Redwood Trust, Inc. Reports Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2023
February 20, 2024 at 04:16 pm EST
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Redwood Trust, Inc. reported earnings results for the fourth quarter and full year ended December 31, 2023. For the fourth quarter, the company reported net income was USD 21 million compared to net loss of USD 44 million a year ago. Basic earnings per share from continuing operations was USD 0.15 compared to basic loss per share from continuing operations of USD 0.4 a year ago. Diluted earnings per share from continuing operations was USD 0.15 compared to diluted loss per share from continuing operations of USD 0.4 a year ago.
For the full year, net loss was USD 2 million compared to USD 164 million a year ago. Basic loss per share from continuing operations was USD 0.11 compared to USD 1.43 a year ago. Diluted loss per share from continuing operations was USD 0.11 compared to USD 1.43 a year ago.
Redwood Trust, Inc. is a specialty finance company focused on several distinct areas of housing credit. The Company's segments include Residential Consumer Mortgage Banking, Residential Investor Mortgage Banking, and Investment Portfolio. The Residential Consumer Mortgage Banking segment consists of a mortgage loan conduit that acquires residential loans from third-party originators for subsequent sale to whole loan buyers, securitization through its SEMT (Sequoia) private-label securitization program, or transfer into its investment portfolio. The Residential Investor Mortgage Banking segment consists of a platform that originates business purpose lending loans for subsequent securitization, sale, or transfer into its investment portfolio. The Investment Portfolio segment consists of organic investments sourced through the Company's mortgage banking operations. Additionally, through RWT Horizons, its venture investing initiative, the Company invests in early-stage companies.