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Net Income at Redwood Rises to $42 Million

FEB 22, 2013 11:08am ET
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Redwood Trust Inc., Mill Valley, Calif., generated net income of $42 million in the fourth quarter of 2012, or $0.50 per diluted share, up from net income of $40 million, or $0.48 per diluted share, for the third quarter of 2012, and a net loss of $3 million, or $0.03 per diluted share, for the fourth quarter of 2011.

Redwood also reported estimated REIT taxable income of $18 million, or $0.23 per share, for the fourth quarter of 2012, up from estimated REIT taxable income of $15 million, or $0.19 per share, for the third quarter of 2012, and REIT taxable income of $3 million, or $0.04 per share, for the fourth quarter of 2011.

During the fourth quarter of 2012, Redwood sold its remaining investment interests in nine legacy Acacia entities and ten legacy Sequoia entities. After completion of an accounting analysis, it was determined that these entities should be deconsolidated for financial reporting purposes. The deconsolidation resulted in a $4 million net, nonrecurring increase to fourth quarter 2012 earnings.

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