MILL VALLEY, Calif., May 4, 2015 /PRNewswire/ -- Redwood Trust, Inc. (NYSE:RWT) today reported net income for the first quarter of 2015 of $15 million, or $0.16 per fully diluted share. This compares to net income of $27 million, or $0.31 per fully diluted share, for the fourth quarter of 2014 and net income of $12 million, or $0.14 per fully diluted share, for the first quarter of 2014.

Redwood also reported estimated REIT taxable income of $15 million, or $0.18 per share, for the first quarter of 2015. This compares to estimated REIT taxable income of $16 million, or $0.19 per share, for the fourth quarter of 2014 and estimated REIT taxable income of $15 million, or $0.19 per share, for the first quarter of 2014.

At March 31, 2015, Redwood reported a book value per share of $15.01, as compared to $15.05 at December 31, 2014, and $15.14 at March 31, 2014.

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 Monday, May 11, 2015, and make it available on Redwood's website.

Redwood will host an earnings call today, May 4, 2015, at 2:00 p.m. Pacific Time / 5:00 p.m. Eastern Time to discuss its first quarter 2015 financial results. The number to dial in order to listen to the conference call is 1-888-670-2260 in the U.S. and Canada. International callers must dial 1-913-312-1489. Callers should reference call ID #1116626. A replay of the call will be available through midnight on May 18, 2015, 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 #1116626. 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 contain 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.




    REDWOOD TRUST, INC.



    Consolidated Income
     Statements (1)               First          Fourth     Third          Second              First
    -------------------

    ($ in millions, except
     share and per share data)   Quarter         Quarter   Quarter         Quarter            Quarter

                                     2015             2014            2014        2014                2014
                                     ----             ----            ----        ----                ----


    Interest income                          $64                      $65                 $63                  $58       $55

    Interest expense                        (24)                    (24)               (23)                (21)     (19)
                                             ---                      ---                 ---                  ---       ---

    Net interest income                       40                       41                  40                   37        36

    (Provision) reversal of
     provision for loan losses                 -                     (2)                  2                    -      (1)
                                             ---                     ---                 ---                  ---      ---

    Net interest income after
     provision                                40                       40                  42                   37        35

    Noninterest income

        Mortgage  banking
         activities                            2                       11                  18                    6         -

        MSR income                          (11)                     (9)                  6                  (2)        1

        Other market valuation
         adjustments                         (1)                       4                 (4)                 (4)      (6)

        Realized gains, net                    4                        5                   9                    1         1

        Other income                           1                        -                  2                    -        -
                                             ---                      ---                ---                  ---      ---

        Total noninterest (loss)
         income, net                         (5)                      11                  31                    1       (5)

    Operating expenses                      (25)                    (26)               (21)                (22)     (20)

    Benefit from (provision
     for) income taxes                         5                        3                 (5)                   -        2

    Net income                               $15                      $27                 $45                  $16       $12
                                             ===                      ===                 ===                  ===       ===



    Weighted average diluted
     shares (thousands)                   85,622                   85,384      96,956              85,033    84,941

    Diluted earnings per share             $0.16                    $0.31               $0.50                $0.18     $0.14

    Regular dividends declared
     per common share                      $0.28                    $0.28               $0.28                $0.28     $0.28


    (1) Certain totals may
     not foot due to
     rounding.




    REDWOOD TRUST, INC.



    Consolidated Balance
     Sheets (1)                31-Mar         31-Dec   30-Sep         30-Jun            31-Mar
    --------------------

    ($ in millions, except
     share and per share data)    2015            2014           2014       2014               2014
                                  ----            ----           ----       ----               ----


    Residential loans                  $3,400                 $3,399             $3,288             $2,724 $2,465

    Commercial loans                      460                    567                498                469    491

    Real estate securities              1,285                  1,379              1,395              1,845  1,743

    Mortgage servicing rights             120                    139                135                 71     65

    Cash and cash equivalents             304                    270                150                157    150

    Other assets                          247                    165                146                112     93
                                          ---                    ---                ---                ---    ---

    Total Assets                       $5,816                 $5,919             $5,612             $5,379 $5,007
                                       ======                 ======             ======             ====== ======


    Short-term debt                    $1,502                 $1,794             $1,888             $1,718 $1,289

    Other liabilities                     153                    129                104                 97    100

    Asset-backed securities
     issued                             1,353                  1,545              1,656              1,768  1,854

    Long-term debt                      1,551                  1,195                697                547    513
                                        -----                  -----                ---                ---    ---

    Total liabilities                   4,559                  4,663              4,345              4,130  3,756


    Stockholders' equity                1,257                  1,256              1,267              1,249  1,251


    Total Liabilities and
     Equity                            $5,816                 $5,919             $5,612             $5,379 $5,007
                                       ======                 ======             ======             ====== ======



    Shares outstanding at
     period end (thousands)            83,749                 83,443             83,284             83,080 82,620

    GAAP book value per share          $15.01                 $15.05             $15.21             $15.03 $15.14


    (1) Certain totals may
     not foot due to
     rounding.

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SOURCE Redwood Trust, Inc.