---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-23-002088"
form_type: "8-K"
ticker: "RWT"
cik: "0000930236"
company_name: "REDWOOD TRUST INC"
filed_at: "2023-01-09T23:59:59+00:00"
generated_at: "2026-06-20T18:30:00.700436+00:00"
event_type: "other_material"
sentiment: "negative"
materiality_score: 0.65
calibrated_materiality_score: 0.65
confidence: "high"
source: SEC EDGAR
---

# Redwood Trust estimates Q4 book value per share $9.52-$9.62, down 5.5%-6.5%; flags $45M DTA risk

## Summary
- Estimated BVPS range $9.52-$9.62, ~5.5%-6.5% decline from Sept 30, 2022.
- Credit spread widening drove negative fair value changes, largely unrealized; credit fundamentals considered solid.
- Unrestricted cash ~$260 million; 113.5M common shares outstanding.
- Net deferred tax assets ~$45M as of Dec 31; possible valuation allowance could materially reduce GAAP earnings/book value.

## SEC filing metadata
- accession: 0001104659-23-002088
- form_type: 8-K
- ticker: RWT
- cik: 0000930236
- company_name: REDWOOD TRUST INC
- filed_at: 2023-01-09T23:59:59+00:00
- event_type: other_material
- sentiment: negative
- materiality_score: 0.65
- calibrated_materiality_score: 0.65
- confidence: high
- sec_items: 2.02, 8.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/930236/000110465923002088/0001104659-23-002088-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/930236/000110465923002088/tm232177d2_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-23-002088
- JSON: https://secwatch.observer/filing/0001104659-23-002088.json
- Plain text: https://secwatch.observer/filing/0001104659-23-002088.txt

## Key facts
- Earnings Releases
  REDWOOD TRUST INC reported preliminary financial results for the quarter ended December 31, 2022.
  - Period: the quarter ended December 31, 2022
  - Result: preliminary results
  source text: Redwood Trust, Inc. is disclosing certain preliminary results of operations for the quarter ended December 31, 2022.
  evidence_url: https://www.sec.gov/Archives/edgar/data/930236/000110465923002088/0001104659-23-002088-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.