Redwood Trust Reports Second Quarter 2014 Results

MILL VALLEY, Calif., Aug. 7, 2014 /PRNewswire/ -- Redwood Trust, Inc. (NYSE: RWT) today reported net income for the second quarter of 2014 of $16 million, or $0.18 per fully diluted share. This compares to net income of $12 million, or $0.14 per fully diluted share, for the first quarter of 2014, and net income of $66 million, or $0.71 per fully diluted share, for the second quarter of 2013.

Redwood also reported estimated REIT taxable income of $14 million, or $0.17 per share, for the second quarter of 2014. This compares to estimated REIT taxable income of $15 million, or $0.19 per share, for the first quarter of 2014 and REIT taxable income of $20 million, or $0.25 per share, for the second quarter of 2013. 

At June 30, 2014, Redwood reported a book value per share of $15.03, as compared to $15.14 at March 31, 2014, and $14.69 at June 30, 2013.

Additional information on Redwood's business, financial results, and taxable income can be found in The Redwood Review, a quarterly publication available on Redwood's website at www.redwoodtrust.com. In order to complete the formatting of its Quarterly Report on Form 10-Q with eXtensible Business Reporting Language (XBRL) tags, Redwood plans to file this Quarterly Report with the Securities and Exchange Commission by Friday, August 8, 2014, and make it available on Redwood's website.

Redwood will host an earnings call today, August 7, 2014, at 2:00 p.m. Pacific Time / 5:00 p.m. Eastern Time to discuss its second quarter 2014 financial results. The number to dial in order to listen to the conference call is 1-888-297-8958 in the U.S. and Canada. International callers must dial 1-719-325-2282. Callers should reference call ID #3632562. A replay of the call will be available through midnight on August 21, 2014, and can be accessed by dialing 1-877-870-5176 in the U.S. and Canada or 1-858-384-5517 internationally and entering access code #3632562. Live audio of the conference call will also be accessible over the internet at www.redwoodtrust.com, where a link to the call will be posted on Redwood's home page. To listen to the call over the internet, go to the Redwood 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.

Cautionary Statement:  This press release and the related conference call 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 estimates of taxable income and the filing of our Quarterly Report on Form 10-Q. 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 most recent Annual Report on Form 10-K 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.

SOURCE Redwood Trust, Inc.