MILL VALLEY, Calif.,
March 25, 2020 /PRNewswire/
-- Redwood Trust, Inc. (NYSE: RWT), a leading innovator
in housing credit investing, today announced a company update
related to the continued market volatility due to the novel
coronavirus outbreak.
At close of business on March 24,
2020:
- Redwood had approximately $300
million in unrestricted cash
- The company had met all margin calls due
- Since its last update on March 17,
2020, the company has reduced its short-term security
repurchase facilities borrowings, in aggregate, by approximately
50%, inclusive of securities trades scheduled to settle on or prior
to March 27, 2020
The novel coronavirus outbreak continues to have a real-time
impact on all business sectors. Redwood remains focused on
prioritizing liquidity through this period of volatility.
About Redwood Trust
Redwood Trust, Inc. (NYSE: RWT) is
a specialty finance company focused on making credit-sensitive
investments in single-family residential and multifamily mortgages
and related assets and engaging in mortgage banking activities. Our
goal is to provide attractive returns to shareholders through a
stable and growing stream of earnings and dividends, as well as
through capital appreciation. Redwood Trust was established in
1994, is internally managed, and structured as a real estate
investment trust ("REIT") for tax purposes. For more information
about Redwood, please visit our website at
www.redwoodtrust.com.
Forward-Looking Statements: This press release contains
forward-looking statements within the meaning of the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995,
including statements related to securities trades scheduled to
settle in the future. Forward-looking statements involve numerous
risks and uncertainties. Our actual results may differ from our
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 for the year ended December 31, 2019 and subsequent Quarterly
Reports on Form 10-Q under the caption "Risk Factors." 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.
CONTACT
Lisa Hartman –
SVP, Head of Investor Relations
Phone: 866-269-4976
Email: investorrelations@redwoodtrust.com
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SOURCE Redwood Trust, Inc.