Redwood Trust Q2 GAAP EPS $0.10, EAD $0.13; book value $8.73; lock volume up 49% QoQ

REDWOOD TRUST INC

2024-Q2 EPS reported $0.31

GAAP net income $13.8M ($0.10/share); Non-GAAP EAD $18.6M ($0.13/share).
Book value per share $8.73 vs $8.78 QoQ; economic return 1.3% including $0.16 dividend.
Residential loan lock volume $2.7B (+49% QoQ); residential investor fundings $459M (+41% QoQ).
Issued $85M senior unsecured notes due 2029; retired 2024 convertible debt post-Q2; cash ~$275M at July 31.
Recourse leverage 2.1x; total excess warehouse financing capacity $3.8B.

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