Redwood TrustNYSE: RWT

Redwood Trust, Inc. (NYSE:RWT ) Q3 2024 Earnings Conference Call October 30, 2024 5:00 PM ET Company Participants Kaitlyn Mauritz – Head of Investor Relations Chris Abate – Chief Executive Officer Dash Robinson – President Brooke Carillo – Chief Financial Officer Conference Call Participants Rick Shane – JPMorgan Bose George – KBW Jason Weaver – Jones Trading Doug Harter – UBS Don Fandetti – Wells Fargo Brad Capuzzi – Piper Sandler Steve Delaney – JMP Securities Brian Violino – Wedbush Securities Eric Hagen – BTIG Operator Ladies and gentlemen, greetings, and welcome to the Redwood Trust Third Quarter 2024 Earnings Conference Call. At this time, all participants are in a listen-only mode.

Redwood Trust (RWT) came out with quarterly earnings of $0.18 per share, beating the Zacks Consensus Estimate of $0.14 per share. This compares to earnings of $0.09 per share a year ago.

MILL VALLEY, Calif.--(BUSINESS WIRE)--Redwood Trust, Inc. (NYSE: RWT; “Redwood” or the “Company”), a leader in expanding access to housing for homebuyers and renters, is excited to announce the hiring of two key leaders to strengthen its commitment to innovation in technology and product development, strategic initiatives that are central to Redwood's mission of making quality housing – whether rented or owned – accessible to all American households. Abhinav Asthana joins the company as Chief T.

MILL VALLEY, Calif.--(BUSINESS WIRE)--Redwood Trust, Inc. (NYSE:RWT; "Redwood", the "Company"), a leader in expanding access to housing for homebuyers and renters, today reported its financial results for the quarter ended September 30, 2024. Key Q3 2024 Financial Results and Metrics GAAP book value per common share was $8.74 at September 30, 2024, relative to $8.73 per share at June 30, 2024 Economic return on book value of 2.1% for the third quarter and 6.8% year to date 2024(1) GAAP net inco.

MILL VALLEY, Calif.--(BUSINESS WIRE)--Redwood Trust, Inc. (NYSE: RWT; “Redwood” or the “Company”), a leader in expanding access to housing for homebuyers and renters, is scheduled to release its third quarter 2024 results on Wednesday, October 30, 2024 after the close of the New York Stock Exchange. In addition, Redwood's senior management team plans to hold a conference call to discuss its third quarter 2024 financial results later that same day at 5:00 p.m. Eastern Time / 2:00 p.m. Pacific Ti.

MILL VALLEY, Calif.--(BUSINESS WIRE)--Redwood Trust, Inc. (NYSE: RWT; “Redwood” or the “Company”) today announced that it priced approximately $40 million aggregate principal amount of its 7.75% convertible senior notes due 2027 (the “Notes”) in a private offering to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”). The Notes will be issued as a reopening of, and will be part of the same se.

The Fed's pivot from raising to cutting rates has reduced discounts on fixed-to-floating rate preferred stocks, prompting a reevaluation of Redwood Trust 10.0% Series A Preferred (RWT.PR.A). Fixed-to-floating rate preferreds like Annaly Capital Management Series F and AGNC Investment Series C saw significant dividend increases but faced declining yields as SOFR rates dropped. RWT.PR.A offers a stable 10% yield until 2028, making it a compelling option amidst declining interest rates and potential call risks for floating-rate issues.

Redwood Trust's Series A preferred shares offer a 10% coupon but are subordinate to debentures, making them riskier in a restructuring scenario. The REIT's heavy near-term debt load and low earnings due to high rates make debentures, yielding close to 9%, more attractive. Preferred shares will perform well only in a 'goldilocks' scenario with lower mortgage rates and stable credit spreads, which is uncertain.

Redwood Trust, Inc. (NYSE:RWT ) Q2 2024 Results Conference Call August 1, 2024 8:00 AM ET Company Participants Kaitlyn Mauritz - Head of Investor Relations Chris Abate - Chief Executive Officer Dash Robinson - President Brooke Carillo - Chief Financial Officer Conference Call Participants Bose George - KBW Douglas Harter - UBS Crispin Love - Piper Sandler Jason Weaver - Jones Trading Don Fandetti - Wells Fargo Stephen Laws - Raymond James Eric Hagen - BTIG Rick Shane - JPMorgan Steve Delaney - Citizens JMP Securities Operator Good afternoon, and welcome to the Redwood Trust Inc. Second Quarter 2024 Financial Results Conference Call. Today's conference is being recorded.