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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or
15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event
reported): January 29, 2025
REDWOOD TRUST, INC.
(Exact name of registrant as specified in
its charter)
Maryland
(State or other
jurisdiction
of incorporation)
|
001-13759
(Commission
File Number)
|
68-0329422
(I.R.S. Employer
Identification No.) |
One
Belvedere Place
Suite 300
Mill Valley, California
94941
(Address of principal
executive offices and Zip Code)
(415) 389-7373
(Registrant’s telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under
any of the following provisions (see General Instruction A.2. below):
¨ |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Indicate by check mark whether the registrant is an emerging
growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934.
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. ¨
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 |
10% Series A Fixed-Rate Reset Cumulative Redeemable Preferred Stock, par value $0.01 per share |
RWT PRA |
New York Stock Exchange |
9.125% Senior Notes Due 2029 |
RWTN |
New York Stock Exchange |
9.00% Senior Notes Due 2029 |
RWTO |
New York Stock Exchange |
9.125% Senior Notes Due 2030 |
RWTP |
New York Stock Exchange |
Item 8.01. Other Events.
On
January 29, 2025, Redwood Trust, Inc. issued a press release announcing tax information
regarding its dividend distributions for 2024. A copy of the press release is attached as Exhibit 99.1 and is incorporated by reference
into this Item 8.01.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
SIGNATURES
Pursuant to the requirements
of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto
duly authorized.
Date: January 29, 2025 |
REDWOOD TRUST, INC. |
|
|
|
|
By: |
/s/ Brooke E. Carillo |
|
|
Name: |
Brooke E. Carillo |
|
|
Title: |
Chief Financial Officer |
Exhibit 99.1
Redwood Trust Announces Dividend Distribution
Tax Information for 2024
MILL VALLEY, CA – Redwood Trust, Inc.
(NYSE: RWT, “Redwood” or the “Company”), a leader in expanding access to housing for homebuyers and renters, today
announced tax information regarding its dividend distributions for 2024.
Shareholders should check the tax statements they
receive from their brokerage firms to confirm the Redwood dividend distribution information reported in those statements conforms to the
information reported here. Set forth in this press release are Redwood's expectations with respect to the treatment of the Company’s
2024 dividend distributions for federal income tax purposes. Shareholders should consult their tax advisors to determine the amount of
taxes that should be paid on Redwood's dividend distributions for federal, state, and other income tax purposes.
All common stock dividend distributions paid during
2024 are reportable on shareholders' 2024 federal income tax returns. Under the federal income tax rules applicable to real estate
investment trusts (“REITs”), Redwood's 2024 common stock dividend distributions are expected to be characterized for income
tax purposes as 6% ordinary income (Section 199A), 44% qualified dividends, and 50% return of capital.
Preferred stock dividend distributions paid in
April, July, and October 2024 and in January 2025 are reportable on shareholders' 2024 federal income tax returns. Redwood's
2024 preferred stock dividend distributions are expected to be characterized for federal income tax purposes as 11% ordinary income (Section 199A)
and 89% qualified dividends.
Due to Redwood’s classification as a REIT,
the portion of both the 2024 common and preferred dividend distributions that can be characterized as qualified dividends is limited to
Redwood’s qualified dividend income for the year. The amount characterized as ordinary income under the applicable federal income
tax rules are generally taxed at full ordinary income tax rates.
Individual taxpayers may generally take a deduction
from taxable income of 20% of their ordinary income REIT dividends under section 199A, provided that certain holding period requirements
are satisfied. This deduction does not apply to REIT dividends classified as a return of capital, as qualified dividends, or as capital
gain dividends.
For shareholders that are corporations, Redwood's
dividend distributions are not generally eligible for the corporate dividends-received deduction or the 20% ordinary REIT dividend deduction.
The tables below provide more detailed information
on the expected federal income tax characterization for each of Redwood's common and preferred stock dividend distributions that were
attributable to 2024.
Common Stock (CUSIP 758075 40 2)
Record
Dates | |
Payable
Dates | |
Total
Distribution Per
Share | |
Box 1a
Total Ordinary
Dividends | |
Box 1b
Qualified
Dividends | |
Box 2a
Total Capital Gain
Dividends | |
Box 3 Non-
Dividend
Distributions | |
Box 5
Section 199A
Dividends | |
03/21/2024 | |
03/28/2024 | |
$ | 0.1600 | |
$ | 0.0792 | |
$ | 0.0701 | |
$ | 0.0000 | |
$ | 0.0808 | |
$ | 0.0091 | |
06/21/2024 | |
06/28/2024 | |
$ | 0.1600 | |
$ | 0.0792 | |
$ | 0.0701 | |
$ | 0.0000 | |
$ | 0.0808 | |
$ | 0.0091 | |
09/23/2024 | |
09/30/2024 | |
$ | 0.1700 | |
$ | 0.0843 | |
$ | 0.0746 | |
$ | 0.0000 | |
$ | 0.0857 | |
$ | 0.0097 | |
12/23/2024 | |
12/30/2024 | |
$ | 0.1800 | |
$ | 0.0891 | |
$ | 0.0789 | |
$ | 0.0000 | |
$ | 0.0909 | |
$ | 0.0102 | |
| |
Total | |
$ | 0.6700 | |
$ | 0.3318 | |
$ | 0.2937 | |
$ | 0.000 | |
$ | 0.3382 | |
$ | 0.0381 | |
Preferred Stock (CUSIP 758075 80 8)
Record
Dates | |
Payable
Dates | |
Total
Distribution Per
Share | |
Box 1a
Total Ordinary
Dividends | |
Box 1b
Qualified
Dividends | |
Box 2a
Total Capital Gain
Dividends | |
Box 3 Non-
Dividend
Distributions | |
Box 5
Section
199A
Dividends | |
04/01/2024 | |
04/15/2024 | |
$ | 0.6250 | |
$ | 0.6250 | |
$ | 0.5534 | |
$ | 0.0000 | |
$ | 0.0000 | |
$ | 0.0716 | |
07/01/2024 | |
07/15/2024 | |
$ | 0.6250 | |
$ | 0.6250 | |
$ | 0.5534 | |
$ | 0.0000 | |
$ | 0.0000 | |
$ | 0.0716 | |
10/01/2024 | |
10/15/2024 | |
$ | 0.6250 | |
$ | 0.6250 | |
$ | 0.5534 | |
$ | 0.0000 | |
$ | 0.0000 | |
$ | 0.0716 | |
01/01/2025 | |
01/15/2025 | |
$ | 0.6250 | |
$ | 0.6250 | |
$ | 0.5534 | |
$ | 0.0000 | |
$ | 0.0000 | |
$ | 0.0716 | |
| |
Total | |
$ | 2.5000 | |
$ | 2.5000 | |
$ | 2.2136 | |
$ | 0.000 | |
$ | 0.000 | |
$ | 0.2864 | |
No portion of Redwood's 2024 common or preferred
dividend distributions is expected to consist of unrelated business taxable income (“UBTI”), subject to specialized tax reporting
and other rules applicable for certain tax-exempt investors.
If you have questions, please consult your tax
advisor for further guidance.
About Redwood Trust
Redwood Trust, Inc.
(NYSE: RWT) is a specialty finance company focused on several distinct areas of housing credit where we provide 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 shares. We operate
our business in three segments: Residential Consumer Mortgage Banking, Residential Investor Mortgage Banking and Investment Portfolio.
Through RWT Horizons®, our venture investing initiative, we invest in early-stage companies that have a direct nexus to our operating
platforms. Additionally, through Aspire, we directly originate home equity investment options to homeowners and purchase expanded home
loan products from mortgage originators. 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. Redwood
Trust is internally managed and structured as a real estate investment trust ("REIT") for tax purposes.
Forward-Looking Statements:
This press release 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 Redwood’s expectations with respect to the treatment of our 2024 dividend distributions
for federal income tax purposes. 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 Annual Report on Form 10-K
for the year ended December 31, 2023 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.
CONTACT
Kaitlyn Mauritz
SVP, Head of Investor Relations
Phone: 866-269-4976
Email: investorrelations@redwoodtrust.com
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Redwood (NYSE:RWTO)
過去 株価チャート
から 1 2025 まで 2 2025
Redwood (NYSE:RWTO)
過去 株価チャート
から 2 2024 まで 2 2025