second lien mortgage product to address the largest untapped market in housing finance [103][132] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strategic positioning given excess capital and the potential for market recovery as rates stabilize [19][54] - The company is optimistic about the demand for real estate and the potential for fresh capital to support recovery in its loan portfolio [38][39] - Management acknowledged the challenges in the current market but emphasized the importance of being selective and strategic in capital deployment [31][56] Other Important Information - The company achieved a 5% to 10% expense reduction in 2023 and aims for further efficiency improvements in 2024 [80][117] - The company has approximately $318 million of unencumbered assets that can serve as a potential source of capital for growth or debt repurchase [116][66] - The company completed five securitizations in the fourth quarter, enhancing its capital structure and liquidity [32][139] Q&A Session Summary Question: What is the outlook for multifamily delinquency trends? - Management acknowledged the uptick in multifamily delinquencies but expressed optimism about the underlying demand for real estate and the potential for recovery as projects stabilize [23][39] Question: Can you discuss the dynamics of the origination side and the residential consumer mortgage banking business? - Management noted that while the origination market is challenging, they feel good about their trajectory and are taking market share, supported by strong demand for their products [150][121] Question: How does the company view its capital position and deployment strategy? - Management highlighted that they have $285 million of excess capital and are well-positioned to be aggressive in capital deployment as market conditions improve [19][57]

Redwood is a Full Spectrum Residential Housing Finance Platform | --- | --- | --- | --- | --- | --- | |----------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------|------------------------------------------------------------------------ ...

Exhibit 99.1 REDWOOD TRUST REPORTS FOURTH QUARTER 2023 FINANCIAL RESULTS MILL VALLEY, CA – Redwood Trust, Inc. (NYSE:RWT; "Redwood", the "Company", "we" or "our"), a leader in expanding access to housing for homebuyers and renters, today reported its financial results for the quarter ended December 31, 2023. Key Q4 2023 Financial Results and Metrics Operational Business Highlights Residential Investor Mortgage Banking (4) 1 • GAAP book value per common share was $8.64 at December 31, 2023, a 1.5% decrease f ...