MILL VALLEY, Calif.,
Oct. 16, 2020 /PRNewswire/
-- Redwood Trust, Inc. (NYSE: RWT), a leading innovator
in housing credit investing, today announced a business update
for the quarter ended September 30,
2020 in advance of its upcoming third quarter financial
results conference call.
Third Quarter 2020 Business Update:
- Locked over $2
billion(1) of Select jumbo residential loans with
over 70 discrete sellers, a 40% increase in Select locks from the
third quarter of 2019
- Expect to complete a Sequoia securitization in the fourth
quarter, backed predominantly by newly-originated Select jumbo
loans
- Record contribution from business purpose lending segment
through increase in fair value of loans held in inventory at
June 30, 2020, and third quarter
originations
- Completed a CoreVest securitization (the platform's
13th overall) backed largely by newly-originated
single-family rental loans, achieving improved execution versus
prior two transactions in 2020
- During the quarter, the Company estimates the fair value of its
securities investment portfolio increased approximately 10%
The company also announced it is scheduled to release its
third quarter 2020 results on Thursday,
October 29, 2020, after the market close. Redwood's
senior management team will host a conference call and webcast to
review its financial results at 2:00 p.m.
Pacific Time / 5:00 p.m. Eastern
Time on the same day.
Webcast Information
The conference call will be
webcast live in listen-only mode in the Newsroom section of
Redwood's website under "Events" http://www.redwoodtrust.com/Event.
To listen to the webcast, please go to Redwood's website at least
15 minutes before the call to register and to download and install
any needed audio software. An audio replay of the call will also be
available on Redwood's website following the call.
Conference Call Information
To participate by phone,
please dial-in at least 15 minutes prior to the start time to allow
for wait times to access the conference call. The live conference
call will be accessible domestically or internationally, by dialing
1-877-300-8521 or 1-412-317-6026, respectively.
A replay of the conference call will be available after
5:00 p.m. Pacific Time / 8:00 p.m. Eastern Time on Thursday, October 29,
2020 through 8:59 p.m. Pacific Time /
11:59 p.m. Eastern Time on Thursday,
November 12, 2020. To access the replay, listeners may use
1-844-512-2921 (domestic) or 1-412-317-6671 (international). The
passcode for the replay is 10149161.
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 Redwood's expectations to
complete a Sequoia securitization during the fourth quarter of
2020, and the estimated recovery of asset values in Redwood's
securities investment portfolio during the third quarter of 2020.
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
(1) Does not account for potential fallout from
pipeline that typically occurs through the lending process
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SOURCE Redwood Trust, Inc.