Redwood Trust, Inc., a leading innovator in housing credit investing, announced a company update related to the continued market volatility due to the novel coronavirus outbreak.
At the close of business on March 24, 2020:
- Redwood had approximately $300 million in unrestricted cash
- The company had met all margin calls due
- Since its last update on March 17, 2020, the company has reduced its short-term security repurchase facilities borrowings, in aggregate, by approximately 50%, inclusive of securities trades scheduled to settle on or prior to March 27, 2020
The novel coronavirus outbreak continues to have a real-time impact on all business sectors. Redwood remains focused on prioritizing liquidity through this period of volatility.
About Redwood Trust
Redwood Trust, Inc. (NYSE: RWT) is a specialty finance company focused on making credit-sensitive investments in single-family residential and multifamily mortgages and related assets and engaging in mortgage banking activities. Our goal is to provide attractive returns to shareholders through a stable and growing stream of earnings and dividends, as well as through capital appreciation. Redwood Trust was established in 1994, 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.
