- Redwood Trust ( NYSE: RWT ) stock rose ~4% on Friday after the company's Q3 results .
- Non-GAAP Earnings Available for Distribution (EAD) rose to $0.16, compared to -$0.11 in Q3 2021.
- Net interest income declined -16.67% Y/Y to $35M.
- "While volatility persisted, our strong liquidity allowed us to navigate challenging market conditions, serve our customers, and remain well positioned for the inevitable opportunities that arise from dislocation. We remain very pleased with the credit performance and fundamentals underlying our carefully constructed investment portfolio," said Redwood CEO Christopher Abate.
- GAAP book value per common share was $10.18 at Sept. 30, down -5.6% from $10.78 per share at June 30. The company had already provided a preliminary range for Q3 earlier in October.
- Economic return on book value of -3.4%.
- GAAP net loss of -$0.44 per share, compared a net earnings per share of $0.75 in Q3 2021.
- The company noted that recourse leverage ratio was 2.6x at Sept. 30, 2022.
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Redwood Trust stock trades higher amid Q3 earnings gain