かぶたん ロゴ
英語
エドガーで原本を確認する
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UNITED STATES OF AMERICA
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the Quarterly Period Ended: June 30, 2022

OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934

For the Transition Period from _______________ to _______________.
Commission File Number 1-13759
REDWOOD TRUST, INC.
(Exact Name of Registrant as Specified in Its Charter)
Maryland 68-0329422
(State or Other Jurisdiction of
Incorporation or Organization)
(I.R.S. Employer
Identification No.)
One Belvedere Place,  Suite 300
Mill Valley, California 94941
(Address of Principal Executive Offices) (Zip Code)
(415) 389-7373
(Registrant’s Telephone Number, Including Area Code)
Not Applicable
(Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report)
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer Accelerated filer
Non-accelerated filer Smaller reporting company
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. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
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
Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date.
Common Stock, $0.01 par value per share 116,765,789  shares outstanding as of August 2, 2022



REDWOOD TRUST, INC.
2022 FORM 10-Q REPORT
TABLE OF CONTENTS
 
Page
PART I
FINANCIAL INFORMATION
Item 1.
Item 2.
Item 3.
Item 4.
PART II
OTHER INFORMATION
Item 1.
Item 1A.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.
i


PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
REDWOOD TRUST, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In Thousands, except Share Data)
(Unaudited)
June 30, 2022 December 31, 2021
ASSETS (1)
Residential loans, held-for-sale, at fair value $ 1,213,067  $ 1,845,282 
Residential loans, held-for-investment, at fair value 5,365,532  5,747,150 
Business purpose loans, held-for-sale, at fair value 505,171  358,309 
Business purpose loans, held-for-investment, at fair value 4,697,766  4,432,680 
Consolidated Agency multifamily loans, at fair value 443,114  473,514 
Real estate securities, at fair value 284,278  377,411 
Other investments 679,667  641,969 
Cash and cash equivalents 371,296  450,485 
Restricted cash 72,558  80,999 
Intangible assets 34,720  41,561 
Derivative assets 36,587  26,467 
Other assets 171,780  231,117 
Total Assets $ 13,875,536  $ 14,706,944 
LIABILITIES AND EQUITY (1)
Liabilities
Short-term debt, net $ 1,869,822  $ 2,177,362 
Derivative liabilities 6,591  3,317 
Accrued expenses and other liabilities 190,825  245,788 
Asset-backed securities issued (includes $7,993,953 and $8,843,147 at fair value), net
8,584,146  9,253,557 
Long-term debt, net 1,966,061  1,640,833 
Total liabilities 12,617,445  13,320,857 
Commitments and Contingencies (see Note 16)
Equity
Common stock, par value $0.01 per share, 395,000,000 shares authorized; 116,753,174 and 114,892,309 issued and outstanding
1,168  1,149 
Additional paid-in capital 2,363,709  2,316,799 
Accumulated other comprehensive loss (57,788) (8,927)
Cumulative earnings 1,247,839  1,316,890 
Cumulative distributions to stockholders (2,296,837) (2,239,824)
Total equity 1,258,091  1,386,087 
Total Liabilities and Equity $ 13,875,536  $ 14,706,944 
——————
(1)Our consolidated balance sheets include assets of consolidated variable interest entities (“VIEs”) that can only be used to settle obligations of these VIEs and liabilities of consolidated VIEs for which creditors do not have recourse to Redwood Trust, Inc. or its affiliates. At June 30, 2022 and December 31, 2021, assets of consolidated VIEs totaled $9,951,520 and $10,661,081, respectively. At June 30, 2022 and December 31, 2021, liabilities of consolidated VIEs totaled $8,899,020 and $9,619,347, respectively. See Note 4 for further discussion.


The accompanying notes are an integral part of these consolidated financial statements.
2


REDWOOD TRUST, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME (LOSS)
(In Thousands, except Share Data) Three Months Ended June 30, Six Months Ended June 30,
(Unaudited) 2022 2021 2022 2021
Interest Income
Residential loans $ 65,047  $ 48,433  $ 130,250  $ 92,088 
Business purpose loans 80,934  70,323  175,233  134,511 
Multifamily loans 4,732  4,860  9,485  9,646 
Real estate securities 7,828  9,279  23,783  18,942 
Other interest income 8,914  5,800  18,104  11,813 
Total interest income 167,455  138,695  356,855  267,000 
Interest Expense
Short-term debt (13,661) (11,195) (25,149) (18,968)
Asset-backed securities issued (88,859) (76,419) (194,554) (148,980)
Long-term debt (24,447) (20,451) (43,562) (42,669)
Total interest expense (126,967) (108,065) (263,265) (210,617)
Net Interest Income 40,488  30,630  93,590  56,383 
Non-interest (Loss) Income
Mortgage banking activities, net (30,017) 54,419  (13,702) 137,026 
Investment fair value changes, net (87,972) 49,480  (94,092) 94,567 
Other income, net 7,006  2,126  12,989  5,969 
Realized gains, net —  8,384  2,581  11,100 
Total non-interest (loss) income, net (110,983) 114,409  (92,224) 248,662 
General and administrative expenses (31,966) (40,594) (66,820) (84,145)
Loan acquisition costs (3,480) (3,748) (7,945) (7,307)
Other expenses (3,468) (3,985) (7,553) (8,081)
Net (Loss) Income before Benefit from (Provision for) Income Taxes (109,409) 96,712  (80,952) 205,512 
Benefit from (provision for) income taxes 9,443  (6,687) 11,901  (18,230)
Net (Loss) Income $ (99,966) $ 90,025  $ (69,051) $ 187,282 
Basic (loss) earnings per common share $ (0.85) $ 0.77  $ (0.60) $ 1.61 
Diluted (loss) earnings per common share $ (0.85) $ 0.66  $ (0.60) $ 1.38 
Basic weighted average shares outstanding 119,660,173  112,921,070  119,771,554  112,337,984 
Diluted weighted average shares outstanding 119,660,173  141,761,084  119,771,554  141,139,212 

The accompanying notes are an integral part of these consolidated financial statements.


3


REDWOOD TRUST, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(In Thousands) Three Months Ended June 30, Six Months Ended June 30,
(Unaudited) 2022 2021 2022 2021
Net (Loss) Income $ (99,966) $ 90,025  $ (69,051) $ 187,282 
Other comprehensive (loss) income:
Net unrealized (loss) gain on available-for-sale securities (33,409) 11,224  (51,282) 22,210 
Reclassification of unrealized loss (gain) on available-for-sale securities to net (loss) income 1,066  (7,500) 374  (10,295)
Reclassification of unrealized loss on interest rate agreements to net (loss) income 1,029  1,028  2,047  2,046 
Total other comprehensive (loss) income (31,314) 4,752  4752000 (48,861) 13,961 
Total Comprehensive (Loss) Income $ (131,280) $ 94,777  $ (117,912) $ 201,243 


The accompanying notes are an integral part of these consolidated financial statements.


4


REDWOOD TRUST, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY


For the Three Months Ended June 30, 2022
(In Thousands, except Share Data) Common Stock Additional
Paid-In
Capital
Accumulated
Other
Comprehensive
(Loss)
Cumulative
 Earnings
Cumulative
Distributions
to Stockholders
Total
(Unaudited) Shares Amount
March 31, 2022 120,289,243  $ 1,203  $ 2,391,344  $ (26,474) $ 1,347,805  $ (2,268,612) $ 1,445,266 
Net (loss) —  —  —  —  (99,966) —  (99,966)
Other comprehensive (loss) —  —  —  (31,314) —  —  (31,314)
Employee stock purchase and incentive plans 143,964  (135) —  —  —  (134)
Non-cash equity award compensation —  —  5,266  —  —  —  5,266 
Share repurchases (3,680,033) (36) (32,766) —  —  —  (32,802)
Common dividends declared ($0.23 per share)
—  —  —  —  —  (28,225) (28,225)
June 30, 2022 116,753,174  $ 1,168  $ 2,363,709  $ (57,788) $ 1,247,839  $ (2,296,837) $ 1,258,091 

For the Six Months Ended June 30, 2022
(In Thousands, except Share Data) Common Stock Additional
Paid-In
Capital
Accumulated
Other
Comprehensive
(Loss)
Cumulative
 Earnings
Cumulative
Distributions
to Stockholders
Total
(Unaudited) Shares Amount
December 31, 2021 114,892,309  $ 1,149  $ 2,316,799  $ (8,927) $ 1,316,890  $ (2,239,824) $ 1,386,087 
Net (loss) —  —  —  —  (69,051) —  (69,051)
Other comprehensive (loss) —  —  —  (48,861) —  —  (48,861)
Issuance of common stock 5,232,869  52  67,423  —  —  —  67,475 
Employee stock purchase and incentive plans 308,029  (1,183) —  —  —  (1,180)
Non-cash equity award compensation —  —  13,436  —  —  —  13,436 
Share repurchases (3,680,033) (36) (32,766) —  —  —  (32,802)
Common dividends declared ($0.46 per share)
—  —  —  —  —  (57,013) (57,013)
June 30, 2022 116,753,174  $ 1,168  $ 2,363,709  $ (57,788) $ 1,247,839  $ (2,296,837) $ 1,258,091 


5


For the Three Months Ended June 30, 2021
(In Thousands, except Share Data) Common Stock Additional
Paid-In
Capital
Accumulated
Other
Comprehensive
Income
Cumulative
 Earnings
Cumulative
Distributions
to Stockholders
Total
(Unaudited) Shares Amount
March 31, 2021 112,998,732  $ 1,130  $ 2,281,647  $ 4,988  $ 1,094,534  $ (2,166,724) $ 1,215,575 
Net income —  —  —  —  90,025  —  90,025 
Other comprehensive income —  —  —  4,752  —  —  4,752 
Employee stock purchase and incentive plans 54,048  122  —  —  —  123 
Non-cash equity award compensation —  —  5,643  —  —  —  5,643 
Common dividends declared ($0.18 per share)
—  —  —  —  —  (20,976) (20,976)
June 30, 2021 113,052,780  $ 1,131  $ 2,287,412  $ 9,740  $ 1,184,559  $ (2,187,700) $ 1,295,142 

For the Six Months Ended June 30, 2021
(In Thousands, except Share Data) Common Stock Additional
Paid-In
Capital
Accumulated
Other
Comprehensive
Income (Loss)
Cumulative
 Earnings
Cumulative
Distributions
to Stockholders
Total
(Unaudited) Shares Amount
December 31, 2020 112,090,006  $ 1,121  $ 2,264,874  $ (4,221) $ 997,277  $ (2,148,152) $ 1,110,899 
Net income —  —  —  —  187,282  —  187,282 
Other comprehensive income —  —  —  13,961  —  —  13,961 
Issuance of common stock 806,068  13,366  —  —  —  13,374 
Employee stock purchase and incentive plans 156,706  (689) —  —  —  (687)
Non-cash equity award compensation —  —  9,861  —  —  —  9,861 
Common dividends declared ($0.34 per share)
—  —  —  —  —  (39,548) (39,548)
June 30, 2021 113,052,780  $ 1,131  $ 2,287,412  $ 9,740  $ 1,184,559  $ (2,187,700) $ 1,295,142 


The accompanying notes are an integral part of these consolidated financial statements.

6


REDWOOD TRUST, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In Thousands)
(Unaudited)
Six Months Ended June 30,
2022 2021
Cash Flows From Operating Activities:
Net (loss) income $ (69,051) $ 187,282 
Adjustments to reconcile net (loss) income to net cash used in operating activities:
Amortization of premiums, discounts, and securities issuance costs, net (2,538) 3,998 
Depreciation and amortization of non-financial assets 7,710  8,405 
Originations of held-for-sale loans (766,852) (567,546)
Purchases of held-for-sale loans (3,395,459) (6,682,864)
Proceeds from sales of held-for-sale loans 3,376,600  4,526,370 
Principal payments on held-for-sale loans 114,731  19,856 
Net settlements of derivatives 112,649  39,697 
Non-cash equity award compensation expense 13,436  9,861 
Market valuation adjustments 132,594  (213,641)
Realized gains, net (2,581) (11,100)
Net change in:
Accrued interest receivable and other assets 63,829  10,260 
Accrued interest payable and accrued expenses and other liabilities (75,856) 17,327 
Net cash used in operating activities (490,788) (2,652,095)
Cash Flows From Investing Activities:
Originations of loan investments (954,179) (348,389)
Purchases of loan investments (22,006) — 
Proceeds from sales of loan investments —  9,231 
Principal payments on loan investments 1,160,403  1,312,064 
Purchases of real estate securities (15,006) (18,593)
Sales of securities held in consolidated securitization trusts —  8,197 
Proceeds from sales of real estate securities 23,329  36,735 
Principal payments on real estate securities 26,033  29,786 
Principal repayments from servicer advance investments 71,401  45,838 
Purchases of HEIs (97,389) — 
Principal payments on HEIs 25,826  — 
Other investing activities, net (14,573) (5,025)
Net cash provided by investing activities 203,839  1,069,844 
Cash Flows From Financing Activities:
Proceeds from borrowings on short-term debt 3,450,606  6,604,603 
Repayments on short-term debt (4,125,634) (5,421,494)
Proceeds from issuance of asset-backed securities 1,167,711  1,629,218 
Repayments on asset-backed securities issued (954,136) (1,088,809)
Proceeds from borrowings on long-term debt 1,424,088  487,975 
Deferred long-term debt issuance costs paid (17,363) — 
Repayments on long-term debt (726,076) (654,893)
Net payments on repurchase of common stock (26,857) — 
Taxes paid on equity award distributions (1,477) (943)
Net proceeds from issuance of common stock 67,770  255 
Dividends paid (57,013) (39,548)
Other financing activities, net (2,300) (2,292)
Net cash provided by financing activities 199,319  1,514,072 
Net decrease in cash, cash equivalents and restricted cash (87,630) (68,179)
Cash, cash equivalents and restricted cash at beginning of period (1)
531,484  544,450 
Cash, cash equivalents and restricted cash at end of period (1)
$ 443,854  $ 476,271 
7



REDWOOD TRUST, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS (CONTINUED)
(In Thousands)
(Unaudited)
Six Months Ended June 30,
2022 2021
Supplemental Cash Flow Information:
Cash paid during the period for:
 Interest $ 247,968  $ 198,364 
 Taxes paid 3,894  19,183 
Supplemental Noncash Information:
Real estate securities retained from loan securitizations $ —  $ 9,374 
Retention of mortgage servicing rights from loan securitizations and sales 4,543  — 
Transfers from loans held-for-sale to loans held-for-investment 1,953,421  1,998,535 
Transfers from loans held-for-investment to loans held-for-sale —  44,922 
Transfers from residential loans to real estate owned 3,132  15,827 
Transfers from long-term debt to short-term debt 367,431  47,994 
Right-of-use asset obtained in exchange for operating lease liability —  1,135 
Issuance of common stock for 5 Arches acquisition —  13,375 
(1)    Cash, cash equivalents, and restricted cash includes cash and cash equivalents of $371 million and restricted cash of $73 million at June 30, 2022, and includes cash and cash equivalents of $450 million and restricted cash of $81 million at December 31, 2021.

The accompanying notes are an integral part of these consolidated financial statements.
8


REDWOOD TRUST, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
June 30, 2022
(Unaudited)



Note 1. Organization
Redwood Trust, Inc., together with its subsidiaries, is a specialty finance company focused on several distinct areas of housing credit, with a mission to help make quality housing, whether rented or owned, accessible to all American households. Our operating platforms occupy a unique position in the housing finance value chain, providing 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 securities. Our aggregation, origination and investment activities have evolved to incorporate a diverse mix of residential, business purpose and multifamily assets. 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. We operate our business in three segments: Residential Mortgage Banking, Business Purpose Mortgage Banking, and Investment Portfolio.
Our primary sources of income are net interest income from our investments and non-interest income from our mortgage banking activities. Net interest income primarily consists of the interest income we earn on investments less the interest expense we incur on borrowed funds and other liabilities. Income from mortgage banking activities is generated through the origination and acquisition of loans, and their subsequent sale, securitization, or transfer to our investment portfolios.
Redwood Trust, Inc. has elected to be taxed as a real estate investment trust (“REIT”) under the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), beginning with its taxable year ended December 31, 1994. We generally refer, collectively, to Redwood Trust, Inc. and those of its subsidiaries that are generally not subject to subsidiary-level corporate income tax as “the REIT” or “our REIT.” We generally refer to subsidiaries of Redwood Trust, Inc. that are subject to subsidiary-level corporate income tax as “our taxable REIT subsidiaries” or “TRS.”
Redwood Trust, Inc. was incorporated in the State of Maryland on April 11, 1994, and commenced operations on August 19, 1994. References herein to “Redwood,” the “company,” “we,” “us,” and “our” include Redwood Trust, Inc. and its consolidated subsidiaries, unless the context otherwise requires.
Note 2. Basis of Presentation
The consolidated financial statements presented herein are at June 30, 2022 and December 31, 2021, and for the three and six months ended June 30, 2022 and 2021. These interim unaudited consolidated financial statements have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission ("SEC"). Certain information and note disclosures normally included in our annual financial statements prepared in accordance with U.S. generally accepted accounting principles ("GAAP") — as prescribed by the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification (“ASC”) — have been condensed or omitted in these interim financial statements according to these SEC rules and regulations. Management believes that the disclosures included in these interim financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the company's Annual Report on Form 10-K for the year ended December 31, 2021. In the opinion of management, all normal and recurring adjustments have been made to present fairly the financial condition of the Company at June 30, 2022 and results of operations for all periods presented. The results of operations for the three and six months ended June 30, 2022 should not be construed as indicative of the results to be expected for the full year.

9


REDWOOD TRUST, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
June 30, 2022
(Unaudited)
Note 2. Basis of Presentation - (continued)
Principles of Consolidation
In accordance with GAAP, we determine whether we must consolidate transferred financial assets and variable interest entities (“VIEs”) for financial reporting purposes. We currently consolidate the assets and liabilities of certain Sequoia securitization entities issued prior to 2012 ("Legacy Sequoia"), certain entities formed during and after 2012 in connection with the securitization of Redwood Select prime loans and Redwood Choice expanded-prime loans ("Sequoia"), entities formed in connection with the securitization of CoreVest single-family rental and bridge loans ("CAFL") and an entity formed in connection with the securitization of home equity investment contracts ("HEIs"). We also consolidate the assets and liabilities of certain Freddie Mac K-Series and Freddie Mac Seasoned Loans Structured Transaction ("SLST") securitizations in which we have invested. Each securitization entity is independent of Redwood and of each other and the assets and liabilities are not owned by and are not legal obligations of Redwood Trust, Inc. Our exposure to these entities is primarily through the financial interests we have purchased or retained, although for certain entities we are exposed to financial risks associated with our role as a sponsor or co-sponsor, servicing administrator, collateral administrator or depositor of these entities or as a result of our having sold assets directly or indirectly to these entities.
For financial reporting purposes, the underlying loans owned at the consolidated Legacy Sequoia, Sequoia and Freddie Mac SLST entities are shown under Residential loans held-for-investment, at fair value, the underlying loans at the consolidated Freddie Mac K-Series entity are shown under Consolidated Agency multifamily loans, at fair value, the underlying single-family rental and bridge loans at the consolidated CAFL entities are shown under Business purpose loans held-for-investment, at fair value, and the underlying HEIs at the consolidated HEI securitization entity are shown under Other investments, at fair value on our consolidated balance sheets. The asset-backed securities (“ABS”) issued to third parties by these entities are shown under ABS issued. In our consolidated statements of income, we record interest income on the loans owned at these entities and interest expense on the ABS issued by these entities as well as fair value changes, other income and expenses associated with these entities' activities. See Note 14 for further discussion on ABS issued.
We also consolidate two partnerships ("Servicing Investment" entities) through which we have invested in servicing-related assets. We maintain an 80% ownership interest in each entity and have determined that we are the primary beneficiary of these partnerships.
See Note 4 for further discussion on principles of consolidation.
Use of Estimates
The preparation of financial statements requires us to make a number of significant estimates. These include estimates of fair value of certain assets and liabilities, amounts and timing of credit losses, prepayment rates, and other estimates that affect the reported amounts of certain assets and liabilities as of the date of the consolidated financial statements and the reported amounts of certain revenues and expenses during the reported periods. It is likely that changes in these estimates (e.g., valuation changes due to supply and demand, credit performance, prepayments, interest rates, or other reasons) will occur in the near term. Our estimates are inherently subjective in nature and actual results could differ from our estimates and the differences could be material.
Acquisitions
Refer to Note 2 to the Consolidated Financial Statements included in our Annual Report on Form 10-K for the year ended December 31, 2021, for additional information regarding the acquisitions of 5 Arches, LLC ("5 Arches") and CoreVest American Finance Lender, LLC and certain affiliated entities ("CoreVest"), including purchase price allocations.
10


REDWOOD TRUST, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
June 30, 2022
(Unaudited)
Note 2. Basis of Presentation - (continued)
In connection with the acquisitions of 5 Arches and CoreVest in 2019, we identified and recorded finite-lived intangible assets totaling $25 million and $57 million, respectively. The table below presents the amortization period and carrying value of our intangible assets, net of accumulated amortization at June 30, 2022.
Table 2.1 – Intangible Assets – Activity
Intangible Assets at Acquisition Accumulated Amortization at June 30, 2022 Carrying Value at June 30, 2022 Weighted Average Amortization Period (in years)
(Dollars in Thousands)
Borrower network $ 45,300  $ (17,527) $ 27,773  7
Broker network 18,100  (12,067) 6,033  5
Non-compete agreements 9,500  (8,858) 642  3
Tradenames 4,000  (3,728) 272  3
Developed technology 1,800  (1,800) —  2
Loan administration fees on existing loan assets 2,600  (2,600) —  1
Total $ 81,300  $ (46,580) $ 34,720  6
All of our intangible assets are amortized on a straight-line basis. For each of the six months ended June 30, 2022 and 2021, we recorded intangible asset amortization expense of $7 million. Estimated future amortization expense is summarized in the table below.
Table 2.2 – Intangible Asset Amortization Expense by Year
(In Thousands) June 30, 2022
2022 (6 months) $ 5,959 
2023 10,091 
2024 7,075 
2025 6,471 
2026 5,124 
Total Future Intangible Asset Amortization $ 34,720 

On a quarterly basis, we evaluate our finite-lived intangible assets for impairment indicators and additionally evaluate the useful lives of our intangible assets to determine if revisions to the remaining periods of amortization are warranted. We reviewed our finite-lived intangible assets and determined that the estimated lives were appropriate and that there were no indicators of impairment at June 30, 2022.
Note 3. Summary of Significant Accounting Policies

Significant Accounting Policies
Included in Note 3 to the Consolidated Financial Statements of our Annual Report on Form 10-K for the year ended December 31, 2021 is a summary of our significant accounting policies.
Recent Accounting Pronouncements
Newly Adopted Accounting Standards Updates ("ASUs")
In August 2020, the FASB issued ASU 2020-06, "Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity's Own Equity (Subtopic 815-40)." This new guidance simplifies the accounting for convertible debt by reducing the number of accounting models to separately present certain conversion features in equity. This new guidance was effective for fiscal years beginning after December 31, 2021. We adopted this guidance in the first quarter of 2022, which did not have a material impact on our consolidated financial statements.
11


REDWOOD TRUST, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
June 30, 2022
(Unaudited)

Note 3. Summary of Significant Accounting Policies - (continued)
Other Recent Accounting Pronouncements
In June 2022, the FASB issued ASU 2022-03, “Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions.” ASU 2022-03 was issued to (1) to clarify the guidance in Topic 820, Fair Value Measurement, when measuring the fair value of an equity security subject to contractual restrictions that prohibit the sale of an equity security, (2) to amend a related illustrative example, and (3) to introduce new disclosure requirements for equity securities subject to contractual sale restrictions that are measured at fair value in accordance with Topic 820. The amendments in this update are effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. Early adoption is permitted. We are evaluating the accounting and disclosure requirements of ASU 2022-03 and we plan to adopt this new guidance by the required date. We do not anticipate that this update will have a material impact on our financial statements.
In March 2022, the FASB issued ASU 2022-02, "Financial Instruments-Credit Losses (Topic 326), Troubled Debt Restructurings and Vintage Disclosures." ASU 2022-02 addresses areas identified by the FASB as part of its post-implementation review of the credit losses standard (ASU 2016-13) that introduced the current expected credit loss ("CECL") model. The amendments eliminate the accounting guidance for troubled debt restructurings by creditors that have adopted the CECL model and enhance the disclosure requirements for loan refinancings and restructurings made with borrowers experiencing financial difficulty. In addition, the amendments require a public business entity to disclose current-period gross writeoffs for financing receivables and net investment in leases by year of origination in the vintage disclosures. This guidance is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. Early adoption is permitted. We plan to adopt this new guidance by the required date and do not anticipate that this update will have a material impact on our consolidated financial statements.
In March 2022, the FASB issued ASU 2022-01, "Derivatives and Hedging (Topic 815), Fair Value Hedging - Portfolio Layer Method," which will expand companies' abilities to hedge the benchmark interest rate risk of portfolios of financial assets (or beneficial interests) in a fair value hedge. The ASU expands the use of the portfolio layer method (previously referred to as the last-of-layer method) to allow multiple hedges of a single closed portfolio of assets using spot starting, forward starting, and amortizing-notional swaps. The ASU also permits both prepayable and non-prepayable financial assets to be included in the closed portfolio of assets hedged in a portfolio layer hedge. The ASU further requires that basis adjustments not be allocated to individual assets for active portfolio layer method hedges, but rather be maintained on the closed portfolio of assets as a whole. This guidance is effective for public business entities for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. Early adoption is permitted. We plan to adopt this new guidance by the required date and do not anticipate that this update will have a material impact on our consolidated financial statements.
In March 2020, the FASB issued ASU 2020-04, "Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting." This new guidance provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. In January 2021, the FASB issued ASU 2021-01, "Reference Rate Reform (Topic 848): Scope." This new guidance clarifies that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition. This new guidance is effective for all entities as of March 12, 2020 through December 31, 2022. We are currently evaluating the impact the adoption of this standard would have on our consolidated financial statements. Through June 30, 2022, we have not elected to apply the optional expedients and exceptions to any of our existing contracts, hedging relationships, or other transactions.
We have an established cross-functional group that has evaluated our exposure to LIBOR, reviewed relevant contracts and has monitored regulatory updates to assess the potential impact to our business, processes and technology from the ultimate full cessation of LIBOR in 2023, and has established a LIBOR transition plan to facilitate an orderly transition to alternative reference rates. We continue to remain on track with our LIBOR transition plan, which requires different solutions depending on the underlying asset or liability with LIBOR exposure. At June 30, 2022, our primary LIBOR exposure included the following: $868 million of repo or warehouse debt, $468 million of interest rate swaps, $740 million of bridge loans, and $140 million of trust preferred securities and subordinated notes debt. Since December 31, 2021, certain of our contracts, such as interest rate swaps, have experienced an orderly market transition and we have transitioned a substantial portion of our derivative positions off of LIBOR-benchmarks. Other contracts, such as warehouse debt agreements, require bilateral amendments, many of which we have amended or are currently in the process of amending.
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REDWOOD TRUST, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
June 30, 2022
(Unaudited)

Note 3. Summary of Significant Accounting Policies - (continued)
We anticipate most of these facilities will be amended in 2022, with sufficient time remaining to resolve the remainder. In early 2022, we began benchmarking all newly originated bridge loans to the Secured Overnight Financing Rate (“SOFR”), and our existing portfolio of bridge loans are short-dated and we expect the vast majority to mature before the LIBOR cessation date in 2023. Additionally, as the result of legislation that was passed in the state of New York, our trust preferred securities and subordinated notes are expected to convert to SOFR upon the cessation of LIBOR.
Balance Sheet Netting
Certain of our derivatives and short-term debt are subject to master netting arrangements or similar agreements. Under GAAP, in certain circumstances we may elect to present certain financial assets, liabilities and related collateral subject to master netting arrangements in a net position on our consolidated balance sheets. However, we do not report any of these financial assets or liabilities on a net basis, and instead present them on a gross basis on our consolidated balance sheets.
The table below presents financial assets and liabilities that are subject to master netting arrangements or similar agreements categorized by financial instrument, together with corresponding financial instruments and corresponding collateral received or pledged at June 30, 2022 and December 31, 2021.
Table 3.1 – Offsetting of Financial Assets, Liabilities, and Collateral
Gross Amounts of Recognized Assets (Liabilities) Gross Amounts Offset in Consolidated Balance Sheet Net Amounts of Assets (Liabilities) Presented in Consolidated Balance Sheet
Gross Amounts Not Offset in Consolidated
Balance Sheet (1)
Net Amount
June 30, 2022 (In Thousands) Financial Instruments Cash Collateral (Received) Pledged
Assets (2)
Interest rate agreements $ 29,601  $ —  $ 29,601  $ (2,445) $ (6,451) $ 20,705 
TBAs 3,104  —  3,104  (530) (2,574) — 
Futures 1,875  —  1,875  (1,615) (2) 258 
Total Assets $ 34,580  $ —  $ 34,580  $ (4,590) $ (9,027) $ 20,963 
Liabilities (2)