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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The
Securities Exchange Act of 1934
Date of Report (Date of earliest event
reported): September 11, 2024
REDWOOD TRUST, INC.
(Exact name of registrant as specified in
its charter)
Maryland
(State or other
jurisdiction
of incorporation)
|
001-13759
(Commission
File Number)
|
68-0329422
(I.R.S. Employer
Identification No.) |
One
Belvedere Place
Suite 300
Mill Valley, California
94941
(Address of principal
executive offices and Zip Code)
(415) 389-7373
(Registrant’s telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under
any of the following provisions (see General Instruction A.2. below):
¨ |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Indicate by check mark whether the registrant is an emerging
growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934.
Emerging growth
company ¨
If an emerging growth company,
indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised
financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Securities registered pursuant to Section
12(b) of the Act:
Title of each class |
Trading symbol(s) |
Name
of each exchange on which registered |
Common stock, par value $0.01 per share |
RWT |
New York Stock Exchange |
10%
Series A Fixed-Rate Reset Cumulative Redeemable Preferred Stock, par value $0.01 per share |
RWT PRA |
New York Stock Exchange |
9.125% Senior Notes Due 2029 |
RWTN |
New York Stock Exchange |
9.0% Senior Notes Due 2029 |
RWTO |
New York Stock Exchange |
Item 7.01. |
Regulation FD Disclosure. |
On September 11, 2024, Redwood Trust, Inc. (the “Company”) issued a press release announcing that the Board of Directors (the
"Board") declared third quarter 2024 common and preferred stock dividends.
The Board declared a third quarter 2024 regular common stock
dividend of $0.17 per share, payable on September 30, 2024 to stockholders of record on September 23, 2024.
In accordance with the terms
of the Company's 10.00% Series A Fixed-Rate Reset Cumulative Redeemable Preferred Stock (“Series A”), the Board declared a
Series A dividend for the third quarter of 2024 of $0.625 per share. Dividends for the Series A are payable on October 15, 2024 to stockholders
of record on October 1, 2024.
The information contained in this Item 7.01 and the attached Exhibit 99.1 is furnished to and not filed
with the Securities and Exchange Commission, and shall not be incorporated by reference into any registration statement or other document
filed under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, except as shall be expressly set
forth by specific reference in such filing.
Item 9.01. |
Financial Statements and Exhibits. |
SIGNATURES
Pursuant to the requirements
of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto
duly authorized.
Date: September 11, 2024 |
REDWOOD TRUST, INC. |
|
|
|
|
By: |
/s/ BROOKE E. CARILLO |
|
|
Name: |
Brooke E. Carillo |
|
|
Title: |
Chief Financial Officer |
Exhibit 99.1
![](https://www.sec.gov/Archives/edgar/data/930236/000110465924098949/tm2423615d1_ex99-1img001.jpg)
REDWOOD TRUST
ANNOUNCES COMMON DIVIDEND INCREASE OF 6.25% TO $0.17 PER SHARE FOR THE THIRD QUARTER 2024
MILL VALLEY, CA –– Redwood
Trust, Inc. (NYSE: RWT; “Redwood” or the “Company”), a leader in expanding access to housing for
homebuyers and renters, today announced that its Board of Directors (the “Board”) has declared third quarter 2024 common
and preferred stock dividends.
Common Stock Dividend
The Board has authorized the declaration of a
third quarter 2024 regular common stock dividend of $0.17 per share, a 6.25% increase from the second quarter of 2024. This marks the
Company's 101st consecutive quarterly common dividend. The third quarter 2024 common stock dividend is payable on September 30,
2024 to stockholders of record on September 23, 2024.
“We are pleased to announce an increase
in our common dividend, reflecting our continued confidence in the strength of our balance sheet and our outlook heading into a more accommodative
interest rate environment,” said Christopher Abate, Chief Executive Officer of Redwood. “This increase underscores the progress
we’ve made towards the goals laid out at our March 2024 Investor Day and reaffirms our commitment to generating long-term value
for our shareholders. Moving forward, we anticipate the evolving macro environment to facilitate further scale in our mortgage banking
operations and unlock the embedded value in our investment portfolio, driving earnings and book value expansion through time.”
Preferred Stock Dividend
In accordance with the terms of Redwood’s
10.00% Series A Fixed-Rate Reset Cumulative Redeemable Preferred Stock (“Series A”), the Board authorized the declaration
of a Series A dividend for the third quarter of 2024 of $0.625 per share. Dividends for the Series A are payable on October 15,
2024 to stockholders of record on October 1, 2024.
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 our expectations regarding the impact of the interest rate and macroeconomic environment on the scale of our mortgage banking
operations and embedded value in our investment portfolio, and expectations regarding earnings and book value expansion. 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 for the year ended December 31,
2023 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.
About Redwood
Redwood Trust, Inc. (NYSE: RWT) is a specialty
finance company focused on several distinct areas of housing credit where we provide liquidity to growing segments of the U.S. housing
market not well served by government programs. We deliver customized housing credit investments to a diverse mix of investors through
our best-in-class securitization platforms, whole-loan distribution activities, and our publicly traded shares. We operate our business
in three segments: Residential Consumer Mortgage Banking, Residential Investor Mortgage Banking and Investment Portfolio. Through RWT
Horizons®, our venture investing initiative, we invest in early-stage companies that have a direct nexus to our operating
platforms. Additionally, through Aspire, our home equity investment (“HEI”) platform, we directly originate HEI to homeowners.
Our goal is to provide attractive returns to shareholders through a stable and growing stream of earnings and dividends, capital appreciation,
and a commitment to technological innovation that facilitates risk-minded scale. Redwood Trust 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
or connect with us on LinkedIn.
CONTACT
Kaitlyn Mauritz
Head of Investor Relations
Phone: 866-269-4976
Email: investorrelations@redwoodtrust.com
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