REDWOOD TRUST INC
For the period ended Dec 31, 2023. Filed Feb 29, 2024.
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FY2023 · Filed Feb 29, 2024
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Consolidated Balance Sheets at December 31, 2023 and 2022
| (In Thousands, except Share Data) | December 31, 2023 | December 31, 2022 |
|---|---|---|
| ASSETS (1) | ||
| Residential loans, held-for-sale, at fair value | $911,192 | $780,781 |
| Residential loans, held-for-investment, at fair value | 6,139,445 | 4,832,407 |
| Business purpose loans, held-for-sale, at fair value | 180,250 | 364,073 |
| Business purpose loans, held-for-investment, at fair value | 5,040,048 | 4,968,513 |
| Consolidated Agency multifamily loans, at fair value | 425,285 | 424,551 |
| Real estate securities, at fair value | 127,797 | 240,475 |
| Home equity investments, at fair value | 550,436 | 403,462 |
| Other investments | 343,930 | 390,938 |
| Cash and cash equivalents | 293,104 | 258,894 |
| Restricted cash | 75,684 | 70,470 |
| Goodwill | 23,373 | 23,373 |
| Intangible assets | 28,462 | 40,892 |
| Derivative assets | 14,212 | 20,830 |
| Other assets | 351,109 | 211,240 |
| Total Assets | $14,504,327 | $13,030,899 |
| LIABILITIES AND EQUITY (1) | ||
| Liabilities | ||
| Short-term debt, net | $1,558,222 | $2,029,679 |
| Derivative liabilities | 33,828 | 16,855 |
| Accrued expenses and other liabilities | 216,803 | 180,203 |
| Asset-backed securities issued (includes $9,151,263 and $7,424,132 at fair value), net | 9,811,880 | 7,986,752 |
| Long-term debt, net | 1,680,901 | 1,733,425 |
| Total Liabilities | 13,301,634 | 11,946,914 |
| Commitments and Contingencies (see Note 17) | ||
| Equity | ||
| Preferred stock, par value $0.01 per share, 2,990,000 and zero shares authorized; 2,800,000 and zero issued and outstanding | 66,948 | — |
| Common stock, par value $0.01 per share, 392,010,000 and 395,000,000 shares authorized; 131,485,661 and 113,484,675 issued and outstanding | 1,315 | 1,135 |
| Additional paid-in capital | 2,487,848 | 2,349,845 |
| Accumulated other comprehensive loss | (57,957) | (68,868) |
| Cumulative earnings | 1,144,412 | 1,153,370 |
| Cumulative distributions to stockholders | (2,439,873) | (2,351,497) |
| Total Equity | 1,202,693 | 1,083,985 |
| Total Liabilities and Equity | $14,504,327 | $13,030,899 |
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(1)Our consolidated balance sheets include assets of consolidated variable interest entities (“VIEs”) that can only be used to settle obligations of these VIEs and liabilities of consolidated VIEs for which creditors do not have recourse to Redwood Trust, Inc. or its affiliates. At December 31, 2023 and 2022, assets of consolidated VIEs totaled $10,988,885 and $9,257,291, respectively. At December 31, 2023 and 2022, liabilities of consolidated VIEs totaled $10,096,308 and $8,270,276, respectively. See Note 4 for further discussion.
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