Redwood Trust Reports Third Quarter 2020 Financial Results
October 29, 2020 at 16:15 PM EDT
MILL VALLEY, Calif., Oct. 29, 2020 /PRNewswire/ -- Redwood Trust, Inc. (NYSE:RWT), a leading innovator in housing credit investing, today reported its financial results for the quarter ended September 30, 2020.
Key Financial Results and Metrics
Operating Business Highlights
Business Purpose Lending
"We viewed the third quarter as a transition to the future for Redwood, as record-breaking results for both Select residential loan locks and business purpose lending earnings emphasized the strength of our operating businesses. The secular trends supporting our housing thesis are intact and accelerating with a nationwide push toward single-family housing – whether rented or owned," said Chris Abate, Chief Executive Officer of Redwood Trust. "We continue to experience strong demand for loans and believe we are well positioned to take market share in the coming quarters – a prospect bolstered by new technological initiatives. In spite of expected volatility through the remainder of 2020, we are optimistic that we will end the year on a high note."
Other Company Highlights
Third Quarter 2020 Redwood Review Available Online
A further discussion of Redwood's business, financial results and taxable income is included in the third quarter 2020 Redwood Review, which is available within the "Financials-Redwood Review" section on the Company's investor relations website at ir.redwoodtrust.com.
Conference Call and Webcast
The live conference call will also be webcast in listen-only mode in the Newsroom section of Redwood's website under "Events." To listen to the webcast, please go to Redwood's website at least 15 minutes prior to the call to register and download and install any needed audio software. An audio replay of the call will also be available on Redwood's website following the call. Redwood plans to file its Quarterly Report on Form 10-Q with the Securities and Exchange Commission by Monday, November 9, 2020, and also make it available on Redwood's website.
About Redwood Trust
Forward-Looking Statements: This press release and the related conference call contain forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including statements related to our financial outlook and expectations for 2020 and future years, including our optimism that we will end 2020 on a high note, that secular trends supporting our housing thesis are intact and accelerating, and our positioning to take market share in coming quarters, our estimates of 2020 REIT taxable income and the expected timing for the filing of Redwood's Quarterly Report on Form 10-Q. Forward-looking statements involve numerous risks and uncertainties. Redwood's actual results may differ from Redwood's beliefs, expectations, estimates, and projections and, consequently, you should not rely on these forward-looking statements as predictions of future events. Forward-looking statements are not historical in nature and can be identified by words such as "anticipate," "estimate," "will," "should," "expect," "believe," "intend," "seek," "plan" and similar expressions or their negative forms, or by references to strategy, plans, or intentions. These forward-looking statements are subject to risks and uncertainties, including, among other things, those described in our Annual Report on Form 10-K and Quarterly Report on Form 10-Q for the quarter ended March 31, 2020 under the caption "Risk Factors," and in our Current Report on Form 8-K filed on April 2, 2020. Other risks, uncertainties, and factors that could cause actual results to differ materially from those projected may be described from time to time in reports we file with the Securities and Exchange Commission, including reports on Forms 10-Q and 8-K. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.
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SOURCE Redwood Trust, Inc.